Forecast: Total Gross Insurance Premiums in Turkey

In 2023, the total gross insurance premiums in Turkey stood at 11.84 billion US dollars. This represented a year-on-year decrease of 0.76%. Over the past two years, the market has experienced a downtrend with a drop of 0.77% in 2022 and 0.76% in 2023. The five-year compounded annual growth rate (CAGR) was 0.88%, indicating moderate growth despite some fluctuations.

Looking forward, the forecasted period from 2024 to 2028 predicts a gradual decline with a five-year CAGR of -0.61%, suggesting a slight but consistent contraction in the market. By 2028, total gross insurance premiums are expected to reach 11.4 billion US dollars, reflecting an overall decrease of approximately 3% from 2023 levels.

Future trends to watch for include the potential impact of economic fluctuations, regulatory changes, and digital transformation in the insurance industry. Additionally, demographic shifts and the increasing adoption of insurtech solutions could influence market dynamics.