Lewes, DE -- (ReleaseWire) -- 07/02/2014 -- Life insurance was the second-largest segment of the Turkish insurance industry in 2013, accounting for 15.5% of the industry’s total gross written premiums. Led by sustained economic growth and favorable demographics, the segment’s gross written premiums expanded at a compound annual growth rate (CAGR) of 17.8% over the review period (2009?2013). The segment’s penetration rate also increased from 0.20% in 2009 to 0.24% in 2013. Turkish life insurance still remains one of the lowest among the OECD countries, however, with France and the UK having the highest penetration rates of 8.68% and 5.57% respectively. OECD countries with low life insurance penetration include Mexico with 0.99%, Hungary with 1.50% and the Czech Republic with 1.59%. The life segment’s gross written premiums are expected to increase at a CAGR of 11.7% over the forecast period (2013?2018), with the low penetration rate, increasing life expectancy and sustained GDP growth being the primary factors that are projected to drive this demand. Moreover, the government’s amendment of the private pension law is also expected to supplement the segment’s growth, although given the increasing competition, depreciation of currency bringing in foreign participation and changes in regulations to align with Solvency II, the Turkish life insurance segment is expected to consolidate over the forecast period.
The report provides in-depth market analysis, information and insights into the Turkish life insurance segment, including:
- The Turkish life insurance segment’s growth prospects by life insurance categories
- Key trends and drivers for the life insurance segment
- The various distribution channels in the Turkish life insurance segment
- The detailed competitive landscape in the life insurance segment in Turkey
- Detailed regulatory policies of the Turkish insurance industry
- A description of the life reinsurance segment in Turkey
- Porter's Five Forces analysis of the life insurance segment
- A benchmarking section on the Turkish life insurance segment in comparison with other countries with gross written premiums in the US$10–40 billion range.
- Life insurance was the second-largest segment of the Turkish insurance industry in 2013, accounting for 15.5% of the industry’s total gross written premiums.
- Turkish life insurance penetration still remains one of the lowest among the OECD countries.
- The Turkish government’s amendment to the private pension and investment law on June 28, 2012 has been fully implemented in the country since the beginning of 2013.
- By the end of 2013, there were 27 insurers operating in the segment and the segment is highly competitive in the presence of both domestic and foreign insurers.
- Bancassurance was the most preferred distribution channel among life and pension insurers.
Browse this report- http://mrr.cm/ZPV
Spanning over 264 pages, “Life Insurance in Turkey, Key Trends and Opportunities to 2018” report covering The Regional Market Dynamics, Life Insurance Segment – Regional Benchmarking, Turkish Insurance Industry Attractiveness, Life Insurance Outlook, Analysis by Distribution Channel, Porter’s Five Forces Analysis – Turkish Life Insurance, Reinsurance Growth Dynamics and Challenges, Governance, Risk and Compliance, Competitive Landscape and Strategic Insights, Business Environment and Country Risk, Appendix. The report covered companies are - Ziraat Hayat ve Emeklilik, Anadolu Hayat Emeklilik, Garanti Emeklilik, Halk Hayat ve Emeklilik, Allianz Ya?am ve Emeklilik, Vak?f Emeklilik, Aviva SA Cigna Finans Emeklilik, ve Hayat Metlife Emeklilik, ve Hayat Axa Hayat ve Emeklilik.
Related reports are;
1st - Non-Life Insurance in Turkey, Key Trends and Opportunities to 2018 - See more at: http://mrr.cm/ZPj
2nd - Personal Accident and Health Insurance in Turkey, Key Trends and Opportunities to 2018 - See more at: http://mrr.cm/ZP9
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