The Insurance Industry in 2024

In 2024, the insurance sector continued to grow steadily while remaining to be one the important players in the Turkish finance sector, with a total volume more than TL 838 billion. The sector generally showed a positive performance despite economic fluctuations and increasing competition; in particular, increased risk awareness among individuals and increased demand for insurance products have both contributed considerably to sector development.
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2024 was a year when technological solutions facilitating digitalization, tailored services and claims procedures rose to the forefront. Insurance customers expect more transparent and faster services. Insurance companies are therefore expected to adopt customer-oriented strategies and digital transformation, as well as to implement innovations and developments in this field. Increased technological integration into business processes in the insurance sector boosts company profitability while promoting customer satisfaction and industry growth. In 2024, innovative and customer-focused solutions were at the forefront as well. According to the results published by the Insurance Association of Türkiye (TSB), the insurance sector generated TL 838.4 billion in premiums, representing a 72.5% rise in total life and non-life insurance in 2024. This increase is especially noteworthy in the growth in the sickness-health insurance branch. Economic uncertainties and rising healthcare expenses prompted more individuals to get health insurances; increasing premium generation in the illness-health branch by 93% to TL 136.5 billion compared to the previous year.
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In 2024, TL 738.5 billion of total premium production came from the non-life branch and TL 100 billion from the life branch. Premium generation in the motor vehicles liability (traffic) branch increased by 85.6% to TL 219.3 billion due to the increase in car prices and mandatory traffic insurance premiums.
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On the other hand, premium generation for fire and natural disasters was 122 billion TL, while premium generation for MOD insurance was 112.5 billion TL, which has decreased in real terms in contrast to other branches.
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The world is becoming more complicated due to social inequalities, demographic shifts, technology advancements, and climate change, forcing insurance companies to deal with serious risks that are increasing in frequency and variety. As a result, in light of all these developments, it has become unavoidable for insurance businesses and their business practices to adapt to global changes, resulting in a dramatic change in the sector’s texture.
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The insurance sector is expected to keep growing in the years to come. Factors such as individuals’ increased risk awareness, increased demand for insurance products, and the fact that technology developments offer new opportunities for the sector will support this growth. Given the challenges facing the industry, insurance companies must, however, review their strategies and develop innovative solutions in order to adapt to changing conditions and stay competitive.