The Report titled “Turkey Insurance Market Outlook to 2015” provides an in-depth analysis of the Turkey insurance industry. The report covers specific insights on the market size, insurance density, insurance penetration, segmentation and future outlook of the insurance industry in Turkey. The report also entails the market size on the basis of gross insurance premium written in case of life and non-life insurance and market share of various companies at the country level. Overall, the report offers a comprehensive analysis of the entire Turkey insurance industry.

Turkey is the second largest life insurance market after Israel and largest non-life insurance market in the Middle East region. The market has overtime evolved in the wake of political regulations and regulatory developments. The market still has the great potential to grow with new innovative life and non-life insurance products coming up in the market.
In Turkey, nearly 60 companies had their operations in the country. The country had 36 non-life insurers’ and 22 life insurers’. Couple of reinsurers also had their operations in the country. The life insurance market has registered a phenomenal growth in the past decade. The life insurance market has reached the level of gross insurance premium of USD 1,447 million in 2010. Non-life insurance dominates the market with close to 85% of the market share in 2010. The total workforce associated with the insurance sector was nearly 18,000.

Turkey gross life insurance premium registered a healthy increase of 16.2% during the period from 2001-2010. The gross premium for life insurance increased from USD 375 million in 2001 to USD 1,447 million in 2010. Even gross non-life insurance premium increased from USD 1,660 million in 2001 to USD ~ million in 2010, registering a CAGR of 19.0%. Total gross insurance premium increased at a CAGR of 18.5%, showcasing an increase from USD 2,035 million in 2001 to USD ~ million in 2010.

Life insurance constituted a share of 16.2% of the total insurance market in Turkey in 2010. The non-life insurance sector contributed with the dominating share of 83.8%. Motor insurance holds the gigantic share of the total non-life sector with a share of 40.0%. Health and property are the other major sectors with ~ % and ~ % of the market share respectively.

An increase was registered in the number of insurance policies in 2010 as compared to 2009. The number of policies increased from 2.21 million in 2009 to ~ million 2010. The number of insured individuals also registered an increase from 13.27 million in 2009 to ~ million in 2010. Increase in average premium received from policy also registered an increase of USD 10 compared to the same in 2009.

Motor own damage and Motor third party liability accounted for USD ~ million and USD ~ million of the total motor insurance respectively in 2010. Fire, compulsory earthquake and facultative earthquake were the major sub segments which formed the considerable proportion of fire and other property insurance damage with a premium contribution of USD ~ million, USD ~ million and USD ~ million respectively.

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http://www.bharatbook.com/detail.asp?id=182156&rt=Turkey-Insurance-Marke...
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