Emerging Market and Investment Opportunities in Turkish Motor Insurance to 2016

Date: March 19, 2012
Pages: 59
Price:
US$ 1,950.00
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Publisher: BRICdata
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: E7D33C4BB69EN
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Emerging Market and Investment Opportunities in Turkish Motor Insurance to 2016
Synopsis

The report provides top-level market analysis, information and insights into the Turkish motor insurance industry, including:
  • Current, historic and forecast values for the Turkish motor insurance industry
  • Comprehensive, country-specific analysis of the industry’s market attractiveness covering key trends and drivers, plus benchmarking with other key markets
  • Detailed analysis of the business and operations strategy used by various motor insurers in the market, including marketing strategy and social media strategy
  • Detailed analysis of the challenges affecting the Turkish motor insurance industry
  • Company profiles of the major insurers in the Turkish motor insurance market

Summary

The Turkish motor insurance category has benefited from the country’s rising number of automobile sales and improving economic conditions. As a result, the Turkish motor insurance category increased in written premium value from TRY4.7 billion in 2007 to TRY5.5 billion in 2011, at a compound annual growth rate (CAGR) of 4.46% during the review period (2007–2011). In addition, the volume of motor insurance policies sold in Turkey increased at a CAGR of 5.57% during the review period, to reach 17 million in 2011. The category’s written premium value is projected to grow at a CAGR of 5.03% over the forecast period (2012–2016), to reach TRY7.1 billion in 2016. In addition, the volume of motor insurance policies sold is projected to increase at a CAGR of 3.30% over the forecast period, to reach 20.1 million policies in 2016.

Scope

This report provides a comprehensive analysis of the motor insurance industry in Turkey:
  • It provides historical values for the Turkish motor insurance industry for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
  • It offers a detailed analysis of the key markets in the Turkish motor insurance industry, along with market forecasts until 2016
  • It details the different macroeconomic factors affecting the motor insurance industry in Turkey
  • It covers an exhaustive summary on the key trends and drivers affecting the motor insurance industry
  • It outlines the current regulatory framework in the industry
  • It details the business and operations strategy used by various Turkish motor insurance companies
  • It profiles the major insurers in the Turkish motor insurance industry

Reasons To Buy
  • Make strategic business decisions using top-level historic and forecast market data related to the Turkish motor insurance industry and each market within it
  • Understand the key market trends and growth opportunities within the Turkish motor insurance industry
  • Assess the competitive dynamics in the Turkish motor insurance industry
  • Gain insights into the business and operations strategies used by Turkish motor insurers
  • Gain insights into key regulations governing the Turkish motor insurance industry

Key Highlights
  • The Turkish motor insurance category increased in written premium value from TRY4.7 billion in 2007 to TRY5.5 billion in 2011, at a compound annual growth rate (CAGR) of 4.46% during the review period (2007–2011).
  • The category’s written premium value is projected to grow at a CAGR of 5.03% over the forecast period (2012–2016), to reach TRY7.1 billion in 2016.
  • Domestic automobile sales are a key growth driver for the Turkish motor insurance category. The number of domestic automobile sales increased from 229.8 thousand units in 2008 to 379.1 thousand units in 2011, at a CAGR of 18.16% during 2008–2011.
  • The Turkish government’s favorable regulations have intensified the level of competition in the motor insurance category.
  • The Turkish motor insurance category is concentrated, with the ten leading companies accounting for a combined share of 76.9% of the motor insurance written premium value in 2011.
  • The Turkish motor insurance category is expected to become more consolidated due to the increasing level of competition, as larger companies are expected to use acquisition strategies to strengthen their position in the market.
  • One of the challenges faced by the Turkish motor insurance category is to increase the penetration of motor insurance in the country to match international standards.
1 EXECUTIVE SUMMARY

2 TURKISH MOTOR INSURANCE MARKET ENVIRONMENT

2.1 Macroeconomic fundamentals
  2.1.1 Turkey – GDP at constant prices
  2.1.2 Turkey – GDP by key sectors
  2.1.3 Turkey – inflation rate
2.2 Business Confidence
  2.2.1 Turkey – business confidence
  2.2.2 Turkey – market capitalization
2.3 Consumer Confidence
  2.3.1 Turkey– annual disposable income
  2.3.2 Turkey – unemployment rate
2.4 Turkish Automobile Industry Outlook
2.5 Market Share of Motor Insurance in the Non-Life Insurance Segment

3 MARKET SIZING AND FUTURE GROWTH POTENTIAL

3.1 Turkey’s Position Among the Emerging Motor Insurance Categories
3.2 Turkish Motor Insurance – Market Size by Volume of Policies Sold
3.3 Turkish Motor Insurance – Market Size by Written Premium Value
3.4 Turkish Motor Insurance Market Size by Sub-Category
  3.4.1 Motor hull – market size by volume
  3.4.2 Motor hull – market size by value
  3.4.3 Motor third-party liability insurance – market size by volume
  3.4.4 Motor third-party liability insurance – market size by value

4 MARKET ATTRACTIVENESS AND CHALLENGES

4.1 Profitability Indicators
  4.1.1 Earned premium
  4.1.2 Gross claims
  4.1.3 Paid claims
  4.1.4 Incurred loss
  4.1.5 Loss ratio
4.2 Trends and Growth Drivers
4.3 Challenges

5 MARKET ENTRY STRATEGY AND COMPETITIVE LANDSCAPE

5.1 Regulatory Framework
5.2 Entry Strategy
5.3 Competitive Landscape and Industry Structure

6 BUSINESS AND MARKETING STRATEGY

6.1 Marketing Strategy
  6.1.1 Product strategy
  6.1.2 Social media marketing
6.2 Distribution Strategy
  6.2.1 Agencies
  6.2.2 Bancassurance
  6.2.3 Call centers
  6.2.4 Internet
  6.2.5 Brokers

7 OPERATIONS STRATEGY

7.1 Claim Management
7.2 IT Systems

8 COMPANY PROFILES

8.1 AXA SA
  8.1.1 AXA SA – company overview
  8.1.2 AXA SA – business description
  8.1.3 AXA SA – key facts
  8.1.4 AXA SA – main products
8.2 Allianz SE
  8.2.1 Allianz SE – company overview
  8.2.2 Allianz SE – business description
  8.2.3 Allianz SE – key facts
  8.2.4 Allianz SE – main products
8.3 Groupama Sigorta
  8.3.1 Groupama Sigorta– company overview
  8.3.2 Groupama Sigorta – key facts
  8.3.3 Groupama Sigorta – main products
8.4 Gunes Sigorta
  8.4.1 Gunes Sigorta– company overview
  8.4.2 Gunes Sigorta – key facts
  8.4.3 Gunes Sigorta – main products
8.5 Mapfre Genel Yasam
  8.5.1 Mapfre Genel Yasam– company overview
  8.5.2 Mapfre Genel Yasam – key facts
  8.5.3 Mapfre Genel Yasam – main products

9 APPENDIX

9.1 About BRICdata
  9.1.1 Areas of expertise
9.2 Methodology
9.3 Definitions
9.4 Disclaimer

LIST OF TABLES

Table 1: Turkey – GDP at Constant Prices (US$ Billion), 2007–2016 (Base Year 1999–2000)
Table 2: Turkey – GDP by Key Sectors (% Share), 2007 vs 2011
Table 3: Turkey – Inflation Rate (%), 2007–2016
Table 4: Turkey – Annual Disposable Income (US$ Billion), 2007–2016
Table 5: Turkey – Domestic Automobile Sales Units, 2008–2011
Table 6: Turkey – Domestic Motorcycle Sales Units (Million), 2007–2011
Table 7: Turkish Non-Life Insurance – Market Size by Category (TRY Billion), 2007–2011
Table 8: Turkish Non-Life Insurance – Market Size by Category (US$ Billion), 2007–2011
Table 9: Turkish Non-Life Insurance – Market Size by Category (TRY Billion), 2012–2016
Table 10: Turkish Non-Life Insurance – Market Size by Category (US$ Million), 2012–2016
Table 11: Turkish Motor Insurance – Market Size by Volume (Million), 2007–2011
Table 12: Turkish Motor Insurance – Market Size by Volume (Million), 2012–2016
Table 13: Turkish Motor Insurance – Market Size by Value (TRY Billion), 2007–2011
Table 14: Turkish Motor Insurance – Market Size by Value (US$ Billion), 2007–2011
Table 15: Turkish Motor Insurance – Market Size by Value (TRY Billion), 2012–2016
Table 16: Turkish Motor Insurance – Market Size by Value (US$ Billion), 2012–2016
Table 17: Turkish Motor Hull Insurance – Market Size by Volume (Million), 2007–2011
Table 18: Turkish Motor Hull Insurance – Market Size by Volume (Million), 2012–2016
Table 19: Turkish Motor Hull Insurance – Market Size by Value (TRY Billion), 2007–2011
Table 20: Turkish Motor Hull Insurance – Market Size by Value (US$ Billion), 2007–2011
Table 21: Turkish Motor Hull Insurance – Market Size by Value (TRY Billion), 2012–2016
Table 22: Turkish Motor Hull Insurance – Market Size by Value (US$ Billion), 2012–2016
Table 23: Turkish Motor Third-Party Liability Insurance – Market Size by Volume (Million), 2007–2011
Table 24: Turkish Motor Third-Party Liability Insurance – Market Size by Volume (Million), 2012–2016
Table 25: Turkish Motor Third-Party Liability Insurance – Market Size by Value (TRY Billion), 2007–2011
Table 26: Turkish Motor Third-Party Liability Insurance – Market Size by Value (US$ Billion), 2007–2011
Table 27: Turkish Motor Third-Party Liability Insurance – Market Size by Value (TRY Billion), 2012–2016
Table 28: Turkish Motor Third-Party Liability Insurance – Market Size by Value (US$ Billion), 2012–2016
Table 29: Turkish Motor Insurance – Earned Premium, 2007–2016
Table 30: Turkish Motor Insurance – Gross Claims, 2007–2016
Table 31: Turkish Motor Insurance – Paid Claims, 2007–2016
Table 32: Turkish Motor Insurance – Incurred Loss, 2007–2016
Table 33: Turkish Motor Insurance – Loss Ratio (%), 2007–2016
Table 34: Turkey – Domestic Automobile Sales (Units), 2008–2011
Table 35: Turkish Motor Insurance – Market Shares of Leading Companies, 2010
Table 36: AXA SA, Key Facts
Table 37: AXA SA, Main Products
Table 38: Allianz SE, Key Facts
Table 39: Allianz SE, Main Products
Table 40: Groupama Sigorta, Key Facts
Table 41: Groupama Sigorta, Main Products
Table 42: Gunes Sigorta, Key Facts
Table 43: Gunes Sigorta, Main Products
Table 44: Mapfre Genel Yasam, Key Facts
Table 45: Mapfre Genel Yasam, Main Products
Table 46: Insurance Industry Definitions
Table 47: Exchange Rates (TRY–US$), 2007–2016

LIST OF FIGURES

Figure 1: Turkey – GDP at Constant Prices (US$ Billion), 2007–2016 (Base Year 1999–2000)
Figure 2: Turkey – GDP by Key Sectors (% Share), 2007 vs 2011
Figure 3: Turkey – Inflation Rate (%), 2007–2016
Figure 4: Turkey – Business Confidence Index, 2008–2010
Figure 5: Istanbul Stock Exchange (ISE) Market Capitalization (US$ Billion), 2004–2010
Figure 6: Turkey – Annual Disposable Income (US$ Billion), 2007–2016
Figure 7: Turkey – Unemployment Rate (%), 2007–2016
Figure 8: Turkey – Domestic Automobile Sales Units (Thousand), 2008–2011
Figure 9: Turkey – Domestic Motorcycle Sales Units (Million), 2007–2011
Figure 10: Turkish Non-Life Insurance – Market Size (TRY Billion), 2007–2016
Figure 11: Emerging Motor Insurance Categories’ Penetration and Growth Rate, 2007–2011
Figure 12: Turkish Motor Insurance – Market Size by Volume (Million), 2007–2011
Figure 13: Turkish Motor Insurance – Market Size by Volume (Million), 2012–2016
Figure 14: Turkish Motor Insurance – Market Size by Value (TRY Billion), 2007–2011
Figure 15: Turkish Motor Insurance – Market Size by Value (TRY Billion), 2012–2016
Figure 16: Turkish Motor Hull Insurance – Market Size by Volume (Million), 2007–2011
Figure 17: Turkish Motor Hull Insurance – Market Size by Volume (Million), 2012–2016
Figure 18: Turkish Motor Hull Insurance – Market Size by Value (TRY Billion), 2007–2011
Figure 19: Turkish Motor Hull Insurance – Market Size by Value (TRY Billion), 2012–2016
Figure 20: Turkish Motor Third-Party Liability Insurance – Market Size by Volume (Million), 2007–2011
Figure 21: Turkish Motor Third-Party Liability Insurance – Market Size by Volume (Million), 2012–2016
Figure 22: Turkish Motor Third-Party Liability Insurance – Market Size by Value (TRY Billion), 2007–2011
Figure 23: Turkish Motor Third-Party Liability Insurance – Market Size by Value (TRY Billion), 2012–2016
Figure 24: Turkish Motor Insurance – Earned Premium (TRY Billion), 2007–2016
Figure 25: Turkish Motor Insurance – Gross Claims (TRY Billion), 2007–2016
Figure 26: Turkish Motor Insurance – Paid Claims (TRY Billion), 2007–2016
Figure 27: Turkish Motor Insurance – Incurred Loss (TRY Billion), 2007–2016
Figure 28: Turkish Motor Insurance – Loss Ratio (%), 2007–2016
Figure 29: Turkey – Domestic Automobile Sales (Thousand Units), 2008–2011
Figure 30: Turkish Motor Insurance – Density and Penetration (%), 2007–2016
Figure 31: Turkish Motor Insurance – Market Shares of Leading Companies (%), 2010
Figure 32: Turkish Motor Insurance – Number of Policies Offered (Absolute), 2007–2016
Figure 33: Turkish Motor Insurance – Paid Claims (TRY Billion), 2007–2016

COMPANIES MENTIONED

AXA SA
Allianz SE
Groupama Sigorta
Gunes Sigorta
Mapfre Genel Yasam

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