Turkey Insurance Market Analysis and Growth Report, 2018
Turkey Insurance Market Analysis and Growth Report, 2018

Report Summary:

researchFOLKS’ ’‘Turkey Insurance Market Analysis” report offers a retrospective analysis of trends and events occurred in the industry in the recent few years with forward looking statements and also a comprehensive view on the impact of growing customer data volume and technology adoption in the industry. The report also provides accurately validated market statistics of both life and non-life segments along with the future projections till 2022. 

Technology, connectivity and internet usage has revolutionized the industry and offering huge growth opportunities for the insurers, which is encouraging them to pursue innovation with data and technology providers in order to improve their capabilities and product offerings. However, this has created evolving risks from cyber threats. In our report, we pinpoint how the insurers are responding to changing technology landscape and addressing cyber related issues in greater detail.

Our report also touches on various innovative distribution channels adopted by insurers, market growth drivers, emerging technologies in the market and industry benchmarking with other peer countries and their relative market positioning for both life and non-life business segments. In addition, the report also touches on regulatory framework, and broader implications of regulatory policy changes on insurance market.

Insurance Market in Turkey  - Highlights of the report:

Non-life insurance segment dominates the insurance sector of Turkey. According to the Turkey Insurance Association (TSB) information, total insurance premium in Turkey was TRY46.5 billion in 2017, increasing by 15% compared to 2016. Non-life insurance accounted for almost 86% of the premium with TRY39.66 billion with an annual growth of 12%, whereas, the life insurance segment increased by around 36% to record TRY6.84 billion.

The insurance industry in terms of premiums was increased by 2.6% in 2017. Motor insurance, which is compulsory in Turkey has been the largest contributor to the insurance industry with TRY12.99 billion. The introduction of motor risk pool and ceiling on premium have increased the motor insurance premiums in 2017 by 0.5%.

The insurers of Turkey are adopting innovative technologies and simplified designs to attract the customers. Digitization coupled with innovation can transform the Turkish industry to a great extent. The increasing interest of customers to receive their policy offers through mobile and internet has encouraged the insurers to invest more into digital sales channels.

Several new developments will start taking place in the insurance market with the implementation of technologies like the Internet of Things (IoT) and insurTech investments in the upcoming years to simplify the insurance process for customers. Home automation systems, telematics systems that gather data from motor vehicles, monitoring applications in healthcare and mobile accident report creating systems have already been introduced in the Turkish markets.

List of Companies mentioned in the report:

    • Allianz Sigorta
    • Ziraat Hayat ve Emeklilik
    • Anadolu Sigorta
    • Milli Reasurans
    • Axa Sigorta
    • Aksigorta,Ziraat Sigorta
    • Eureko Sigorta
    • Groupama Sigorta
    • Mapfre Sigorta
    • Vak?f Emeklilik
    • AvivaSa Emeklilik ve Hayat
    • Ac?badem Sa?l?k ve Hayat Sigorta
    • Ziraat Hayat Emeklilik
    • Ziraat Hayat Emeklilik

Scope of the report:

    • The overview of insurance industry market and comprehensive analysis of the market drivers
    • It provides conventional and contemporary information about insurance market and predictions till 2022
    • It details the emerging technologies and various distribution channels adopted by insurers to improve the customer base and their economic, regional and business impact on the overall industry
    • Opportunities presented by Insurtech startups to the insurers, investment in Insurtech companies and key trends to watch in Insurtech market
    • Detailed information about existing market leaders, their strategies and government policies driving insurance market

Key Questions answered by the report:

    • What is the penetration rate of life and non-life insurance business segments; and the futuristic overview?
    • Who are the leading insurers in the market and what strategies they are adopting to maintain leadership positions?
    • What are the growth opportunities provided by the alternative distribution channels to the insurance market?
    • How are the emerging technologies and new product launches affecting the local insurers of the country?

Reasons to purchase this report:

    • Enhance the decision-making with the comprehensive information about trends, conventional statistics, and forecast for next five years
    • Understand the competitive landscape in the insurance industry and their marketing strategies
    • Unfold hidden growth opportunities with the use of data about emerging transitions in the market and customer transactional behaviors
    • Broaden the insight about regulatory policies and frameworks that impact insurance industry market
Table of Contents:

1. Definitions

2. Research Methodology

2.1 Research Process

2.1.1 Market Sizing

2.1.2 Competitor Analysis

2.1.3 Market Forecasting

2.1.4 Quality Control Process

3. Executive Summary

4. Industry Benchmarking with Peer Countries

5. Market Attractiveness

6. Regulatory Framework

7. SWOT Analysis

8. Porter’s Five Forces Analysis

9. InsurTech Landscape

10. Industry Enablers/Growth Drivers

11. Market analysis by business segment

12. Market Analysis by Distribution Channels

13. Key Industry Developments

14. Industry Outlook

15. Key Operators in the Market – Company Profiles

16. Appendix

16.1 Industry Stats


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