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Turkey reinsurance market: 5.5% CAGR growth witnessed between 2008-12

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Reinsurance in Turkey, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-17 10:17:02
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.

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.

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