Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Turkey Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Turkey includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Turkey is a country bordering the Black Sea. European Turkey is mainly rolling agricultural land but Asian Turkey is mostly highland and mountains, apart from the coastal strips and river valleys. Although it applied to be in the EU in 1987, it has yet to be admitted.
IThe Turkish non-life market in 2019 remains relatively under-developed (penetration of non-motor insurance remains low). To improve take-up insurers are increasingly focusing on low-penetration sectors such as homeowners and SMEs, and experimenting with alternative distribution channels such as call centres, the internet, social media and the like.
n 2018 non-life premium totalled TRY 40.76bn. While the increase in premium looks impressive, in real terms, after the effects of inflation and declining exchange rates, there was no growth and in US dollar terms the market shrank.
At the start of 2019, there were 62 active insurance companies licensed to write business, comprising 38 non-life and 22 life and pension insurers; there were two reinsurance companies. Foreign capital accounted for around 75% of non-life premium.
Earthquake represents a very real hazard in Turkey, whilst flood and windstorm represent less of a hazard they did cause severe damage in 2017 in parts of Istanbul.