The Insurance Industry in Turkmenistan, Key Trends and Opportunities to 2017

Date: May 31, 2013
Pages: 89
Price:
US$ 1,950.00
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Publisher: Timetric
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: IF3CA5EA9BBEN
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The Insurance Industry in Turkmenistan, Key Trends and Opportunities to 2017
Synopsis

The report provides in depth market analysis, information and insights into the insurance industry in Turkmenistan, including:
  • The Turkmenistan insurance industry’s growth prospects by insurance segments and categories
  • The current trends and drivers of the Turkmenistan insurance industry
  • The challenges facing the Turkmenistan insurance industry
  • The regulatory framework of the Turkmenistan insurance industry
Summary

The Turkmen insurance industry is very small, both in terms of size and significance. Insurance penetration stood at just 0.2% in 2012, compared to the global average of 6.7%. The industry achieved significant written premium value growth during the review period, recording a CAGR of 20.2%. This was due to robust economic development and the increased demand for non-life products. These factors coupled with new legislation are expected to drive the industry over the forecast period at a CAGR of 15.5%.

Scope

This report provides a comprehensive analysis of the insurance industry in Turkmenistan:
  • It provides historical values for the Turkmenistan insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
  • It offers a detailed analysis of the key segments and categories in the Turkmenistan insurance industry, along with industry forecasts until 2017
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions
  • It outlines the key regulations affecting them
Reasons To Buy
  • Make strategic business decisions using in depth historic and forecast industry data related to the Turkmenistan insurance industry and each segment within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Turkmenistan insurance industry
  • Identify the growth opportunities and market dynamics within key segments
  • Gain insights into key regulations governing the Turkmenistan insurance industry and its impact on companies and the industry's future
Key Highlights
  • Turkmen providers tend to retain a large proportion of their revenues and cede less to reinsurance providers
  • The retention rate of life insurance providers stood at 97%
  • The industry registered significant growth during the review period
  • The growth was partly a consequence of a favorable regulatory framework and robust economic development
  • The property and assets of overseas institutions need to be insured by the State Insurance Company of Turkmenistan, the sole insurance provider. This fuelled the demand for insurance in the country
  • The new Insurance Act has also allowed multinationals to own up to a 49% stake in domestic companies
1 EXECUTIVE SUMMARY

2 INTRODUCTION

2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 TURKMEN INSURANCE INDUSTRY OVERVIEW

3.1 Turkmen Insurance Industry

4 INDUSTRY SEGMENTATION

4.1 Life Insurance
4.2 Non-Life Insurance
  4.2.1 Property insurance
  4.2.2 Motor insurance
  4.2.3 Liability insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance

5 MACROECONOMIC INDICATORS

5.1 GDP at Constant Prices (US$)
5.2 GDP at Current Prices (US$)
5.3 GDP per Capita at Constant Prices (US$)
5.4 Total Population
5.5 Inflation Rate (%)

6 APPENDIX

6.1 Methodology
6.2 Contact Us
6.3 About Timetric
6.4 Disclaimer

LIST OF TABLES

Table 1: Insurance Industry Definitions
Table 2: Turkmen Insurance Overall Written Premium by Segment (TMT Million), 2008–2012
Table 3: Turkmen Insurance Overall Written Premium by Segment (US$ Million), 2008–2012
Table 4: Turkmen Insurance Overall Written Premium by Segment (TMT Million), 2012–2017
Table 5: Turkmen Insurance Overall Written Premium by Segment (US$ Million), 2012–2017
Table 6: Turkmen Insurance Segmentation (% Share), 2008–2017
Table 7: Turkmen Life Insurance – Written Premium (TMT Million), 2008–2012
Table 8: Turkmen Life Insurance – Written Premium (TMT Million), 2012–2017
Table 9: Turkmen Life Insurance – Paid Claims (TMT Million), 2008–2012
Table 10: Turkmen Life Insurance – Paid Claims (TMT Million), 2012–2017
Table 11: Turkmen Life Insurance – Incurred Loss (TMT Million), 2008–2012
Table 12: Turkmen Life Insurance – Incurred Loss (TMT Million), 2012–2017
Table 13: Turkmen Life Insurance – Loss Ratio (%), 2008–2012
Table 14: Turkmen Life Insurance – Loss Ratio (%), 2012–2017
Table 15: Turkmen Life Insurance – Combined Ratio (%), 2008–2012
Table 16: Turkmen Life Insurance – Combined Ratio (%), 2012–2017
Table 17: Turkmen Life Insurance – Total Assets (TMT Million), 2008–2012
Table 18: Turkmen Life Insurance – Total Assets (TMT Million), 2012–2017
Table 19: Turkmen Life Insurance – Retentions (TMT Million), 2008–2012
Table 20: Turkmen Life Insurance – Retentions (TMT Million), 2012–2017
Table 21: Turkmen Non-Life Insurance Written Premium by Category (TMT Million), 2008–2012
Table 22: Turkmen Non-Life Insurance Written Premium by Category (US$ Million), 2008–2012
Table 23: Turkmen Non-Life Insurance Written Premium by Category (TMT Million), 2012–2017
Table 24: Turkmen Non-Life Insurance Written Premium by Category (US$ Million), 2012–2017
Table 25: Turkmen Non-Life segment – Paid Claim (TMT Million), 2008–2012
Table 26: Turkmen Non-Life segment – Paid Claim (TMT Million), 2012–2017
Table 27: Turkmen Non-Life segment – Incurred Loss (TMT Million), 2008–2012
Table 28: Turkmen Non-Life segment– Incurred Loss (TMT Million), 2012–2017
Table 29: Turkmen Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 30: Turkmen Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 31: Turkmen Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 32: Turkmen Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 33: Turkmen Non-Life Insurance – Total Assets (TMT Million), 2008–2012
Table 34: Turkmen Non-Life Insurance – Total Assets (TMT Million), 2012–2017
Table 35: Turkmen Non-Life Insurance – Retentions (TMT Million), 2008–2012
Table 36: Turkmen Non-Life Insurance – Retentions (TMT Million), 2012–2017
Table 37: Turkmen Property Insurance – Written Premium (TMT Million), 2008–2012
Table 38: Turkmen Property Insurance – Written Premium (TMT Million), 2012–2017
Table 39: Turkmen Motor Insurance– Written Premium (TMT Million), 2008–2012
Table 40: Turkmen Motor Insurance – Written Premium (TMT Million), 2012–2017
Table 41: Turkmen Liability Insurance – Written Premium (TMT Million), 2008–2012
Table 42: Turkmen Liability Insurance– Written Premium (TMT Million), 2012–2017
Table 43: Turkmen Personal Accident and Health Insurance – Written Premium (TMT Million), 2008–2012
Table 44: Turkmen Personal Accident and Health Insurance – Written Premium (TMT Million), 2012–2017
Table 45: Turkmen Personal Accident and Health Insurance– Paid Claim (TMT Million), 2008–2012
Table 46: Turkmen Personal Accident and Health Insurance – Paid Claim (TMT Million), 2012–2017
Table 47: Turkmen Personal Accident and Health Insurance Segment – Incurred Loss (TMT Million), 2008–2012
Table 48: Turkmen Personal Accident and Health Insurance – Incurred Loss (TMT Million), 2012–2017
Table 49: Turkmen Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Table 50: Turkmen Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Table 51: Turkmen Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Table 52: Turkmen Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Table 53: Turkmen Personal Accident and Health Insurance – Total Assets (TMT Million), 2008–2012
Table 54: Turkmen Personal Accident and Health Insurance – Total Assets (TMT Million), 2012–2017
Table 55: Turkmen Personal Accident and Health Insurance – Retentions (TMT Million), 2008–2012
Table 56: Turkmen Personal Accident and Health Insurance – Retentions (TMT Million), 2012–2017
Table 57: Turkmen Reinsurance Ceded by Insurance Segment (TMT Million), 2008–2012
Table 58: Turkmen Reinsurance Ceded by Insurance Segment (US$ Million), 2008–2012
Table 59: Turkmen Reinsurance Ceded by Insurance Segment(TMT Million), 2012–2017
Table 60: Turkmen Reinsurance Ceded by Insurance Segment (US$ Million), 2012–2017
Table 61: Turkmen Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 62: Turkmen Life Insurance – Percentage of Reinsurance Ceded (%),2012–2017
Table 63: Turkmen Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 64: Turkmen Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 65: Turkmen Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 66: Turkmen Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017

LIST OF FIGURES

Figure 1: Turkmen Insurance Overall Written Premium by Segment (TMT Million), 2008–2017
Figure 2: Turkmen Insurance Market Dynamics by Segment, 2008–2017
Figure 3: Turkmen Life Insurance – Written Premium (TMT Million), 2008–2012
Figure 4: Turkmen Life Insurance – Written Premium (TMT Million), 2012–2017
Figure 5: Turkmen Life Insurance – Paid Claims (TMT Million), 2008–2012
Figure 6: Turkmen Life Insurance – Paid Claims (TMT Million), 2012–2017
Figure 7: Turkmen Life Insurance – Incurred Loss (TMT Million), 2008–2012
Figure 8: Turkmen Life Insurance – Incurred Loss (TMT Million), 2012–2017
Figure 9: Turkmen Life Insurance – Loss Ratio (%), 2008–2012
Figure 10: Turkmen Life Insurance – Loss Ratio (%), 2012–2017
Figure 11: Turkmen Life Insurance – Combined Ratio (%), 2008–2012
Figure 12: Turkmen Life Insurance – Combined Ratio (%), 2012–2017
Figure 13: Turkmen Life Insurance – Total Assets (TMT Million), 2008–2012
Figure 14: Turkmen Life Insurance – Total Assets (TMT Million), 2012–2017
Figure 15: Turkmen Life Insurance – Retentions (TMT Million), 2008–2012
Figure 16: Turkmen Life Insurance – Retentions (TMT Million), 2012–2017
Figure 17: Turkmen Life Insurance Penetration (% of GDP), 2008–2012
Figure 18: Turkmen Life Insurance – Premium per Capita (TMT), 2008–2012
Figure 19: Turkmen Non-Life Insurance Written Premium by Category (TMT Million), 2008–2017
Figure 20: Turkmen Non-Life Insurance Written Premium by Category (% Share), 2012 and 2017
Figure 21: Turkmen Non-Life Insurance Market Dynamics by Category, 2008–2017
Figure 22: Turkmen Non-Life Insurance – Paid Claims (TMT Million), 2008–2012
Figure 23: Turkmen Non-Life Insurance – Paid Claims (TMT Million), 2012–2017
Figure 24: Turkmen Non-Life Insurance – Incurred Loss (TMT Million), 2008–2012
Figure 25: Turkmen Non-Life Insurance – Incurred Loss (TMT Million), 2012–2017
Figure 26: Turkmen Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 27: Turkmen Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 28: Turkmen Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 29: Turkmen Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 30: Turkmen Non-Life Insurance – Total Assets (TMT Million), 2008–2012
Figure 31: Turkmen Non-Life Insurance – Total Assets (TMT Million), 2012–2017
Figure 32: Turkmen Non-Life Insurance – Retentions (TMT Million), 2008–2012
Figure 33: Turkmen Non-Life Insurance – Retentions (US$ Billion), 2012–2017
Figure 34: Turkmen Non-Life Insurance Penetration (% of GDP), 2008–2012
Figure 35: Turkmen Non-Life Insurance – Premium per Capita (TMT), 2008–2012
Figure 36: Turkmen Property Insurance – Written Premium (TMT Million), 2008–2012
Figure 37: Turkmen Property Insurance – Written Premium (TMT Million), 2012–2017
Figure 38: Turkmen Motor Insurance – Written Premium (TMT Million), 2008–2012
Figure 39: Turkmen Motor Insurance – Written Premium (TMT Million), 2012–2017
Figure 40: Turkmen Liability Insurance – Written Premium (TMT Million), 2008–2012
Figure 41: Turkmen Liability Insurance – Written Premium (TMT Million), 2012–2017
Figure 42: Turkmen Personal Accident and Health Insurance – Written Premium (TMT Million), 2008–2012
Figure 43: Turkmen Personal Accident and Health Insurance – Written Premium (TMT Million), 2012–2017
Figure 44: Turkmen Personal Accident And Health Insurance – Paid Claims (TMT Million), 2008–2012
Figure 45: Turkmen Personal Accident and Health Insurance – Paid Claims (TMT Million), 2012–2017
Figure 46: Turkmen Personal Accident and Health Insurance – Incurred Loss (TMT Million), 2008–2012
Figure 47: Turkmen Personal Accident and Health Insurance – Incurred Loss (TMT Million), 2012–2017
Figure 48: Turkmen Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 49: Turkmen Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 50: Turkmen Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 51: Turkmen Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 52: Turkmen Personal Accident and Health Insurance – Total Assets (TMT Million), 2008–2012
Figure 53: Turkmen Personal Accident and Health Insurance – Total Assets (TMT Million), 2012–2017
Figure 54: Turkmen Personal Accident and Health Insurance – Retentions (TMT Million), 2008–2012
Figure 55: Turkmen Personal Accident and Health Insurance – Retentions (US$ Billion), 2012–2017
Figure 56: Turkmen Personal Accident and Health Insurance Penetration (% of GDP), 2008–2012
Figure 57: Turkmen Personal Accident and Health Insurance – Premium per Capita (TMT), 2008–2012
Figure 58: Turkmen Reinsurance Ceded by Insurance Segment(TMT Million), 2008–2017
Figure 59: Turkmen Reinsurance Market Dynamics by Insurance Segment, 2008–2017
Figure 60: Turkmen Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 61: Turkmen Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 62: Turkmen Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 63: Turkmen Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 64: Turkmen Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 65: Turkmen Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 66: Turkmen GDP at Constant Prices (US$ Billion), 2007–2011
Figure 67: Turkmen GDP at Current Prices (US$ Billion), 2007–2011
Figure 68: Turkmen GDP per Capita at Constant Prices (US$), 2007–2011
Figure 69: Turkmen Total Population (Million), 2007–2011
Figure 70:Turkmen Inflation Rate (%), 2007–2011

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