Life insurance was the second-largest segment of the Turkish insurance industry in 2013, accounting for 15.5% of the industry's total gross written premiums. Led by sustained economic growth and favorable demographics, the segment's gross written premiums expanded at a compound annual growth rate (CAGR) of 17.8% over the review period (2009-2013). The segment's penetration rate also increased from 0.20% in 2009 to 0.24% in 2013. Turkish life insurance still remains one of the lowest among the OECD countries, however, with France and the UK having the highest penetration rates of 8.68% and 5.57% respectively. OECD countries with low life insurance penetration include Mexico with 0.99%, Hungary with 1.50% and the Czech Republic with 1.59%. The life segment's gross written premiums are expected to increase at a CAGR of 11.7% over the forecast period (2013-2018), with the low penetration rate, increasing life expectancy and sustained GDP growth being the primary factors that are projected to drive this demand. Moreover, the government's amendment of the private pension law is also expected to supplement the segment's growth, although given the increasing competition, depreciation of currency bringing in foreign participation and changes in regulations to align with Solvency II, the Turkish life insurance segment is expected to consolidate over the forecast period.