IDEAS
Invest in Turkiye’s Growing and Promising Insurance Sector
Rare opportunity to acquire an insurance company in fast growing Turkish market for only US$ 20 million which can be functional in a month or less. It would otherwise take one year to establish a comparable business at a cost of US$ 33 million.
Turkiye has significant potential in the insurance sector, given the country's growing economy and population. The insurance-related regulations still need to improve to meet the standards of the EU and other developed nations. Compared to other OECD countries, Turkey's insurance data highlights this potential for growth.
Insurance companies closed the year 2023 with a 106.8% turnover increase, in nominal terms. Turnover rose from 235 Billion TRY (12.5 Billion USD) on 31 December 2022 to 485.9 Billion TRY (16.3 Billion USD) a year later.
The Unexploited Potential in Islamic Insurance (Takaful) Market
The takaful market in Turkiye is growing and holds significant potential, reaching US$ 830m in 2024.
As of recent reports, the global takaful market was valued at around $29.54 billion in 2023 and is projected to reach $33.14 billion in 2024, with a compound annual growth rate (CAGR) of 12.2%. By 2032, the global market is expected to reach $74 billion.
At the end of 2023 the share of Takaful in the insurance sector is 5% whereas the share of Islamic banking is 8.7% in the banking sector.
The potential for Takaful insurance is still not exploited based on the positive correlation between Takaful and Islamic banking.
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