Insurance Companies' Premium Production Increased by 72.6% in the First 11 Months

In the January-November period of 2024, the total premium production of insurance companies increased by 72.6% compared to the same period last year. According to the data compiled by the Turkey Insurance Association (TSB) from member companies, the premium production during this period amounted to 717 billion 567.9 million TL. In the same period last year, the premium production was at 415 billion 801.0 million TL.

Of the premium production, 629 billion 358.1 million TL came from non-life insurance, while 88 billion 209.8 million TL came from life insurance. The market shares were 87.7% for non-life insurance and 12.3% for life insurance. In the same period last year, the share of non-life insurance was 87.9%, and the share of life insurance was 12.1%.

The growth in non-life insurance production increased by 72.2% annually, while the increase in life insurance was 75.5%. The real change rates were 17.1% for non-life insurance, 19.3% for life insurance, and 17.3% for the sector as a whole.

As of the end of November, the total premium production of participation insurance reached 37 billion 97.6 million TL, reflecting an increase of 78.9% compared to the same period last year.