Boston, MA -- (SBWire) -- 09/19/2013 --Turkish economy is the 16th-largest, and among the fastest-growing, in the world. Led by sustained economic growth, the country's insurance industry's gross written premium registered a compound annual growth rate (CAGR) of 12.6% during the review period (2008-2012).Non-life was the largest segment in the Turkish insurance industry in 2012, accounting for 67.2% of the total gross written premium. Increasing investment in infrastructure by the government through its Vision 2023 program, improvement in the European business environment, and a low penetration rate are expected to support growth over the forecast period (2013-2017).
Key Highlights
- The Turkish non-life segment gross written premium increased at a review-period CAGR of 11.3%, from TRY8.4 billion (US$6.5 billion) in 2008 to TRY12.8 billion (US$7.7 billion) in 2012.
- The non-life segment accounted for the largest share of the industry's gross written premiums with 67.2% in 2012.
- Over the forecast period, the non-life segment is expected to record a CAGR of 9.8%, to rise to TRY20.5 billion (US$12.3 billion) by 2017.
- Agencies and brokers collectively accounted for 79% of the new business premiums generated in the non-life segment in 2012.
- Mandatory insurance products will provide sustainability to the growth. Furthermore, the low insurance penetration rate of 0.90% will attract investment from insurers.
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Scope
This report provides a comprehensive analysis of the non-life insurance segment in Turkey:
- It provides historical values for Turkey's non-life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key sub-segments in Turkey's non-life insurance segment, along with forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for non-life insurance products in Turkey
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Turkey for the non-life insurance business
- It provides a detailed analysis of the reinsurance segment in Turkey and its growth prospects
- It profiles the top non-life insurance companies in Turkey, and outlines the key regulations affecting them"
Reasons to Get This Report
- Make strategic business decisions using historic and forecast market data related to the Turkish non-life insurance segment and each sector within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Turkish non-life insurance segment
- Assess the competitive dynamics in the non-life insurance segment, along with the reinsurance segment
Companies Mentioned in this Report: Axa Sigorta A?, Anadolu Sigorta A?, AK Sigorata A?, Allianz Sigorta A?, Yapi Kredi Sigorta A?, Gunes Sigorta A?, Groupama Sigorta, Eureko Sigorta, Ergo Sigorta A?, Mapfre Genel Sigorta A?
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Non-Life Insurance in Turkey, Key Trends and Opportunities to 2017 - New Market Study Published
New Insurance research report from Timetric is now available from Fast Market Research