Reinsurance in Turkey, Key Trends and Opportunities to 2016: Proposed Solvency II Norms Will Increase Revenues of Reinsurers

Date: January 6, 2012
Pages: 116
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Publisher: Timetric
Report type: Strategic Report
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ID: R43E5CAEF69EN
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Reinsurance in Turkey, Key Trends and Opportunities to 2016: Proposed Solvency II Norms Will Increase Revenues of Reinsurers
Synopsis

The report provides top-level market analysis, information and insights into the Turkish reinsurance market, including:
  • The Turkish reinsurance market’s growth prospects by reinsurance categories
  • The Turkish reinsurance market’s growth prospects by reinsurance ceded from direct insurance segments
  • The competitive landscape in the Turkish reinsurance insurance market

Executive Summary

The Turkish reinsurance market registered marginal growth during the review period. Some of the market’s regulations have been relaxed during the past decade, especially on rules regarding preferential treatment for domestic reinsurers such as Millî Reasürans TAŞ. The liberalization of the insurance industry in Turkey had a significant impact on the reinsurance market’s structure and competitive landscape. Despite this, Millî Reasürans TAŞ continues to dominate the market.

Scope

This report provides a comprehensive analysis of the reinsurance market in Turkey:
  • It provides historical values for Turkey’s reinsurance market 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 sub-segments in Turkey’s reinsurance market, along with market forecasts until 2016
  • It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in Turkey and its growth prospects
  • It profiles the top reinsurance companies in Turkey

Reasons To Buy
  • Make strategic business decisions using top-level historic and forecast market data related to the Turkish reinsurance market and each sector within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Turkish reinsurance market
  • Assess the competitive dynamics in the reinsurance market
  • Identify the growth opportunities and market dynamics within key product categories

Key Highlights
  • The Turkish reinsurance market registered marginal growth during the review period. Some of the market’s regulations have been relaxed during the past decade, especially on rules regarding preferential treatment for domestic reinsurers
  • The growth of the Turkish reinsurance market was driven by the high risk of natural disasters in the country and the high growth in the Turkish direct insurance markets
  • The Turkish reinsurance market is dominated by Millî Reasürans TAŞ
  • In 2011, the Treaty reinsurance category was the largest in terms of written premium with a total market share of 56.8%.
  • Adoption of proposed Solvency II norms is expected to generate growth for Turkish reinsurance
1 EXECUTIVE SUMMARY

2 INTRODUCTION

2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 TURKISH INSURANCE INDUSTRY ATTRACTIVENESS

3.1 Insurance Industry Market Size, 2007–2016
3.2 Reinsurance Growth Dynamics and Challenges
  3.2.1 Reinsurance market size, 2007–2016
  3.2.2 Reinsurance market size by type of insurance, 2007–2016

4 KEY INDUSTRY TRENDS AND DRIVERS

4.1 Fundamental Business Drivers
4.2 Life Insurance Market Drivers
4.3 Non-life Insurance Market Drivers
4.4 Personal Accident and Health Insurance Market Drivers
4.5 Recent Market Developments

5 COMPETITIVE LANDSCAPE AND STRATEGIC INSIGHTS

5.1 Overview
5.2 Leading Companies in the Turkey Reinsurance Market
5.3 Millî Reasürans TAŞ – Company Overview
  5.3.1 Millî Reasürans TAŞ – key facts
  5.3.2 Millî Reasürans TAŞ – main products
  5.3.3 Millî Reasürans TAŞ – main competitors
  5.3.4 Millî Reasürans TAŞ – key employees

6 BUSINESS ENVIRONMENT AND COUNTRY RISK

6.1 Business Confidence
  6.1.1 Business confidence index
  6.1.2 Market capitalization trend – Istanbul stock exchange (ISE), Turkey
  6.1.3 FDI inflow by industry
  6.1.4 Deployment of credit
6.2 Economic Performance
  6.2.1 GDP at constant prices (US dollars)
  6.2.2 GDP per capita at constant prices (US dollars)
  6.2.3 GDP at current prices (US dollars)
  6.2.4 GDP per capita at current prices (US dollars)
  6.2.5 GDP split by key sectors
  6.2.6 Agriculture net output at current prices (Turkish lira)
  6.2.7 Agriculture net output at current prices (US dollars)
  6.2.8 Agriculture net output at current prices as a percentage of GDP
  6.2.9 Manufacturing net output at current prices (Turkish lira)
  6.2.10 Manufacturing net output at current prices (US dollars)
  6.2.11 Manufacturing net output at current prices as a percentage of GDP
  6.2.12 Mining, manufacturing and utilities net output at current prices (Turkish lira)
  6.2.13 Mining, manufacturing and utilities at current prices (US dollars)
  6.2.14 Mining, manufacturing and utilities at current prices as a percentage of GDP
  6.2.15 Construction net output at current prices (Turkish lira)
  6.2.16 Construction net output at current prices as a percentage of GDP
  6.2.17 Construction net output at current prices (US dollars)
  6.2.18 Crude steel production
  6.2.19 Crude oil consumption
  6.2.20 Inflation rate
  6.2.21 Fiscal balance as a percentage of GDP
  6.2.22 Current account balance as a percentage of GDP
  6.2.23 Exports as a percentage of GDP
  6.2.24 Imports as a percentage of GDP
  6.2.25 Exports growth
  6.2.26 Imports growth
  6.2.27 External debt as a percentage of GDP
  6.2.28 Annual average exchange rate US$–TRY
  6.2.29 End of period exchange rate US$–TRY
  6.2.30 Debt service ratio
6.3 Infrastructure Quality and Availability
  6.3.1 Railways and roadways
  6.3.2 Passenger vehicle production
  6.3.3 Commercial vehicle production
  6.3.4 Automotive components exports
  6.3.5 Automotive components imports
  6.3.6 Passenger car penetration
  6.3.7 Total installed capacity for electricity generation
  6.3.8 Installed capacity for the generation of conventional thermal electricity
  6.3.9 Electricity production
  6.3.10 Installed capacity for the generation of hydro-electricity
  6.3.11 Installed capacity for renewable electricity generation
  6.3.12 Electricity consumption
  6.3.13 Electricity exports
  6.3.14 Electricity imports
  6.3.15 Healthcare expenditure
  6.3.16 Healthcare expenditure as a percentage of GDP
  6.3.17 Healthcare per capita expenditure
  6.3.18 R&D Expenditure as a percentage of GDP
  6.3.19 Total internet subscribers
  6.3.20 Broadband internet subscribers
  6.3.21 Personal computer penetration rate
  6.3.22 Mobile phone penetration rate
6.4 Labor Force
  6.4.1 Labor force
  6.4.2 Unemployment rate
6.5 Demographics
  6.5.1 Annual disposable income
  6.5.2 Annual per capita disposable income
  6.5.3 Annual consumer expenditure on food
  6.5.4 Annual per capita consumer expenditure on food
  6.5.5 Midyear total population
  6.5.6 Urban and rural population
  6.5.7 Female percentage of population
  6.5.8 Male percentage of population
  6.5.9 Mean age of population
  6.5.10 Median age of population
  6.5.11 Population density
  6.5.12 Age distribution of the total population
  6.5.13 Age distribution of the male population
  6.5.14 Age distribution of the female population
  6.5.15 Number of households
6.6 Political and Social Risk
  6.6.1 Political stability
  6.6.2 Terrorism Index
  6.6.3 Transparency index

7 APPENDIX

7.1 Methodology
7.2 Contact us
7.3 About Timetric
7.4 Disclaimer

LIST OF TABLES

Table 1: Insurance Market Definitions
Table 2: Turkey Insurance Overall Written Premium by Segment (TRY Billion), 2007–2011
Table 3: Turkey Insurance Overall Written Premium by Segment (US$ Billion), 2007–2011
Table 4: Turkey Insurance Overall Written Premium by Segment (TRY Billion), 2011–2016
Table 5: Turkey Insurance Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: Turkey Insurance Segmentation (%), 2007–2016
Table 7: Reinsurance Market in Turkey by Category (TRY Billion), 2007–2011
Table 8: Reinsurance Market in Turkey by Category (US$ Billion), 2007–2011
Table 9: Reinsurance Market in Turkey by Category (TRY Billion), 2011–2016
Table 10: Reinsurance Market in Turkey by Category (US$ Billion), 2011–2016
Table 11: Reinsurance Ceded by Type of Insurance (TRY Billion), 2007–2011
Table 12: Reinsurance Ceded by Type of Insurance (US$ Billion), 2007–2011
Table 13: Reinsurance Ceded by Type of Insurance (TRY Billion), 2011–2016
Table 14: Reinsurance Ceded by Type of Insurance (US$ Billion), 2011–2016
Table 15: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 16: Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 17: Non-life Insurance – Percentage of Reinsurance Ceded, 2007–2011
Table 18: Non-life Insurance – Percentage of Reinsurance Ceded, 2011–2016
Table 19: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 20: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 21: Turkish Reinsurance Market Share (%), 2010
Table 22: Millî Reasürans TAŞ, Key Facts
Table 23: Millî Reasürans TAŞ, Main Products
Table 24: Millî Reasürans TAŞ, Key Employees

LIST OF FIGURES

Figure 1: Turkey Insurance Overall Written Premium by Segment (TRY Billion), 2007–2016
Figure 2: Turkey Insurance Market Dynamics by Segment, 2007–2016
Figure 3: Premium Ceded to Reinsurance by Category (TRY Billion), 2007–2016
Figure 4: Reinsurance Premium Share by Category, 2011 and 2016
Figure 5: Reinsurance Market Dynamics by Category, 2007–2016
Figure 6: Reinsurance Ceded by Type of Insurance (TRY Billion), 2007–2016
Figure 7: Reinsurance Market Dynamics by Type of Insurance, 2007–2016
Figure 8: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 9: Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 10: Non-life Insurance – Percentage of Reinsurance Ceded, 2007–2011
Figure 11: Non-life Insurance – Percentage of Reinsurance Ceded, 2011–2016
Figure 12: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 13: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 14: Turkish Reinsurance Market Share (%), 2010
Figure 15: Turkish Business Confidence Index, Q12008–Q42010
Figure 16: Istanbul Stock Exchange (ISE) Market Capitalization (US$ Billion), 2003–2010
Figure 17: Turkish FDI Inflows by Industry (US$ Billion), 2003–2009
Figure 18: Turkish Deployment of Credit (US$ Billion), 2003–2008
Figure 19: Turkish GDP at Constant Prices (US$ Billion), 2007–2016
Figure 20: Turkish GDP Per Capita at Constant Prices (US$), 2007–2016
Figure 21: Turkish GDP at Current Prices (US$ Billion), 2007–2016
Figure 22: Turkish GDP Per Capita at Current Prices (US$), 2007–2016
Figure 23: Turkish GDP Split by Key Sectors (%), 2007 and 2011
Figure 24: Turkish Agriculture Net Output at Current Prices (TRY Billion), 2007–2016
Figure 25: Turkish Agriculture Net Output at Current Prices (US$ Billion), 2007–2016
Figure 26: Turkish Agriculture Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 27: Turkish Manufacturing Net Output at Current Prices (TRY Billion), 2007–2016
Figure 28: Turkish Manufacturing Net Output at Current Prices (US$ Billion), 2007–2016
Figure 29: Turkish Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 30: Turkish Mining, Manufacturing and Utilities Net Output at Current Prices (TRY Billion), 2007–2016
Figure 31: Turkish Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2016
Figure 32: Turkish Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 33: Turkish Construction Net Output at Current Prices (TRY Billion), 2007–20166
Figure 34: Turkish Construction Net Output at Current Prices (TRY Billion), 2007–20166
Figure 35: Turkish Construction Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 36: Turkish Crude Steel Production (Million Metric Tons), 2007–2016
Figure 37: Turkish Crude Oil Consumption (Million Tons), 2007–2016
Figure 38: Turkish Inflation Rate (%), 2007–2016
Figure 39: Turkish Fiscal Balance as a Percentage of GDP (%), 2007–2011
Figure 40: Turkish Current Account Balance as a Percentage of GDP (%), 2007–2011
Figure 41: Turkey Exports as a Percentage of GDP (%), 2007–2016
Figure 42: Turkish Imports as a Percentage of GDP (%), 2007–2016
Figure 43: Turkish Exports Growth (%), 2007–2016
Figure 44: Turkish Imports Growth (%), 2007–2016
Figure 45: Turkish External Debt as a Percentage of GDP (%), 2007–2011
Figure 46: Turkish Annual Average Exchange Rate (US$–TRY), 2007–2010
Figure 47: Turkish End of Period Exchange Rate (US$–TRY), 2007–2010
Figure 48: Turkey Debt Service Ratio (%), 2007–2011
Figure 49: Turkish Railways and Roadways (Kilometers), 2010
Figure 50: Turkish Passenger Vehicle Production (Units), 2007–2016
Figure 51: Turkish Commercial Vehicle Production (Units), 2007–2016
Figure 52: Turkish Automotive Components Exports (US$ Billion), 2007–2016
Figure 53: Turkish Automotive Components Imports (US$ Billion), 2007–2016
Figure 54: Turkish Passenger Car Penetration (Per Thousand People), 2007–2016
Figure 55: Turkish Total Installed Capacity for Electricity Generation (Million Kilowatts), 2007–2016
Figure 56: Turkish Installed Capacity for the Generation of Conventional Thermal Electricity (Million Kilowatts), 2007–2016
Figure 57: Turkish Electricity Production (Billion Kilowatts Hours), 2007–2016
Figure 58: Turkish Installed Capacity for the Generation of Hydro-Electricity (Million Kilowatts), 2007–2016
Figure 59: Turkish Installed Capacity for the Generation of Renewable Electricity (Million Kilowatts), 2007–2016
Figure 60: Turkish Electricity Consumption (Billion Kilowatt Hours), 2007–2016
Figure 61: Turkish Electricity Exports (Million Kilowatts Hours), 2007–2016
Figure 62: Turkish Electricity Imports (Million Kilowatts Hours), 2007–2016
Figure 63: Turkish Healthcare Expenditure (US$ Billion), 2007–2016
Figure 64: Turkish Healthcare Expenditure as a Percentage of GDP (%), 2007–2016
Figure 65: Turkish Per Capita Healthcare Expenditure (US$), 2007–2016
Figure 66: Turkish R&D Expenditure as a Percentage of GDP (%), 2007–2016
Figure 67: Turkish Internet Subscribers (Units), 2007–2016
Figure 68: Turkish Broadband Internet Subscriptions (Million Users), 2007–2016
Figure 69: Turkish Personal Computer Penetration Rate (Per Hundred People), 2007–2016
Figure 70: Turkish Mobile Phone Penetration Rate (%), 2007–2016
Figure 71: Turkish Size of Labor Force in 15–59 Age Group (Million), 2007–2016
Figure 72: Turkish Unemployment Rate (%), 2007–2016
Figure 73: Turkish Annual Disposable Income (US$ Billion), 2007–2016
Figure 74: Turkish Annual Per Capita Disposable Income (US$), 2007–2016
Figure 75: Turkish Consumer Expenditure on Food (US$ Billion), 2007–2016
Figure 76: Turkish Annual Per Capita Consumer Expenditure on Food (US$), 2007–2016
Figure 77: Turkish Midyear Total Population (Million), 2007–2016
Figure 78: Turkish Urban and Rural Population (%), 2007–2016
Figure 79: Turkish Female as a Percentage of the Total Population (%), 2007–2016
Figure 80: Turkish Male as a Percentage of the Total Population (%), 2007–2016
Figure 81: Turkish Mean Age of Population (Years), 2007–2016
Figure 82: Turkish Median Age of Population (Years), 2007–2016
Figure 83: Turkey Population Density (per Square Kilometer), 2007–2016
Figure 84: Turkish Total Population Distribution by Age (%), 2007–2016
Figure 85: Turkish Male Population Distribution by Age (%), 2007–2016
Figure 86: Turkish Female Population Distribution by Age (%), 2007–2016
Figure 87: Turkish Number of Households (Million), 2007–2016
Figure 88: Global Terrorism Heat Map
Figure 89: Turkish Transparency Index, 2007–2010


COMPANIES MENTIONED

Millî Reasürans TAŞ
Arti Re
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