Turkey

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Location map
author: OCHA/ ReliefWeb


Location:
- Southeastern Europe and Southwestern Asia (the West of the Bosporus portion is geographically part of Europe), bordering the Black Sea, the Aegean Sea and the Mediterranean Sea;
- Neighbours: Cyprus, Greece, Bulgaria, Georgia, Armenia, Azerbaijan, Iran, Iraq, Syria.

Climate:
- temperate;
- hot, dry summers with mild, wet winters;
- harsher in interior.

Natural hazards:
- severe earthquakes, especially in northern Turkey, along an arc extending from the Sea of Marmara to Lake Van.

Macro indicators
* 2018 estimates
Surface:783,356 km2
Population*:82.0million
Pop. density*:104.6people/km2
GDP*:611.4EUR billion
GDP/capita*:7,456.1EUR

European Union:
Candidate

Currency: Lira
Code: TRY
Since: 2005


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:13%
TOTAL NON-LIFE*:87%
Overall Property*:22%
Overall Motor*:43%

Sources:



 


Statistics

Turkey FY2019 Insurance Companies Rankings

Turkey FY2019 Market Portfolio


See all statistics

Latest news

TURKEY: Over 8 milion homes still need to be covered by earthquake insurance

More than 8 million residential properties in Turkey still need to be covered by earthquake insurance, according to Resit CAKAS, President of the Association of Insurance Agencies (SAB), informed Middle East Insurance Review. Resit CAKAS noted that at present, in Turkey approximately 9.6 million houses are insured.



Turkey Wealth Fund to buy GROUPAMA's 10% stake in GUNES Sigorta

Turkey's sovereign wealth fund announced its TVF Finansal Yatirimlar unit had agreed to purchase France-based Groupama Holding SA's 10% stake in Turkish insurer GUNES Sigorta, Reuters reported, quoting a statement from the sovereign wealth fund. No further details including financial terms of the transaction were available.

STATISTICS: TURKEY, FY2019: Local market sees double-digit growth at the end of the year

The Turkish insurance industry totaled TRY 69.24 billion (EUR 10.37 billion) in premiums in 2019, according to data released by the Turkey Insurance Association (TSB). The figure represents a nominal increase in local currency of 26.69% over 2018, while the same indicator calculated in European currency was 14.90% due the deprecietion of Turkish Lira against Euro.



Didem Ozsoy Dirican appointed CEO of NN Turkey

As of 1 February 2020, Didem Ozsoy DIRICAN, currently Chief Commercial Officer of NN Hayat ve Emeklilik, will be appointed CEO NN Hayat ve Emeklilik on an ad interim basis and subject to regulatory approval.



TURKEY: The Treasury licensed a new non-life insurer

A new player enters the Turkish non-life insurance market after the Treasury licensed TMT Sigorta, informed Middle East Insurance Review. The Turkish market is currently dominated by the non-life sector which accounts for more than 80% of premiums.

TURKEY: Uco VEGTER to be new CEO of EUREKO Sigorta

Dutch insurer ACHMEA informed that Uco VEGTER has been appointed Chief Executive Officer of EUREKO Sigorta, ACHMEA's subsidiary in Turkey. He succeeds Can Akin CAGLAR, who stood down this spring. Since then Uco VEGTER has been the acting CEO.

TURKEY: The launch of SDDK more than closer after the publishing of the Presidential Decree in the Official Gazette

Turkish authorities opened the way for the setting up the SDDK - the new independent Insurance Regulation and Supervision Authority, by publishing the Presidential Decree in the Official Gazette. The SDDK is part of Turkey's "New Economy Programme Structural Transformation Steps 2019" announced in April 2019, that promises structural reforms for the financial sector.




STATISTICS: TURKISH insurers' Q1 GWP dynamic affected by the TRY depreciation against euro

Turkish insurance market's GWP was of TRY 17.5 billion (about EUR 2.7 billion) in Q1 2019, ~20% up y-o-y in nominal terms, according to the preliminary data published by the local association - TSB. In European currency, the rate was negative (-7.7% y-o-y) due the depreciation registered by the local currency against euro (6.3188 TRY/EUR, March 31st, 2019 vs. 4.8673 TRY/EUR, March 31st, 2018).





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