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Non-Life Insurance in Turkey, Key Trends and Opportunities to 2017

Turkey non-life insurance market: Gross written premium hit $7.7 billion in 2012


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2014-04-17 10:12:03 - Non-Life Insurance in Turkey, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

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).

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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