Turkey Insurance Market Outlook to 2015

Date: March 22, 2011
Pages: 49
Price:
US$ 675.00
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Publisher: Ken Research Private Ltd
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Hard Copy Mail Delivery
ID: U51059F19FFEN
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Turkey Insurance Market Outlook to 2015
Executive Summary

The Report titled “Turkey Insurance Market Outlook to 2015” provides an in-depth analysis of the Turkey insurance industry. The report covers specific insights on the market size, insurance density, insurance penetration, segmentation and future outlook of the insurance industry in Turkey. The report also entails the market size on the basis of gross insurance premium written in case of life and non-life insurance and market share of various companies at the country level. Overall, the report offers a comprehensive analysis of the entire Turkey insurance industry.

Turkey is the second largest life insurance market after Israel and largest non-life insurance market in the Middle East region. The market has overtime evolved in the wake of political regulations and regulatory developments. The market still has the great potential to grow with new innovative life and non-life insurance products coming up in the market.

In Turkey, nearly 60 companies had their operations in the country. The country had 36 non-life insurers’ and 22 life insurers’. Couple of reinsurers also had their operations in the country. The life insurance market has registered a phenomenal growth in the past decade. The life insurance market has reached the level of gross insurance premium of USD 1,447 million in 2010. Non-life insurance dominates the market with close to 85% of the market share in 2010. The total workforce associated with the insurance sector was nearly 18,000.

Turkey gross life insurance premium registered a healthy increase of 16.2% during the period from 2001-2010. The gross premium for life insurance increased from USD 375 million in 2001 to USD 1,447 million in 2010. Even gross non-life insurance premium increased from USD 1,660 million in 2001 to USD ~ million in 2010, registering a CAGR of 19.0%. Total gross insurance premium increased at a CAGR of 18.5%, showcasing an increase from USD 2,035 million in 2001 to USD ~ million in 2010.

Life insurance constituted a share of 16.2% of the total insurance market in Turkey in 2010. The non-life insurance sector contributed with the dominating share of 83.8%. Motor insurance holds the gigantic share of the total non-life sector with a share of 40.0%. Health and property are the other major sectors with ~ % and ~ % of the market share respectively.

An increase was registered in the number of insurance policies in 2010 as compared to 2009. The number of policies increased from 2.21 million in 2009 to ~ million 2010. The number of insured individuals also registered an increase from 13.27 million in 2009 to ~ million in 2010. Increase in average premium received from policy also registered an increase of USD 10 compared to the same in 2009.

Motor own damage and Motor third party liability accounted for USD ~ million and USD ~ million of the total motor insurance respectively in 2010. Fire, compulsory earthquake and facultative earthquake were the major sub segments which formed the considerable proportion of fire and other property insurance damage with a premium contribution of USD ~ million, USD ~ million and USD ~ million respectively.

The number of insured vehicles has increased from 15.15 million in 2009 to ~ million in 2010. Along with an increase in the number of insured vehicles, average premium per insured vehicle has also increased. The average premium has increased to USD ~ per insured vehicle in 2010 from USD 202 per insured vehicle in 2009.

The top five players in the fire and other property damage insurance constituted roughly 50% of the entire market with Axa being the biggest player with a market share of ~ % and premium contribution of USD ~ million. Anadolu was the second largest player with a market share of ~ %, followed by Allianz with ~ % of the market. Ak Sigorta and Gunes were the other top ranked players with a market share of ~ % and ~ % respectively.

Total insurers investment portfolio increased from USD 2,525 million in 2001 to USD 11,380 million in 2009. The investment portfolio increased throughout the historical period, but declined in 2009 because of the global downturn. Non-life insurers’ portfolio contributed the dominant share of 61.3% in 2009 while life insurers’ portfolio contributed the remaining share of 38.7% in 2009. The market share of non-life insurance portfolio in total insurance portfolio has increased overtime from 48.8% in 2001 to 61.3% in 2009 while life insurance portfolio market share has decreased from 51.2% in 2001 to 38.7% in 2009.

Turkey life insurance segment is dominated by Bancassurance distribution channel with ~ % market share in 2010. Agents are the second largest distribution channel which accounted for ~ % of the market share.

Scope of Research

The report will entail thorough analysis and offers valuable insights on the insurance industry in the Turkey. The scope of the report includes:
  • The market size of life and non-life insurance industry in terms of gross insurance premium written for Turkey, 2001 to 2015
  • Life and Non-life insurance density in USD for Turkey, 2001 to 2015
  • Life and Non-life insurance penetration, premium as a percentage of GDP for the country, 2001 to 2015
  • Market segmentation on the basis of Product in Turkey, 2009 and 2015
  • Non-life insurance market segmentation by motor, health, property on the basis of gross insurance premium written, historical and projections.
  • Competitive Landscape of the major life insurers in Turkey on the basis of gross premium written
  • Competitive Landscape of the major non-life insurers in Turkey on the basis of gross premium written
  • Valuable Insights and Future Outlook of the insurance industry in Turkey.
1. TURKEY INSURANCE MARKET INTRODUCTION

2. TURKEY INSURANCE MARKET STRUCTURE

2.1. Number of Insurance Companies in Turkey, 2001-2009
2.2. Headcount in Turkey Insurance Sector, 2001-2009

3. TURKEY LIFE AND NON-LIFE INSURANCE MARKET SIZE BY VALUE, 2001-2015

4. TURKEY LIFE AND NON-LIFE INSURANCE DENSITY, PREMIUM PER CAPITA, USD, 2001-2015

5. TURKEY LIFE AND NON-LIFE INSURANCE PENETRATION, PREMIUM AS A % OF GDP, 2001-2015

6. TURKEY INSURANCE MARKET SEGMENTATION BY PRODUCT, 2010 AND 2015

6.1. Turkey Life Insurance Market
  6.1.1. Turkey Life Insurance Market Overview
  6.1.2. Number of Life Insured Persons and Policies with Average Premium Per Person, 2009 and 2010
  6.1.3. Turkey Life Insurance Competitive Landscape, 2010
6.2. Turkey Non-Life Insurance Market
  6.2.1. Turkey Non-Life Insurance Market Overview
  6.2.2. Turkey Non-Life Insurance Market Segmentation by Insurance Class, 2009 and 2010
  6.2.3. Turkey Non-Life Insurance Competitive Landscape, 2010
  6.2.4. Turkey Motor Insurance Market
    6.2.4.1. Turkey Motor Insurance Market Size by Value, 2001-2015
    6.2.4.2. Number of Vehicles Insured and Average Premium per Insured Vehicle, 2009-2010
    6.2.4.3. Turkey Land Vehicles Insurance Competitive Landscape, 2010
    6.2.4.4. Turkey Motor Vehicle Liability Insurance Competitive Landscape, 2010
  6.2.5. Turkey Health Insurance Market
    6.2.5.1. Turkey Health Insurance Market Size by Value, 2001-2015
    6.2.5.2. Number of Health Insurance Policies and Average Premium per Insured Vehicle, 2009-2010
    6.2.5.3. Turkey Health Insurance Competitive Landscape, 2010
  6.2.6. Turkey Fire and Other Property Damages Insurance Market
    6.2.6.1. Turkey Fire and Other Property Damages Insurance Market Size by Value, 2001-2015
    6.2.6.2. Number of Fire and Other Property Damages Policies and Average Premium per Policy, 2009-2010
    6.2.6.3. Turkey Fire and Other Property Damages Insurance Competitive Landscape, 2010
  6.2.7. Turkey Other Non-Life Insurance Market
    6.2.7.1. Turkey Other Non-Life Insurance Market Size by Value, 2001-2015
    6.2.7.2. Turkey Other Non-Life Insurance Market Segmentation by Insurance Class, 2010

7. TURKEY LIFE AND NON-LIFE INSURERS’ INVESTMENT PORTFOLIO, USD MILLION, 2001-2009

8. TURKEY INSURANCE PREMIUM SEGMENTATION ON THE BASIS OF DISTRIBUTION CHANNEL, IN PERCENTAGE, 2010

8.1. Turkey Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2010
8.2. Turkey Non-Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2010

9. TURKEY INSURANCE MARKET FUTURE OUTLOOK

10. APPENDIX

10.1. Market Definition
10.2. Abbreviations
10.3. Disclaimer

LIST OF FIGURES

Figure 1: The Total Number of Insurance Companies in Turkey, 2001-2009
Figure 2: The Total Number of Employees in the Insurance Sector in Turkey, 2001-2009
Figure 3: Turkey Market Size by Value of Life and Non-Life Insurance Market in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Figure 4: Turkey Life and Non Life Insurance Density, Premium per Capita, in USD, 2001-2015
Figure 5: Turkey Life and Non Life Insurance Penetration, Premium as a Percentage of GDP, 2001-2015
Figure 6: Turkey Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, 2010
Figure 7: Turkey Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, 2015
Figure 8: Turkey Market Share of Major Life Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2010
Figure 9: Turkey Market Share of Major Non-Life Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2010
Figure 10: Turkey Motor Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Figure 11: Turkey Market Share of Major Land Vehicles Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2010
Figure 12: Turkey Market Share of Major Motor Vehicles Liability Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2010
Figure 13: Turkey Health Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Figure 14: Turkey Market Share of Major Health Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2010
Figure 15: Turkey Fire and Other Property Damages Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Figure 16: Turkey Market Share of Major Fire and Other Property Damages Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2010
Figure 17: Turkey Other Non-Life Insurance Market Size by Value, on the Basis of Gross Insurance Premium Written, in USD Million, 2001-2015
Figure 18: Turkey Other Non-Life Insurance Market Segmentation by Insurance Class on the basis of Gross Insurance Premium, in Percentage, 2010
Figure 19: Turkey Life and Non-Life Insurers’ Investment Portfolio, in Percentage, 2001-2009
Figure 20: Turkey Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2010
Figure 21: Turkey Non-Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2010

LIST OF TABLES

Table 1: The Total Number of Insurance Companies in Turkey, 2001-2009
Table 2: The Total Number of Employees in the Insurance Sector in Turkey, 2001-2009
Table 3: Turkey Market Size by Value of Life and Non-Life Insurance Market in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Table 4: Turkey Life and Non Life Insurance Density, Premium per Capita, in USD, 2001-2015
Table 5: Turkey Life and Non Life Insurance Penetration, Premium as a Percentage of GDP, 2001-2015
Table 6: Number of Life Insurance Policies, Insured Persons in Million and Average Premium per Life Insured Person in USD, 2009 and 2010
Table 7: Turkey Market Share of Major Life Insurers on the basis of Gross Insurance Premium Written, in USD Million, 2010
Table 8: Composition of Non-Life Insurance premium by Class on the Basis of Gross Insurance Premium, in USD Million, 2009 and 2010
Table 9: Turkey Market Share of Major Non-Life Insurers on the basis of Gross Insurance Premium Written, in USD Million, 2010
Table 10: Turkey Motor Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Table 11: Number of Vehicles Insured in Million with Average Premium per Insured Vehicle in USD, 2009 and 2010
Table 12: Turkey Market Share of Major Land Vehicles Insurers on the basis of Gross Insurance Premium Written, in USD Million, 2010
Table 13: Turkey Market Share of Major Motor Vehicles Liability Insurers on the basis of Gross Insurance Premium Written, in USD Million, 2010
Table 14: Turkey Health Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Table 15: Number of Health Insurance Policies and Insured Persons in Million with Average Premium per Insurance Policy in USD, 2009 and 2010
Table 16: Turkey Market Share of Major Health Insurers on the basis of Gross Insurance Premium Written, in USD Million, 2010
Table 17: Turkey Fire and Other Property Damages Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2001-2015
Table 18: Number of Fire & Other Property Damages Policies in Million with Average Premium per Policy in USD, 2009 and 2010
Table 19: Turkey Market Share of Major Fire and Other Property Damages Insurers on the basis of Gross Insurance Premium Written, in USD Million, 2010
Table 20: Turkey Other Non-Life Insurance Market Size by Value, on the Basis of Gross Insurance Premium Written, in USD Million, 2001-2015
Table 21: Turkey Life and Non-Life Insurers’ Investment Portfolio, in USD Million, 2001-2009
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