Turkish lira depreciation impact on insurers' results

Despite the sharp depreciation of the Turkish lira, local insurers have not yet increased their rates. In 2021, the local currency has lost almost 42% of its value.

As of 30 September 2021, local insurance companies recorded a 29.3% drop in their non-life technical results of 5.1 billion TRY (573.41 million USD).

The non-life turnover, on the other hand, reached 58.3 billion TRY (6.55 billion USD), an increase of 21.3% over a year. The increase in rates is driven by the sharp rise in the prices of cars, spare parts and medical supplies.