Turkey Insurance Report Q1 2011
Business Monitor International, November 2010, Pages: 76
The Turkey Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Turkey's insurance industry.
In late 2009, we suggested that, from the point of view of corporate planners at major multinational insurance companies, Turkey must be one of the most prospective national markets. This emphatically remains the case. In absolute terms, it is large. Premiums are growing steadily if not spectacularly. This is partly because of growth of usage in basic products such as Compulsory Motor Third Party Liability (CMTPL) insurance and partly because of the development of long-term savings from a low base. The financial system has shown itself to be sufficiently robust to withstand the pressures of the global financial crisis – and the subsequent economic slowdown in Turkey. The regulatory environment continues to improve – even if it still has some way before it is exactly comparable with that of the EU as a whole.
Best of all, there are very few barriers to entry. As is not the case in, say, Brazil, China or India (or South Africa, South Korea, Taiwan or Saudi Arabia, for that matter) there are no entrenched local players that are enormous organisations by any measure and/or which enjoy the benefits of state ownership. Anadolu Sigorta, Ak Sigorta, and Yapi Kredi Sigorta (respectively the affiliates of Is Bankasi, Sabanci group and Yapi Kredi/Koc group) are large non-life and life insurers by the standards of Turkey and other developing countries, but not by any other measure. Further – and in complete contrast to their counterparts in the Philippines, for instance, the large Turkish conglomerates are not necessarily committed to insurance over the long term. Already, for instance, Spain’s MAPFRE has emerged as the dominant partner of Genel – the affiliate of Cukurova, while press reports have speculated on the commitment to the sector of Yapi Kredi. As of late 2009, the local operations of French giant AXA was the largest insurer in the non-life segment (with a market share of over 12%), while Basak Groupama, an affiliate of the large French mutual group, was the second largest life insurer (with a market share of over 23%).
This means that the competitive landscape is likely to change further over the next five years or so. Already, a number of smaller operators have stopped writing new business. It is difficult to imagine that there will not be a wave of mergers and acquisitions. Nevertheless, the arrival through 2008 of Dubai Group – which had already captured 0.6% of the non-life market in the first seven months of 2009 – suggests that the foreigners will keep coming.
Compared to most other national insurance markets that are monitored by BMI – and, in particular, its peers in Central and Eastern Europe – the Turkish insurance sector did not suffer much from the global financial crisis. In absolute terms, premiums stalled, but did not contract. In real (or US dollar terms), they did shrink in 2009. Prices fell within the sector, but the number of contracts and customers continued to increase. In essence, the supply of capital and infrastructure to underwrite risks rose relative to demand: crucially, though, demand still grew.
Key Features Of This Report
Although this report is fundamentally similar to its predecessor in terms of structure, it contains a lot of new data. We have extended forecasts to 2015. We have also incorporated information made available by the trade association through to 2010.
The Sector At A Glance
Table: The Turkish Insurance Sector At A Glance
Key Insights On Turkey’s Insurance Sector
Key Features Of This Report
SWOT Analysis
Turkey Insurance Industry SWOT
Turkey Political SWOT
Turkey Economic SWOT
Turkey Business Environment SWOT
Central And Eastern European Markets Overview
Table: Non-Life Segment Premiums In Central And Eastern Europe
Table: Life Segment Premiums In Central And Eastern Europe
MetLife’s Acquisition Of ALICO
Table: ALICO At A Glance
Table: ALICO’s Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%)
Table: ALICO – A Market Leader In Japan
Table: MetLife’s Acquisition Of ALICO
Table: MetLife And ALICO Combined
Latest News
Table: Analysis Of Turkish Insurance Market – By Line, 2009
Projections And Forecasts
Table: Insurance Data And Projections, 2007-2015
Projections And Drivers Of Growth
Table: Growth Drivers, 2007-2015
Country Update
Macroeconomic Outlook
Table: Turkey Economic Activity, 2007-2014
Political Outlook
Insurance Business Environment Ratings
Table: Turkey’s Insurance Business Environment
Table: Central And Eastern Europe Insurance Business Environment Ratings
Regional Context
Table: Non-Life Premiums In A Regional Context, 2009
Table: Life Premiums In A Regional Context, 2009
Analysis Of Competitive Conditions
Ranking of Non-Life Insurers by Gross Written Premiums – 2009 (TRLmn)
Ranking of Life Insurers by Gross Written Premiums – 2009 (TRLmn)
Company Profiles
Aksigorta
Anadolu Sigorta
AIG/ Chartis
Allianz
Aviva
AXA
Cardif
Ergo
Eureko
Generali
Groupama
Liberty Mutual
MAPFRE
Yapi Kredi Sigorta
Zurich
ALICO
Vienna Insurance Group
Country Snapshot: Turkey Demographic Data
Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2030
Section 2: Education And Healthcare
Table: Education, 2002-2005
Table: Vital Statistics, 2005-2030
Section 3: Labour Market And Spending Power
Table: Employment Indicators, 2001-2006
Table: Consumer Expenditure, 2000-2012 (US$)
BMI Methodology
Insurance Business Environment Rating
-Aksigorta
-Anadolu Sigorta
-AIG/ Chartis
-Allianz
-Aviva
-AXA
-Cardif
-Ergo
-Eureko
-Generali
-Groupama
-Liberty Mutual
-MAPFRE
-Yapi Kredi Sigorta
-Zurich
-ALICO
-Vienna Insurance Group
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