State-owned Turkey Insurance and Turkey Life Pension (Turkiye Sigorta ve Turkiye Hayat Emeklilik) is set to assume a pioneering and market-making role in risky or unpenetrated areas where coverage has previously been unavailable.

The newly launched company will increase the insurance sector's share in Turkey's financial market to 20% from its current level of 4.5%, Atilla Benli told Anadolu Agency's (AA) Finance Desk Thursday.

He said the company would pave the way for boosting the coverage capacity of the Turkish insurance industry.

"This, in my opinion, was the most strategic and important capacity-increasing structural reform in the financial sector."

Currently overseeing a staff of around 2,600, the company is expected to preside over between 5,000 to 6,000 personnel by 2023, said Benli.

Turkey Insurance, which brings six state-run insurance and pension companies under a single roof, was launched on Sept. 7.

Earlier this April, the Turkiye Wealth Fund acquired shares of Güneş Sigorta, Halk Sigorta, Ziraat Sigorta, Vakıf Emeklilik and Hayat, Halk Hayat and Emeklilik, and Ziraat Hayat and Emeklilik for TL 6.54 billion ($876 million) to increase their local and international competitiveness.