2014-04-17 10:15:04 - Personal Accident and Health Insurance in Turkey, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The Turkish personal accident and health insurance segment accounted for 15.4% of the overall insurance industry´s written premium in 2012, with a value of TRY2.9 billion (US$1.8 billion).The segment is highly competitive with 59 companies out of total 60 companies operating in personal accident insurance and 34 providing health insurance services.
Due to growing competition and changes in the regulations, the segment is expected to consolidate. Rising medical expenditure, rapidly growing population and reforms by the government will be the major growth drivers of the segment over the forecast period.
The Turkish insurance industry is among the fastest-growing industries in the world. In terms of gross written premium, the industry valued TRY19.1 billion (US$11.5 billion) in 2012. The personal accident and
health insurance segment, the third-largest segment, registered a CAGR of 12.6% during the review period.
Personal accident and health insurers are dependent on traditional modes of distribution such as brokers and agencies. Economies of scale and strong brands will create the opportunity for better bargaining power, which will require consolidation of the fragmented segment.
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