New Insurance market report from Timetric: "Reinsurance in Turkey, Key Trends and Opportunities to 2017"
Boston, MA -- (SBWIRE) -- 09/18/2013 -- The Turkish reinsurance segment is small yet competitive. Led by strong growth in the overall insurance industry and an increasing level of risk awareness due to the rising frequency of natural disasters, the segment increased from TRY0.8 billion (US$0.7 billion) in 2008 to TRY1.1 billion (US$0.6 billion) in 2012, at a review-period CAGR of 5.5%.Apart from one local reinsurance company (Milli Re), international insurers such as Munich Re, Swiss Re and Lloyd's cater to the reinsurance needs of the Turkish industry. Milli Re derived 76% of its total gross written premium from domestic business in 2012. Over the forecast period, the stable macroeconomic fundamentals and the tightening of regulations will have a positive effect on the reinsurance segment. Industry growth is expected to drive the reinsurance segment over the forecast period.
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- The Turkish reinsurance segment grew at a CAGR of 5.5% during the review period.
- The increased frequency of natural disasters supported the growth of the segment. Insurance companies, particularly in the non-life segment, ceded an average of 32.7% of premium during the review period.
- The treaty reinsurance category accounted for 68.0% of reinsurance written premiums and the facultative reinsurance category accounted for the remaining 32.0% in 2012.
- A Turkish Catastrophe Insurance Pool (TCIP) was established in 1999 to deal with the risk of earthquakes.
This report provides a comprehensive analysis of the reinsurance segment in Turkey:
- It provides historical values for Turkey's reinsurance 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 reinsurance segment, along with forecasts until 2017
- It provides a detailed analysis of the reinsurance ceded from various direct insurance segment in Turkey and its growth prospects
Reasons to Get This Report
- Make strategic business decisions using historic and forecast market data related to the Turkish reinsurance segment and each category within it
- Understand the demand-side dynamics, key trends and growth opportunities within the Turkish reinsurance segment
- Identify the growth opportunities and dynamics within key product categories
- Gain insights into key regulations governing the Turkish insurance industry and its impact on companies and the segment's future"
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