Recently published research from Timetric, "Life Insurance in Turkey, Key Trends and Opportunities to 2018", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 07/09/2014 -- 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.
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- 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.
- Turkish life insurance penetration still remains one of the lowest among the OECD countries.
- The Turkish government's amendment to the private pension and investment law on June 28, 2012 has been fully implemented in the country since the beginning of 2013.
- By the end of 2013, there were 27 insurers operating in the segment and the segment is highly competitive in the presence of both domestic and foreign insurers.
- Bancassurance was the most preferred distribution channel among life and pension insurers.
This report provides a comprehensive analysis of the life insurance segment in Turkey:
- It provides historical values for the Turkish life insurance segment for the report's 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
- It offers a detailed analysis of the key categories in the Turkish life insurance segment, along with market forecasts until 2018.
- 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 life insurance products in Turkey.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Turkey for the life insurance business.
- It provides a detailed analysis of the reinsurance segment in Turkey and its growth prospects.
- It profiles the top life insurance companies in Turkey and outlines the key regulations affecting them.
Reasons to Get this Report
- Make strategic business decisions using in depth historic and forecast market data related to the Turkish life insurance segment and each category within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Turkish life insurance segment
- Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
- Identify the growth opportunities and market dynamics within key product categories
- Gain insights into key regulations governing the Turkish insurance industry and its impact on companies and the market's future
Companies Mentioned in this Report: Ziraat Hayat ve Emeklilik, Anadolu Hayat Emeklilik, Garanti Emeklilik, Halk Hayat ve Emeklilik, Allianz Ya?am ve Emeklilik, Vakif Emeklilik, Aviva SA, Cigna Finans Emeklilik ve Hayat, Metlife Emeklilik ve Hayat, Axa Hayat ve Emeklilik
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