Insurance Companies' Premium Production Increased by 75.1% in the First 10 Months

In the period from January to October 2024, total premium production of insurance companies increased by 73.1% compared to the same period last year. According to data compiled from member companies by the Turkey Insurance Association (TSB), premium production during this period reached 640 billion 858.8 million TL. In the same period last year, premium production was at 370 billion 185.2 million TL.

Of the premium production, 562 billion 410.0 million TL came from non-life insurance, while 78 billion 448.8 million TL came from life insurance. Market shares stood at 87.8% for non-life insurance and 12.2% for life insurance. In the same period last year, the share of non-life insurance was 87.9%, while the share of life insurance was 12.1%.

The production volume of non-life insurance grew by 72.8% year-on-year, while the increase in life insurance was 75.4%. Real change rates were recorded at 16.3% for non-life, 18.1% for life, and 16.5% overall.

As of the end of October, the total premium production in participation insurance reached 33 billion 33.5 million TL, marking an increase of 80.8% compared to the same period last year.