Türkiye ranks 20th globally by economic size but only 35th in insurance penetration, according to Anadolu Sigorta Director General Mustafa Su. He attributed the gap to widespread misconceptions and low public awareness about the value of coverage.
Su noted that many people, including well-educated citizens, tend to view insurance premiums as wasted money until they personally suffer a loss. This attitude has kept market growth well below the levels seen in comparable economies.
The problem is especially pronounced in earthquake coverage. Despite Türkiye sitting on an active seismic zone, the share of homeowners carrying earthquake insurance remains far too low, Su said. He added that cost fears are largely unfounded: basic home and earthquake protection can be purchased for roughly the price of two restaurant meals.
Su also called on parliament to pass pending insurance-sector legislation drafted as part of Türkiye's EU accession process. The bill had not yet been adopted, and industry leaders were hoping for approval before the elections scheduled for November 2007, seeking clearer, more transparent regulatory and financial frameworks.
Historical summary. TurkishPress restated this wire report, first published in November 2006, in its own words.