New Market Research Report: Turkey Insurance Report Q3 2016

Turkey's insurance market is well placed to support robust growth over the medium term. The mar ket is home to a number of well- established domestic providers, working alongside major multinationals which are expanding their presence in the country via growing bancassurance networks and other distribution channels. Domestic economic growth is providing a boost to average household income rates , which will improve the affordability of, and demand for, a range of life products, including investment linked products and retirement schemes. Economic growth is also the key stimulus for growth in the large non-life sector, where demand for products such as credit and financial guarantee insurance is growing steadily alongside established basic lines such as motor and property.

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There are some potential risks to consider, including an underdeveloped regulatory system; however, overall the expected growth in premiums and fragmented nature of the market means we expect to see a range of corporate transactions take place over the next few years, both in terms of consolidation amongst smaller firms and new entrants to the Turkish insurance market.

Key Updates And Forecasts

In an attempt to reduce heavy losses in the motor insurance segment, Turkey has updated the MTPL Insurance General Conditions to allow insurers to recourse against at fault drivers and is reportedly planning on implementing a standardized model for calculating claims payments. Turkey also aims to balance the market by restricting the size of an insurer's share of the MTPL sector to the size of its share of the overall non-life market.

We are currently forecasting robust growth in Turkey's non-life insurance sector, driven both by the dominant motor insurance line and a range of smaller lines including health and personal accident insurance. Overall, non-life premiums are forecast to grow by an annual average of just over 9.2% between 2016 and 2020, in local currency terms, with premiums reaching TRY38.7bn (USD11.0bn) by the end of the forecast period.

The smaller life sector, which currently accounts for around 16% of premiums written, is expected to see similar growth over the forecast period, with life premiums written increasing from TRY4.0bn (USD1.3bn) in 2016 to TRY5.7bn (1.6bn) in 2020.

The Turkey Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

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