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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Turkish non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Turkey's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Turkey non-life (P&C) market as well as trends by line of business. Axco analysts also report on Turkey's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Turkey's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Turkey, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Turkey, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Turkey with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The Turkish non-life market in 2021 remains relatively under-developed with penetration of non-motor insurance low.
The full impact of the COVID-19 pandemic on Turkish insurance remains to be seen but according to initial market results for 2020, the industry was not too adversely affected overall: non-life premium totalled TRY 65.44bn (USD 9.30bn) up by 35%. While the increase in premium looks impressive, in real terms, after the effects of inflation and declining exchange rates, there ....
This is a brief extract of information; more updated information may be available in the latest published report.
