The Insurance Industry in Turkmenistan, Key Trends and Opportunities to 2018

Date: March 31, 2015
Pages: 127
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US$ 1,950.00
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Publisher: Timetric
Report type: Strategic Report
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ID: IF3CA5EA9BBEN
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The Insurance Industry in Turkmenistan, Key Trends and Opportunities to 2018
SYNOPSIS

Timetric’s ' The Insurance Industry in Turkmenistan, Key Trends and Opportunities to 2018' report provides detailed analysis of the market trends, drivers, challenges in the Turkmen insurance industry. It provides key performance indicators such as written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions during the review period (2009–2013) and forecast period (2013–2018). The report also analyzes detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in regulatory structure.

SUMMARY

The report provides in-depth market analysis, information and insights into the Turkmen insurance industry, including:
  • The Turkmen insurance industry's growth prospects by segment and category
  • Key trends, drivers and challenges in the Turkmen insurance industry
  • The detailed competitive landscape in the Turkmen insurance industry
  • Detailed regulatory policies of the Turkmen insurance industry
SCOPE

This report provides a comprehensive analysis of the insurance industry in Turkmenistan:
  • It provides historical values for the Turkmen insurance industry for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
  • It offers a detailed analysis of the key segments in the Turkmen insurance industry, along with market forecasts until 2018.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in Turkmenistan and outlines the key regulations affecting them.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the Turkmen insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Turkmen insurance industry.
  • Assess the competitive dynamics in the Turkmen insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Turkmen insurance industry and their impact on companies and the industry's future.
KEY HIGHLIGHTS
  • The Turkmen insurance industry grew in terms of gross written premium at a review-period CAGR of 11.0%.
  • Mandatory insurance policies launched in 2015 are expected to support the industry growth.
  • Compulsory third-party civil liability insurance of motor vehicles is expected to spur growth in motor insurance segment.
  • The non-life segment accounted for a 74.1% of the industry’s gross written premium in 2013.
  • The insurance industry in Turkmenistan is regulated by the Ministry of Finance (MoF), with The State Insurance Organization of Turkmenistan (SIOT).
  • SIOT is the only insurance provider in the country.
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
  4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance

5 GOVERNANCE, RISK AND COMPLIANCE

5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
  5.2.1 Life insurance
  5.2.2 Property insurance
  5.2.3 Motor insurance
  5.2.4 Liability insurance
  5.2.5 Marine, aviation and transit insurance
  5.2.6 Personal accident and health insurance
5.3 Compulsory Insurance
  5.3.1 Motor third-party liability insurance
  5.3.2 Personal insurance for accidents and occupational diseases of workers employed in high-risk manufacture
  5.3.3 Government insurance for passengers of all types of transportation, flight crews and employees of railway, seaway, inland waterway and automobile transports
5.4 Supervision and Control
  5.4.1 The State Insurance Organization of Turkmenistan (Turkmen Gosstrakh)
5.5 Non-Admitted Insurance Regulations
  5.5.1 Overview
  5.5.2 Intermediaries
  5.5.3 Market practices
  5.5.4 Fines and penalties
5.6 Company Registration and Operations
  5.6.1 Types of insurance organization
  5.6.2 Establishing a local company
  5.6.3 Foreign ownership
  5.6.4 Types of license
  5.6.5 Capital requirements
  5.6.6 Solvency margins
  5.6.7 Reserve requirements
  5.6.8 Investment regulations
  5.6.9 Statutory return requirements
  5.6.10 Fee structure
5.7 Taxation
  5.7.1 Insurance premium or policy taxation
  5.7.2 Withholding taxes on premium paid overseas
  5.7.3 Corporate tax
  5.7.4 VAT
  5.7.5 Captives
5.8 Legal System
  5.8.1 Introduction
  5.8.2 Access to court
  5.8.3 Alternative dispute resolution (ADR)

6 COMPETITIVE LANDSCAPE

7 ECONOMIC INDICATORS

8 APPENDIX

8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric’s Services
8.5 Disclaimer

LIST OF TABLES

Table 1: Insurance Industry Definitions
Table 2: Turkmen Insurance – Gross Written Premium by Segment (TMT Million), 2009–2013
Table 3: Turkmen Insurance – Gross Written Premium by Segment (US$ Million), 2009–2013
Table 4: Turkmen Insurance – Gross Written Premium by Segment (TMT Million), 2013–2018
Table 5: Turkmen Insurance – Gross Written Premium by Segment (US$ Million), 2013–2018
Table 6: Turkmen Insurance – Segmentation by Gross Written Premium (Percentage Share), 2009–2018
Table 7: Turkmen Insurance – Direct Written Premium by Segment (TMT Million), 2009–2013
Table 8: Turkmen Insurance – Direct Written Premium by Segment (US$ Million), 2009–2013
Table 9: Turkmen Insurance – Direct Written Premium by Segment (TMT Million), 2013–2018
Table 10: Turkmen Insurance – Direct Written Premium by Segment (US$ Million), 2013–2018
Table 11: Turkmen Insurance – Segmentation by Direct Written Premium (Percentage Share), 2009–2018
Table 12: Turkmen Life Insurance – Gross Written Premium (TMT Million), 2009–2013
Table 13: Turkmen Life Insurance – Gross Written Premium (TMT Million), 2013–2018
Table 14: Turkmen Life Insurance – Direct Written Premium (TMT Million), 2009–2013
Table 15: Turkmen Life Insurance – Direct Written Premium (TMT Million), 2013–2018
Table 16: Turkmen Life Insurance – Earned Premium (TMT Million), 2009–2013
Table 17: Turkmen Life Insurance – Earned Premium (TMT Million), 2013–2018
Table 18: Turkmen Life Insurance – Paid Claims (TMT Million), 2009–2013
Table 19: Turkmen Life Insurance – Paid Claims (TMT Million), 2013–2018
Table 20: Turkmen Life Insurance – Incurred Loss (TMT Million), 2009–2013
Table 21: Turkmen Life Insurance – Incurred Loss (TMT Million), 2013–2018
Table 22: Turkmen Life Insurance – Loss Ratio (%), 2009–2013
Table 23: Turkmen Life Insurance – Loss Ratio (%), 2013–2018
Table 24: Turkmen Life Insurance – Combined Ratio (%), 2009–2013
Table 25: Turkmen Life Insurance – Combined Ratio (%), 2013–2018
Table 26: Turkmen Life Insurance – Retentions (TMT Million), 2009–2013
Table 27: Turkmen Life Insurance – Retentions (TMT Million), 2013–2018
Table 28: Turkmen Non-Life Insurance – Gross Written Premium by Category (TMT Million), 2009–2013
Table 29: Turkmen Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2009–2013
Table 30: Turkmen Non-Life Insurance – Gross Written Premium by Category (TMT Million), 2013–2018
Table 31: Turkmen Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2013–2018
Table 32: Turkmen Non-Life Insurance – Direct Written Premium by Category (TMT Million), 2009–2013
Table 33: Turkmen Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2009–2013
Table 34: Turkmen Non-Life Insurance – Direct Written Premium by Category (TMT Million), 2013–2018
Table 35: Turkmen Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2013–2018
Table 36: Turkmen Non-Life Insurance – Paid Claims (TMT Million), 2009–2013
Table 37: Turkmen Non-Life Insurance – Paid Claims (TMT Million), 2013–2018
Table 38: Turkmen Non-Life Insurance – Incurred Loss (TMT Million), 2009–2013
Table 39: Turkmen Non-Life Insurance – Incurred Loss (TMT Million), 2013–2018
Table 40: Turkmen Non-Life Insurance – Loss Ratio (%), 2009–2013
Table 41: Turkmen Non-Life Insurance – Loss Ratio (%), 2013–2018
Table 42: Turkmen Non-Life Insurance – Combined Ratio (%), 2009–2013
Table 43: Turkmen Non-Life Insurance – Combined Ratio (%), 2013–2018
Table 44: Turkmen Non-Life Insurance – Retentions (TMT Million), 2009–2013
Table 45: Turkmen Non-Life Insurance – Retentions (TMT Million), 2013–2018
Table 46: Turkmen Property Insurance – Gross Written Premium (TMT Million), 2009–2013
Table 47: Turkmen Property Insurance – Gross Written Premium (TMT Million), 2013–2018
Table 48: Turkmen Motor Insurance – Gross Written Premium (TMT Million), 2009–2013
Table 49: Turkmen Motor Insurance – Gross Written Premium (TMT Million), 2013–2018
Table 50: Turkmen Liability Insurance – Gross Written Premium (TMT Million), 2009–2013
Table 51: Turkmen Liability Insurance – Gross Written Premium (TMT Million), 2013–2018
Table 52: Turkmen Marine, Aviation and Transit Insurance – Gross Written Premium (TMT Million), 2009–2013
Table 53: Turkmen Marine, Aviation and Transit Insurance – Gross Written Premium (TMT Million), 2013–2018
Table 54: Turkmen Personal Accident and Health Insurance – Gross Written Premium (TMT Million), 2009–2013
Table 55: Turkmen Personal Accident and Health Insurance – Gross Written Premium (TMT Million), 2013–2018
Table 56: Turkmen Personal Accident and Health Insurance – Direct Written Premium (TMT Million), 2009–2013
Table 57: Turkmen Personal Accident and Health Insurance – Direct Written Premium (TMT Million), 2013–2018
Table 58: Turkmen Personal Accident and Health Insurance – Earned Premium (TMT Million), 2009–2013
Table 59: Turkmen Personal Accident and Health Insurance – Earned Premium (TMT Million), 2013–2018
Table 60: Turkmen Personal Accident and Health Insurance – Paid Claim (TMT Million), 2009–2013
Table 61: Turkmen Personal Accident and Health Insurance – Paid Claim (TMT Million), 2013–2018
Table 62: Turkmen Personal Accident and Health Insurance – Incurred Loss (TMT Million), 2009–2013
Table 63: Turkmen Personal Accident and Health Insurance – Incurred Loss (TMT Million), 2013–2018
Table 64: Turkmen Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013
Table 65: Turkmen Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018
Table 66: Turkmen Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013
Table 67: Turkmen Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018
Table 68: Turkmen Personal Accident and Health Insurance – Retentions (TMT Million), 2009–2013
Table 69: Turkmen Personal Accident and Health Insurance – Retentions (TMT Million), 2013–2018
Table 70: Turkmen Reinsurance – Ceded by Insurance Segment (TMT Million), 2009–2013
Table 71: Turkmen Reinsurance – Ceded by Insurance Segment (US$ Million), 2009–2013
Table 72: Turkmen Reinsurance – Ceded by Insurance Segment (TMT Million), 2013–2018
Table 73: Turkmen Reinsurance – Ceded by Insurance Segment (US$ Million), 2013–2018
Table 74: Turkmen Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 75: Turkmen Life Insurance – Percentage of Reinsurance Ceded (%),2013–2018
Table 76: Turkmen Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 77: Turkmen Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 78: Turkmen Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 79: Turkmen Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 80: Turkmenistan – Life Insurance Regulatory Framework
Table 81: Turkmenistan – Property Insurance Regulatory Framework
Table 82: Turkmenistan – Motor Insurance Regulatory Framework
Table 83: Turkmenistan – Liability Insurance Regulatory Framework
Table 84: Turkmenistan – Corporate Tax Rates for the Financial Year 2014
Table 85: The State Insurance Organization of Turkmenistan – Products

LIST OF FIGURES

Figure 1: Turkmen Insurance – Gross Written Premium by Segment (TMT Million), 2009–2018
Figure 2: Turkmen Insurance – Gross Written Premium Market Dynamics by Segment, 2009–2018
Figure 3: Turkmen Insurance – Direct Written Premium by Segment (TMT Million), 2009–2018
Figure 4: Turkmen Insurance – Direct Written Premium Market Dynamics by Segment, 2009–2018
Figure 5: Turkmen Life Insurance – Gross Written Premium (TMT Million), 2009–2013
Figure 6: Turkmen Life Insurance – Gross Written Premium (TMT Million), 2013–2018
Figure 7: Turkmen Life Insurance – Direct Written Premium (TMT Million), 2009–2013
Figure 8: Turkmen Life Insurance – Direct Written Premium (TMT Million), 2013–2018
Figure 9: Turkmen Life Insurance – Earned Premium (TMT Million), 2009–2013
Figure 10: Turkmen Life Insurance – Earned Premium (TMT Million), 2013–2018
Figure 11: Turkmen Life Insurance – Paid Claims (TMT Million), 2009–2013
Figure 12: Turkmen Life Insurance – Paid Claims (TMT Million), 2013–2018
Figure 13: Turkmen Life Insurance – Incurred Loss (TMT Million), 2009–2013
Figure 14: Turkmen Life Insurance – Incurred Loss (TMT Million), 2013–2018
Figure 15: Turkmen Life Insurance – Loss Ratio (%), 2009–2013
Figure 16: Turkmen Life Insurance – Loss Ratio (%), 2013–2018
Figure 17: Turkmen Life Insurance – Combined Ratio (%), 2009–2013
Figure 18: Turkmen Life Insurance – Combined Ratio (%), 2013–2018
Figure 19: Turkmen Life Insurance – Retentions (TMT Million), 2009–2013
Figure 20: Turkmen Life Insurance – Retentions (TMT Million), 2013–2018
Figure 21: Turkmen Life Insurance – Penetration (Percentage of GDP), 2009–2013
Figure 22: Turkmen Life Insurance – Premium per Capita (TMT), 2009–2013
Figure 23: Turkmen Non-Life Insurance – Gross Written Premium by Category (TMT Million), 2009–2018
Figure 24: Turkmen Non-Life Insurance – Gross Written Premium by Category (%), 2013 and 2018
Figure 25: Turkmen Non-Life Insurance – Gross Written Premium Dynamics by Category, 2009–2018
Figure 26: Turkmen Non-Life Insurance – Direct Written Premium by Category (TMT Million), 2009–2018
Figure 27: Turkmen Non-Life Insurance – Direct Written Premium by Category (%), 2013 and 2018
Figure 28: Turkmen Non-Life Insurance – Direct Written Premium Dynamics by Category, 2009–2018
Figure 29: Turkmen Non-Life Insurance – Paid Claims (TMT Million), 2009–2013
Figure 30: Turkmen Non-Life Insurance – Paid Claims (TMT Million), 2013–2018
Figure 31: Turkmen Non-Life Insurance – Incurred Loss (TMT Million), 2009–2013
Figure 32: Turkmen Non-Life Insurance – Incurred Loss (TMT Million), 2013–2018
Figure 33: Turkmen Non-Life Insurance – Loss Ratio (%), 2009–2013
Figure 34: Turkmen Non-Life Insurance – Loss Ratio (%), 2013–2018
Figure 35: Turkmen Non-Life Insurance – Combined Ratio (%), 2009–2013
Figure 36: Turkmen Non-Life Insurance – Combined Ratio (%), 2013–2018
Figure 37: Turkmen Non-Life Insurance – Retentions (TMT Million), 2009–2013
Figure 38: Turkmen Non-Life Insurance – Retentions (US$ Million), 2013–2018
Figure 39: Turkmen Non-Life Insurance – Penetration (%), 2009–2013
Figure 40: Turkmen Non-Life Insurance – Premium per Capita (TMT), 2009–2013
Figure 41: Turkmen Property Insurance – Gross Written Premium (TMT Million), 2009–2013
Figure 42: Turkmen Property Insurance – Gross Written Premium (TMT Million), 2013–2018
Figure 43: Turkmen Motor Insurance – Gross Written Premium (TMT Million), 2009–2013
Figure 44: Turkmen Motor Insurance – Gross Written Premium (TMT Million), 2013–2018
Figure 45: Turkmen Liability Insurance – Gross Written Premium (TMT Million), 2009–2013
Figure 46: Turkmen Liability Insurance – Gross Written Premium (TMT Million), 2013–2018
Figure 47: Turkmen Marine, Aviation and Transit Insurance – Gross Written Premium (TMT Million), 2009–2013
Figure 48: Turkmen Marine, Aviation and Transit Insurance – Gross Written Premium (TMT Million), 2013–2018
Figure 49: Turkmen Personal Accident and Health Insurance – Gross Written Premium (TMT Million), 2009–2013
Figure 50: Turkmen Personal Accident and Health Insurance – Gross Written Premium (TMT Million), 2013–2018
Figure 51: Turkmen Personal Accident and Health Insurance – Direct Written Premium (TMT Million), 2009–2013
Figure 52: Turkmen Personal Accident and Health Insurance – Direct Written Premium (TMT Million), 2013–2018
Figure 53: Turkmen Personal Accident and Health Insurance – Earned Premium (TMT Million), 2009–2013
Figure 54: Turkmen Personal Accident and Health Insurance – Earned Premium (TMT Million), 2013–2018
Figure 55: Turkmen Personal Accident and Health Insurance – Paid Claims by Category (TMT Million), 2009–2013
Figure 56: Turkmen Personal Accident and Health Insurance – Paid Claims (TMT Million), 2013–2018
Figure 57: Turkmen Personal Accident and Health Insurance – Incurred Loss (TMT Million), 2009–2013
Figure 58: Turkmen Personal Accident and Health Insurance – Incurred Loss (TMT Million), 2013–2018
Figure 59: Turkmen Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013
Figure 60: Turkmen Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018
Figure 61: Turkmen Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013
Figure 62: Turkmen Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018
Figure 63: Turkmen Personal Accident and Health Insurance – Retentions (TMT Million), 2009–2013
Figure 64: Turkmen Personal Accident and Health Insurance – Retentions (TMT Million), 2013–2018
Figure 65: Turkmen Personal Accident and Health Insurance – Penetration (%), 2009–2013
Figure 66: Turkmen Personal Accident and Health Insurance – Premium per Capita (TMT), 2009–2013
Figure 67: Turkmen Reinsurance – Ceded by Insurance Segment (TMT Million), 2009–2018
Figure 68: Turkmen Reinsurance – Dynamics by Insurance Segment, 2009–2018
Figure 69: Turkmen Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 70: Turkmen Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 71: Turkmen Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 72: Turkmen Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 73: Turkmen Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 74: Turkmen Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 75: Turkmenistan – Insurance Regulatory Framework
Figure 76: Turkmenistan – Insurance Regulatory Frameworks for Company Registration and Operation
Figure 77: Turkmenistan – Judiciary System
Figure 78: Turkmen GDP at Constant Prices (US$ Billion), 2009–2013
Figure 79: Turkmen GDP at Current Prices (US$ Billion), 2009–2013
Figure 80: Turkmen GDP Per Capita at Current Prices (US$), 2009–2013
Figure 81: Turkmen Inflation Rate (%), 2009–2013
Figure 82: Turkmen Life Expectancy (Number of Years), 2009–2013
Figure 83: Turkmen Labor Force (Million), 2008–2012
Figure 84: Unemployment Rate (Percentage), 2009–2013
Figure 85: Turkmen Total Number of Internet Users (Thousand) 2009–2013
Figure 86: Turkmen Urban and Rural Populations (%), 2009–2013
Figure 87: Turkmen Total Population (Million), 2009–2013

COMPANIES MENTIONED

The State Insurance Organization of Turkmenistan
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