Number of Companies (with International Partners)
As of December 31, 2021, a total of 65 insurance and reinsurance companies operate in Turkey, including 41 non-life insurance companies, 15 Life & Pension and 6 Life insurance companies and 3 reinsurance companies. Turkish insurance market attracts international investors with its expected potential; 41 international insurance company, hold 57,9% of total paid capital and 51,8% of premiums. But local companies established recently have been decreasing their share since 2019 (Table 1.2) (SEDDK, 2021).
Table 1.2 Number of Companies with International Partners
|No.of Active Companies||63||63||65|
|No.of Company International||41||40||41|
|International Partner >%50||37||36||35|
|International Partners Share in Paid Capital (%)||62,2||58,6||57,9|
|International Partners Share in Premium (%)||55,2||51,9||51,8|
Source: SEDDK (2021). Annual Report About Insurance And Private Pension Activities Retrieved from https://www.seddk.gov.tr/upload/doc/2021-sigortacilik-ve-BES-faaliyet-raporu.pdf . December 10, 2022.
The industry provides a guarantee of 234 billion TL with an asset size of 430 billion TL and 200 thousand employees together with its intermediaries and assumes the obligation to pay 63.4 billion TL for the claims incurred in 2021 (SEDDK, 2021).