Turkey Health and Medical Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Turkey Health and Medical Insurance Market Report is Segmented by Product Type (Private Health Insurance and Social Security Schemes), Term of Coverage (Short-Term and Long-Term), and Channel of Distribution (Brokers/Agents, Banks, Companies, Direct Purchases, and Other Channels of Distribution). The Report Offers Market Sizes and Forecasts in Terms of Value (USD) for all the Above Segments.

Turkey Health and Medical Insurance Market Size

Turkey Health and Medical Insurance Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 0.75 Billion
Market Size (2029) USD 0.98 Billion
CAGR (2024 - 2029) 5.64 %
Market Concentration High

Major Players

Turkey Health and Medical Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Turkey Health and Medical Insurance Market Analysis

The Turkey Health And Medical Insurance Market size in terms of gross written premiums value is expected to grow from USD 0.75 billion in 2024 to USD 0.98 billion by 2029, at a CAGR of 5.64% during the forecast period (2024-2029).

The Turkish health and medical insurance market is primarily divided into two segments, namely public health insurance and private health insurance. The government provides public health insurance and offers Turkish citizens a wide range of healthcare services. The Social Security Institution (SGK) is Turkey's leading public health insurer, providing coverage for employees, retirees, and dependents.

Various insurance companies in Turkey offer private health insurance and additional coverage and benefits beyond what public health insurance offers. Private health insurance in Turkey is popular among those who seek faster access to healthcare services, better quality of care, and coverage for services not covered by public insurance.

The Turkish government has been strengthening the country's health insurance system, including expanding coverage and improving the quality of care. The introduction of mandatory health insurance for certain groups, such as students and foreigners residing in Turkey, has also contributed to the growth of the market.

Turkey Health and Medical Insurance Market Trends

Rise in Private Health Insurance is Expected to Impact the Growth of the Market

The rise of private insurance companies in Turkey has significantly impacted the growth of the country's health insurance market. Private insurance companies have introduced innovative products and services, offering additional coverage and benefits beyond what is provided by their public counterparts. This increased competition in the market has compelled insurance companies to enhance their offerings and deliver excellent value to consumers.

Furthermore, private insurance companies have expanded access to health insurance, making it more accessible to a broader population. This has contributed to an increase in Turkey's overall penetration rate of health insurance. Private insurance companies have also contributed to the enhancement of healthcare service quality in Turkey. They have incentivized improving facilities and services by offering coverage for private hospitals and clinics to attract more customers.

Turkey Health and Medical Insurance Market - Most Common Insurances by Type in Turkey, in %, 2024

Increasing Healthcare Costs Boost Market Demand

The increasing healthcare costs in Turkey are significantly impacting the health and medical insurance market. As healthcare expenses continue to rise, individuals and businesses increasingly turn to health insurance to manage and mitigate the financial burden of medical treatments.

One of the key effects of rising healthcare costs is the growing demand for health insurance coverage. Individuals are becoming aware of the potential financial risks of not having adequate insurance, leading to an increase in the number of people purchasing health insurance policies. This trend is particularly pronounced among middle-class and affluent population segments who seek to protect themselves against unexpected medical expenses.

Moreover, the rising healthcare costs also drive insurance companies to innovate and offer new products and services to meet the needs of consumers. This includes introducing more comprehensive insurance plans that cover a wider range of medical treatments and services and developing cost-effective insurance solutions to make coverage more accessible to a broader segment of the population. Rising healthcare costs in Turkey are significantly influencing the health and medical insurance market, increasing the demand for insurance coverage and spurring the creation of new insurance products and services tailored to consumer needs.

Turkey Health and Medical Insurance Market - Health Expenditure in Turkey, In Million USD, 2019-2023

Turkey Health and Medical Insurance Industry Overview

The Turkish health and medical insurance market is concentrated, with the presence of very few players. Insurance companies in Turkey are constantly enhancing their insurance products to provide broader coverage and benefits. This includes introducing specialized policies for specific medical conditions or treatments. Additionally, many companies invest in digital technologies to improve customer experience, streamline operations, and offer online services like policy management, claims processing, and customer support. The key players in the market include Allianz Sigorta AS, Acıbadem Saglık ve Hayat Sigorta AS, Anadolu Anonim Türk Sigorta Sirketi, Mapfre Sigorta AS, Aksigorta AS, and Axa Sigorta AS.

Turkey Health and Medical Insurance Market Leaders

  1. Aksigorta AŞ

  2. Allianz Sigorta

  3. Anadolu Sigrota

  4. MAPFRE Sigrota

  5. Acibadem Sigrota

*Disclaimer: Major Players sorted in no particular order

Turkey Health and Medical Insurance Market Concentration
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Turkey Health and Medical Insurance Market News

  • September 2023: Cigna Healthcare, the global health benefits provider of The Cigna Group, announced the introduction of a new, tailored health benefits plan called the 'Cigna Healthcare Global Plan for Seniors.' This plan is designed to support the health and well-being of individuals aged 60 and older living a global lifestyle.
  • June 2023: Allianz announced its strategy to consolidate its global commercial insurance segment into a single go-to-market business. Allianz Global Corporate & Specialty (AGCS) teamed up with the commercial insurance divisions of various local Allianz entities, now collectively operating under the name "Allianz Commercial."

Turkey Health and Medical Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Demand for Healthcare Services with Aging Population

      2. 4.2.2 Government Healthcare Initiative Increasing Access to Healthcare

    3. 4.3 Market Restraints

      1. 4.3.1 Economic Fluctuations in Turkey Affecting the Market.

      2. 4.3.2 Existing Regional Differences in Healthcare Facilities Affecting the Market.

    4. 4.4 Market Opportunities

      1. 4.4.1 Technological Innovation Driving Insurance Penetration in the Market

      2. 4.4.2 Affordable Private Insurance Products Raising Demand for Insurance

    5. 4.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitutes

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Technological Innovations in the Turkish Health and Medical Insurance Market

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. Market Segmentation

    1. 5.1 By Product Type

      1. 5.1.1 Private Health Insurance (PMI)

      2. 5.1.2 Public/Social Security Schemes

    2. 5.2 By Term of Coverage

      1. 5.2.1 Short-term

      2. 5.2.2 Long-term

    3. 5.3 By Channel of Distribution

      1. 5.3.1 Brokers/Agents

      2. 5.3.2 Banks

      3. 5.3.3 Direct

      4. 5.3.4 Companies

      5. 5.3.5 Other Channels of Distribution

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration

    2. 6.2 Company Profiles

      1. 6.2.1 Allianz Turkiye

      2. 6.2.2 ACIBADEM HEALTH GROUP

      3. 6.2.3 Anadolu Insurance

      4. 6.2.4 Mapfre Insurance

      5. 6.2.5 Aksigorta

      6. 6.2.6 AXA Insurance - Insurance Turkey's Trusted Brand

      7. 6.2.7 Eureko Insurance

      8. 6.2.8 Groupama Insurance

      9. 6.2.9 Solar Insurance

      10. 6.2.10 Sompo Japan

      11. 6.2.11 Yapi Kredi Insurance*

    3. *List Not Exhaustive
  7. 7. FUTURE MARKET TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Turkey Health and Medical Insurance Industry Segmentation

Health insurance, with its greater flexibility, provides extensive coverage for various health conditions. In contrast, medical insurance offers limited coverage for specific health emergencies and is pre-defined, limited to particular injuries, accidents, and illnesses. 

The Turkish health and medical insurance market is segmented by product type, term of coverage, and channel of distribution. By product type, the market is segmented into private health insurance and social security schemes. By term of coverage, the market is segmented into short-term and long-term. By channel of distribution, the market is segmented into brokers/agents, banks, companies, direct purchases, and other channels of distribution (corporate insurance). The report offers market sizes and forecasts in terms of value (USD) for all the above segments.

By Product Type
Private Health Insurance (PMI)
Public/Social Security Schemes
By Term of Coverage
Short-term
Long-term
By Channel of Distribution
Brokers/Agents
Banks
Direct
Companies
Other Channels of Distribution
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Turkey Health and Medical Insurance Market Research FAQs

The Turkey Health And Medical Insurance Market size is expected to reach USD 0.75 billion in 2024 and grow at a CAGR of 5.64% to reach USD 0.98 billion by 2029.

In 2024, the Turkey Health And Medical Insurance Market size is expected to reach USD 0.75 billion.

Aksigorta AŞ, Allianz Sigorta, Anadolu Sigrota, MAPFRE Sigrota and Acibadem Sigrota are the major companies operating in the Turkey Health And Medical Insurance Market.

In 2023, the Turkey Health And Medical Insurance Market size was estimated at USD 0.71 billion. The report covers the Turkey Health And Medical Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Turkey Health And Medical Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Turkey Health and Medical Insurance Industry Report

Statistics for the 2024 Turkey Health and Medical Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Turkey Health and Medical Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Turkey Health and Medical Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)