Turkey Insurance Report - Business Monitor International - Industry Reports

Turkey Insurance Report

Turkey Insurance Report - Business Monitor International - Industry Reports
Turkey Insurance Report
Published Aug 20, 2016
64 pages — Published Aug 20, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Abstract:

In ----, we are forecasting life insurance premium growth of --.- in local currency terms to reach TRY-.--bn - in US dollar terms slower growth of -.- to reach USD-.--bn. In essence, we are taking the view that premiums will be boosted by the growth of the economy and, perhaps, by innovation on the part of individual companies. ...In local currency terms, premiums should rise by just over - annually from ---- till ---- to reach TRY-.--bn by the end of the current forecast period. We suggest that, overall, the constraints which have held back the segment so far (eg, the lack of understanding of insurance on the part of households and the large number of households who cannot afford to save via life insurance) will continue to prevail. The insurers will continue to focus on distributing to wealthier customers through bancassurance and on the provision of pension products. ...The insurers will continue to focus on distributing to wealthier customers through bancassurance and on the provision of pension products. While low income levels will continue to be a limiting factor on the expansion of Turkey s life insurance sector, we also expect an increase in the number of wealthier households in the country that are in a position

...Proximity to the conflict in Syria as well as internal instability (as highlighted by the July coup attempt) has heightened risk in some sectors. The attack on Ataturk Airport in late June ----, which left over -- dead, is indicative of such risks. ...Takaful insurance is expected to be a key growth area in the Turkish insurance market. In May ---- the Islamic Financial Services Board, the World Bank and the Undersecretariat of Treasury of the Republic of Turkey took part in a conference sponsored by the Insurance Association of Turkey and Association of Participation Insurance on the growth prospects, regulation and demand for new products in the country s Takaful sector. The life insurance sector, which is considerably smaller than the non-life sector, accounting for less than -- of premiums written is expected to see healthy growth over the forecast period. ...The life insurance sector, which is considerably smaller than the non-life sector, accounting for less than -- of premiums written is expected to see healthy growth over the forecast period.

...Insurers in the life insurance sector in Turkey do face numerous structural challenges. An uneven distribution of income, relatively high unemployment rates, a lack of understanding of life insurance on the part of households and (in relation to group covers) employers and past economic instability, mean that life insurance is very underdeveloped relative to non-life insurance and, indeed, by any other standard. ...

  
Source:
Document ID
1752-8399
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Turkey Insurance Report" Aug 20, 2016. Alacra Store. Dec 08, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Turkey-Insurance-Report-2026-491>
  
APA:
Business Monitor International - Industry Reports. (2016). Turkey Insurance Report Aug 20, 2016. New York, NY: Alacra Store. Retrieved Dec 08, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Turkey-Insurance-Report-2026-491>
  
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