(MENAFNEditorial)
Turkey's insurance sector is unlikely to realise its full potential until the structural impediments to the growth of life insurance are removed. Downwards pressure on prices for motor vehicle insurance is likely to be a challenge for much of the forecast period as well.
Along with Colombia Mexico Thailand and Indonesia Turkey stands out globally as a major emerging market whose insurance sector is already large in absolute terms and which should achieve superior growth rates over the coming five years. Many of the leading companies have a presence in the non-life segment the life segment and the pensions sub-sector. The leaders themselves are either affiliates of the main banking groups in Turkey (TC Ziraat Bank Garanti Bank Is Bank Akbank and Vakifbank) or subsidiaries/associates of major multi-national companies. These two types of insurer are not entirely separate. More than in most countries it is easy to find examples of long-standing strategic relationships between multi-nationals and local groups.
Full Report Details at
- http://www.fastmr.com/prod/924304_turkey_insurance_report_q1_2015.aspx?afid=101
In short there are large numbers of companies with strong brands multi-channel distribution access to foreign know-how and/or capital and absolute scale who are committed to the Turkish market for the long-term. This means that in what is by most metrics still a (very) underdeveloped market for insurance there is and will remain abundant capacity. This in turn has contributed to persistent downwards pressure on prices in the motor vehicle related lines. According to the trade association premiums from both compulsory motorists' third party liability (CMTPL) and voluntary hull (CASCO) covers were basically the same in the first nine months of 2014 as they had been in the previous corresponding period even as total non-life premiums rose by 9% or so.
Normally this would not necessarily be a problem. However motor vehicle related lines account for over half of all premiums written in the non-life segment. Further there has been a...
The Turkey Insurance Report has been researched at source and features Business Monitor International (BMI)'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.
BMI's Turkey Insurance Report provides professionals consultancies government departments regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Turkish insurance industry.
Key Benefits
* Benchmark BMI's independent insurance industry forecasts for Turkey to test other views - a key input for successful budgeting and strategic business planning in Turkey's insurance market.
* Target business opportunities and risks in Turkey through our reviews of latest industry trends regulatory changes and major deals investments and macroeconomic developments.
* Exploit latest competitive intelligence on your competitors partners and clients via our Company Profiles (inc. SWOTs KPIs and latest activity).
Coverage
BMI Industry View
Summary of BMI's key industry forecasts and views covering the Life and Non-Life segments the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths Weaknesses Opportunities and Threats within the insurance sector and within the broader political economic and business environment.
Regional Outlook
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends focusing on BMI's country-by-country market growth data.
Business Environment Rankings
BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.
The rankings methodology makes sophisticated use of over 40 industry economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
BMI Industry Forecasts
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions plus analysis of key risks to the main forecasts. Indicators include:
Premiums: Total (US$mn) growth (% y-o-y) penetration (% of GDP) density (US$ per capita) for Life and Non-Life sectors and total premiums.
Life: Data on gross written premiums for all major non-life segments (e.g. motor fire work).
Non-life: Data on gross written premiums for all major life segments (e.g. life retirement).
Economic: Nominal GDP (US$bn) real GDP growth (%) GDP per capita (US$) population (mn) unemployment (%) exchange rate (against US$).
Competitive Landscape & Rankings
Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position business strategies and investment potential of the leading insurance companies.
Company Profiles
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles enabling a full evaluation of recent company performance and future growth prospects.
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts we provide quick and easy access to the best competitive intelligence available. Our unbiased expert staff is always available to help you find the right research to fit your requirements and your budget.
For more information about these or related research reports please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.