The main goal of this study is to empirically analyze the insurance-specific, industry-specific and macroeconomic factors affecting the profitability of foreign-and domestic-owned non-life insurers operating in the Turkish insurance sector over the period of 2014-2019. For this purpose, a balanced panel data of 27 non-life insurers is used in the study. Results from the random effects model demonstrate that debt ratio, premium retention ratio, listed status, and growth of total assets are

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... icant factors that determine the profitability of domestic-owned companies. However, the factors affecting the profitability of foreign-owned insurers are company size, debt ratio, underwriting risk, premium retention ratio, listed status, and company age, respectively. Meanwhile, the variables such as GDP growth, inflation rate, and market concentration have a significant effect on the profitability of neither foreign nor domesticowned non-life insurers.