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Turkey Insurance Report Q2 2016

Turkey Insurance Report Q2 2016

BMI View: Turkey is among the more dynamic insurance markets we monitor, with the sector offeringsubstantial long-term potential and substantial opportunities for new entrants and investors. While certainlines, namely the compulsory motor vehicle and property segments, are well established, many areas of themarket remain underdeveloped. The health and personal accident insurance lines, in particular, should bewell placed to grow over the forecast period and will be supported by a robust economy and growth inhouseholds incomes and consumer spending. Relatively fragmented at present, we expect to see increasedconsolidation and transactional activity over the next few years as the larger players expand their presenceand foreign insurers look to gain a foothold in the market.

Key Updates And Forecasts

We have revised our forecasts for life and non-life premiums upwards this quarter to reflect a steadilyimproving business and consumer environment following the recent general election. We forecast lifepremiums to grow by 10% In 2016 to TRY4.0bn, while non-life premiums will rise by 9.9% toTRY27.4bn.

Turkey's regulatory environment continues to strengthen and November 2015 saw the introduction ofnew regulation which laid out the rules for insurers outsourcing ancillary functions that are not central totheir core insurance operations.

However, Turkey's motor vehicle insurers are facing increasing pressure to cap compulsory insurancepremiums for commercial drivers. In October 2015, the Turkish Drivers and Automobile Federationlamented recent rises in compulsory premiums and called for the government to intervene in the settingof prices for obligatory policies.


BMI Industry View
Table: Headline Insurance Forecasts (Turkey 2013-2020)
SWOT
Insurance
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Turkey 2013-2020)
Table: Life Insurance Claims (Turkey 2007-2014)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Turkey 2013-2020)
Table: Non-Life Insurance Claims (Turkey 2008-2014)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (Turkey 2013-2020)
Insurance Risk/Reward Index
Emerging Europe Risk/Reward Index
Table: Emerging Europe Insurance Risk/Reward Index - Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Table: Life Market Share (USDmn) 2007-2014
Non-Life Market Overview
Product Offering
The Competitive Landscape
Table: Non-Life Market Share (USDmn) 2007-2014
Company Profile
Aksigorta
Allianz
Anadolu Hayat Emeklilik
Anadolu Sigorta
AXA Group
Ziraat Hayat Emeklilik (ZHE)
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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