Republic of Turkey Financial Sector Assessment Program : IAIS Insurance Core Principles

The insurance industry in Turkey is a small but growing part of the economy. In 2015, the sector comprised less than 3 percent of all financial services sector assets. From 2006 until 2015, however, gross premiums written grew at an average annual rate of approximately 22 percent (7.4 percent at constant prices), substantially above nominal GDP growth during the same period. Nevertheless insurance penetration remains below that seen in many countries in the region and very low compared to countries with similar per capita incomes in other parts of the world. During the last five years, the Government of Turkey has made a significant effort to improve regulation and supervision of insurance and to improve adherence to international standards