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Turkey Insurance Report 2013 - Product Image

Turkey Insurance Report 2013

  • Published: November 2012
  • Region: Turkey
  • 104 pages
  • Business Monitor International


  • Achmea
  • Ageas
  • Aksigorta
  • Anadolu Sigorta
  • BNP Paribas Cardif
  • ERGO
  • MORE

Key Insights And Key Risks

Virtually all the positive trends that we identified in Turkey’s insurance sector in the Annual Report last year remain intact. Inflation that is still high by the standards of most countries (if not Turkey) is boosting non-life premiums, but they are still almost achieving double-digit growth in real terms. This is thanks in part to the general improvement in the economy and the use of non-life insurance by first time customers.

Non-life penetration remains in a steady uptrend. The life sector is developing quite rapidly from a low base, thanks in part to reforms which should boost the appeal of Turkey’s private pension products.

Nevertheless, there are challenges. In the life insurance sector, the relatively low coverage of traditional products and pension plans suggests that, for now, a large number of people are unaware of the benefits.

Responding to volatile financial markets, many non-life and life insurers have kept (very) large portions of their investment portfolios in cash. Perhaps to a greater extent than their counterparts in other countries, in the non-life segment, the problem is more fundamental. Growth READ MORE >

Executive Summary 5
Table: Total Premiums, 2010-2017 5

Key Insights And Key Risks 5

SWOT Analysis 7

Turkey Insurance Industry SWOT 7

Turkey Political SWOT 8

Turkey Economic SWOT 9

Turkey Business Environment SWOT 9

Life Sector Overview 10

Central And Eastern Europe Life Sector Overview 10
Table: Central And Eastern European Life Premiums, 2010-2017 (US$mn) 10

Turkey Life Sector Update 13

Life Industry Forecast Scenario 15
Table: Total Life Premiums 2010-2017 15

Growth Drivers And Risk Management Projections 16

Population 16
Table: Insurance Key Drivers, Demographics 2010-2017 16

Non-Life Sector Overview 18

Central And Eastern Europe Non-Life Sector Overview 18
Table: Central And Eastern European Non-Life Premiums, 2010-2017 (US$mn) 18

Turkey Non-Life Sector Update 21
Table: Turkey's non-life segment in the first four months of 2012 21

Non-Life Industry Forecast Scenario 23
Table: Total Non-Life Premiums 2010-2017 23

Growth Drivers And Risk Management Projections 24

Macroeconomic Outlook 24
Table: Turkey – Economic Activity 27

Political Stability Outlook 28
Table: Europe Security Risk Ratings 30

Epidemiology 32
Table: Insurance Key Drivers, Disease Adjusted Life Years, 2010-2017 33

Motor 35

Islamic Finance 36

Insurance Risk/Reward Ratings 37
Table: Turkey’s Insurance Risk/Reward Ratings 37
Table: Central And Eastern Europe Insurance Risk/Reward Ratings 38

Competitive Landscape 39

Competitive Landscape Analysis 39

Major Players In Turkey’s Insurance Sector 40
Table: Non-Life Ranking Table – First Four Months of 2012 42

Non-Life Ranking Table – First Four Months of 2012 43

Company Profiles 45

Achmea 45


Ageas 50

AIG 53

Aksigorta 57

Allianz 59

Anadolu Hayat Emeklilik (AHE) 62

Anadolu Sigorta 65

AXA 67

BNP Paribas Cardif 70


Groupama 76

MetLife 79

Talanx AG 82

Vienna Insurance Group 86

Ziraat Hayat ve Emeklilik (ZHE) 90

Zurich Insurance Group 92

Demographic Outlook 95
Table: Turkey's Population By Age Group, 1990-2020 ('000) 96
Table: Turkey's Population By Age Group, 1990-2020 (% of population) 97
Table: Turkey's Key Population Ratios, 1990-2020 98
Table: Turkey's Rural And Urban Population, 1990-2020 98

BMI Methodology 99

Insurance Risk/Reward Ratings 101
Table: Insurance Risk/Reward Indicators And Rationale 102
Table: Weighting Of Indicators 103

Company Profiles
Anadolu Hayat Emeklilik (AHE)
Anadolu Sigorta
BNP Paribas Cardif
Talanx AG
Vienna Insurance Group
Ziraat Hayat ve Emeklilik (ZHE)
Zurich Insurance Group

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