Non-Life Insurance in Turkey, Key Trends and Opportunities to 2017


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266pages

Timetric

$ 1950

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Synopsis

The report provides in depth market analysis, information and insights of the Turkish non-life insurance segment, including:

  • The Turkish non-life insurance segment's growth prospects by non-life insurance categories
  • The various distribution channels in the Turkish non-life insurance segment
  • The competitive landscape in the non-life insurance segment in Turkey
  • A description of the non-life reinsurance segment in Turkey

Executive summary

Turkish economy is the 16th-largest, and among the fastest-growing, in the world. Led by sustained economic growth, the country’s insurance industry’s gross written premium registered a compound annual growth rate (CAGR) of 12.6% during the review period (2008–2012).Non-life was the largest segment in the Turkish insurance industry in 2012, accounting for 67.2% of the total gross written premium. Increasing investment in infrastructure by the government through its Vision 2023 program, improvement in the European business environment, and a low penetration rate are expected to support growth over the forecast period (2013–2017).

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Turkey:

  • It provides historical values for Turkey’s non-life insurance segment for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
  • It offers a detailed analysis of the key sub-segments in Turkey’s non-life insurance segment, along with forecasts until 2017
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
  • It analyses the various distribution channels for non-life insurance products in Turkey
  • Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Turkey for the non-life insurance business
  • It provides a detailed analysis of the reinsurance segment in Turkey and its growth prospects
  • It profiles the top non-life insurance companies in Turkey, and outlines the key regulations affecting them

Reasons to buy

  • Make strategic business decisions using historic and forecast market data related to the Turkish non-life insurance segment and each sector within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Turkish non-life insurance segment
  • Assess the competitive dynamics in the non-life insurance segment, along with the reinsurance segment
  • Identify the growth opportunities and dynamics within key product categories
  • Gain insights into key regulations governing the Turkish insurance industry and its impact on companies and the segment's future

Key highlights

  • The Turkish non-life segment gross written premium increased at a review-period CAGR of 11.3%, from TRY8.4 billion (US$6.5 billion) in 2008 to TRY12.8 billion (US$7.7 billion) in 2012. 
  • The non-life segment accounted for the largest share of the industry’s gross written premiums with 67.2% in 2012. 
  • Over the forecast period, the non-life segment is expected to record a CAGR of 9.8%, to rise to TRY20.5 billion (US$12.3 billion) by 2017.
  • Agencies and brokers collectively accounted for 79% of the new business premiums generated in the non-life segment in 2012. 
  • Mandatory insurance products will provide sustainability to the growth. Furthermore, the low insurance penetration rate of 0.90% will attract investment from insurers.
Table of contents

1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Regional Market Dynamics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size

4 Non-Life Insurance
4.1 Scale and Penetration
4.1.1 Total market gross written premium
4.1.2 Premium per capita
4.1.3 Non-life insurance penetration
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
4.4 Distribution Channels
4.4.1 Direct marketing
4.4.2 Brokers
4.4.3 Bancassurance
4.4.4 Agencies

5 Turkish Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008–2017
5.2 Key Industry Trends and Drivers

6 Turkish Non-Life Insurance Outlook
6.1 Non-Life Insurance Growth Prospects by Category
6.1.1 Property insurance
6.1.2 Fire and allied perils insurance
6.1.3 Engineering insurance
6.1.4 Agriculture insurance
6.1.5 Other property insurance
6.2 Motor Insurance
6.2.1 Motor hull
6.2.2 Motor third-party
6.3 General Third-party
6.4 Marine, Aviation and Transit
6.4.1 Marine insurance
6.4.2 Marine hull
6.4.3 Marine third-party
6.4.4 Aviation insurance
6.4.5 Transit insurance

7 Analysis by Distribution Channels
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 Brokers

8 Porter’s Five Forces Analysis – Turkish Non-Life Insurance Segment
8.1 Bargaining Power of Supplier: Medium to High
8.2 Bargaining Power of Buyer: Low to Medium
8.3 Barriers to Entry: Medium to High
8.4 Intensity of Rivalry: High
8.5 Threat of Substitutes: Low

9 Reinsurance Growth Dynamics and Challenges
9.1 Reinsurance Segment Size, 2008–2017
9.2 Reinsurance Segment Size by Type of Insurance, 2008–2017

10 Governance, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Regulations by Type of Insurance
10.2.1 Life insurance regulations
10.2.2 Property insurance regulations
10.2.3 Motor insurance regulations
10.2.4 Marine, aviation and transit insurance regulations
10.2.5 Personal accident and health insurance regulations
10.3 Compulsory Insurance
10.3.1 Motor third-party liability insurance
10.3.2 Civil liability insurance for domestic and foreign aircraft flying within Turkish airspace
10.3.3 Third-party liability insurance for hazardous activities
10.3.4 Earthquake insurance for buildings
10.4 Supervision and Control
10.4.1 International Association of Insurance Supervisors (IAIS)
10.4.2 Undersecretariat of Treasury
10.4.3 Insurance Association of Turkey
10.5 Non-Admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and penalties
10.6 Company Registration and Operations
10.6.1 Types of insurance organization
10.6.2 Establishing a local company
10.6.3 Foreign ownership
10.6.4 Types of license
10.6.5 Capital requirements
10.6.6 Solvency margins
10.6.7 Reserve requirements
10.6.8 Investment regulations
10.6.9 Statutory return requirements
10.6.10 Fee structure
10.7 Taxation
10.7.1 Insurance premium or policy taxation
10.7.2 Withholding taxes on premium paid overseas
10.7.3 Corporate tax
10.7.4 VAT
10.7.5 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access to court
10.8.3 Alternative dispute resolution (ADR)

11 Competitive Landscape and Strategic Insights
11.1 Overview
11.2 Leading Companies in the Turkish Non-Life Insurance segment
11.3 Comparison of the Top Five Insurers
11.3.1 Gross written premium
11.3.2 Net earned premium
11.3.3 Gross claims
11.3.4 Paid Claims
11.3.4.1 Loss ratio
11.3.5 Total assets
11.3.6 Investment income
11.4 Axa Sigorta AÅž – Company Overview
11.4.1 Axa Sigorta AÅž – key facts
11.4.2 Axa Sigorta AÅž – key financials
11.5 Anadolu Sigorta AÅž – Company Overview
11.5.1 Anadolu Sigorta AÅž – key facts
11.5.2 Anadolu Sigorta AÅž – key financials
11.6 AK Sigorta AÅž – Company Overview
11.6.1 AK Sigorta AÅž – key facts
11.6.2 AK Sigorta AÅž – key financials
11.7 Allianz Sigorta AÅž – Company Overview
11.7.1 Allianz Sigorta AÅž – key facts
11.7.2 Allianz Sigorta AÅž – key financials
11.8 Yapı Kredi Sigorta AÅž – Company Overview
11.8.1 Yapı Kredi Sigorta AÅž – key facts
1.8.2 Yapı Kredi Sigorta AÅž – key financials
11.9 Gunes Sigorta AÅž – Company Overview
11.9.1 Gunes Sigorta AÅž – key facts
11.9.2 Gunes Sigorta AÅž – key financials
11.1 Groupama Sigorta – Company Overview
11.10.1 Groupama Sigorta – key facts
11.10.2 Groupama Sigorta – key financials
11.11 Eureko Sigorta – Company Overview
11.11.1 Eureko Sigorta – key facts
1.11.2 Eureko Sigorta – key financials
11.12 Ergo Sigorta AÅž – Company Overview
11.12.1 Ergo Sigorta AÅž – key facts
1.12.2 Ergo Sigorta AÅž – key financials
11.13 Mapfre Genel Sigorta AÅž – Company Overview
11.13.1 Mapfre Genel Sigorta AÅž – key facts
1.13.2 Mapfre Genel Sigorta AÅž – key financials

12 Business Environment and Country Risk
12.1 Business Confidence
12.1.1 Market capitalization trend – Istanbul Stock Exchange, Turkey
12.2 Economic Performance
12.2.1 GDP at constant prices (US$)
12.2.2 GDP per capita at constant prices (US dollar)
12.2.3 GDP at current prices (US dollar)
12.2.4 GDP per capita at current prices (US dollar)
12.2.5 GDP by key sectors
12.2.6 Agriculture, hunting, forestry and fishing net output at current prices (TRY)
12.2.7 Agriculture, hunting, forestry and fishing net output at current prices (US dollar)
12.2.8 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
12.2.9 Manufacturing net output at current prices (TRY)
12.2.10 Manufacturing net output at current prices (US$)
12.2.11 Manufacturing net output at current prices as a percentage of GDP
12.2.12 Mining, manufacturing and utilities net output at current prices (TRY)
12.2.13 Mining, manufacturing and utilities at current prices (US$)
12.2.14 Mining, manufacturing and utilities at current prices, as a percentage of GDP
12.2.15 Construction net output at current prices (TRY)
12.2.16 Construction net output at current prices (US$)
12.2.17 Construction net output at current prices as a percentage of GDP
12.2.18 Inflation rate
12.2.19 Exports as a percentage of GDP
12.2.20 Imports as a percentage of GDP
12.2.21 Exports growth
12.2.22 Imports growth
12.2.23 Annual average exchange rate TRY–US$
12.3 Infrastructure Quality and Availability
12.3.1 Commercial vehicles exports total value
12.3.2 Commercial vehicles imports total value
12.3.3 Automotive exports total value
12.3.4 Automotive imports total value
12.3.5 Total internet subscribers
12.4 Labor Force
12.4.1 Labor force
12.4.2 Unemployment rate
12.5 Demographics
12.5.1 Gross national disposable income (US$)
12.5.2 Total population
12.5.3 Urban and rural population
12.5.4 Median age of population
12.5.5 Age distribution of the total population

13 Appendix
13.1 Methodology
13.2 Contact Us
13.3 About Timetric
13.4 Disclaimer

Table 1: Insurance Industry Definitions
Table 2: Turkish Insurance – Overall Written Premium by Segment (TRY Billion), 2008–2012
Table 3: Turkish Insurance – Overall Written Premium by Segment (US$ Billion), 2008–2012
Table 4: Turkish Insurance – Overall Written Premium by Segment (TRY Billion), 2012–2017
Table 5: Turkish Insurance – Overall Written Premium by Segment (US$ Billion), 2012–2017
Table 6: Turkish Insurance – Segmentation (% Share), 2008–2017
Table 7: Turkish Non-Life Insurance – Written Premium by Category (TRY Billion), 2008–2012
Table 8: Turkish Non-Life Insurance – Written Premium by Category (US$ Billion), 2008–2012
Table 9: Turkish Non-Life Insurance – Written Premium by Category (TRY Billion), 2012–2017
Table 10: Turkish Non-Life Insurance – Written Premium by Category (US$ Billion), 2012–2017
Table 11: Turkish Non-Life Insurance – Earned Premium (TRY Billion), 2008–2012
Table 12: Turkish Non-Life Insurance – Earned Premium (TRY Billion), 2012–2017
Table 13: Turkish Non-Life Insurance – Paid Claims by Category (TRY Billion), 2008–2012
Table 14: Turkish Non-Life Insurance – Paid Claims by Category (US$ Billion), 2008–2012
Table 15: Turkish Non-Life Insurance – Paid Claims by Category (TRY Billion), 2012–2017
Table 16: Turkish Non-Life Insurance – Paid Claims by Category (US$ Billion), 2012–2017
Table 17: Turkish Non-Life Insurance – Incurred Loss by Category (TRY Billion), 2008–2012
Table 18: Turkish Non-Life Insurance – Incurred Loss by Category (US$ Billion), 2008–2012
Table 19: Turkish Non-Life Insurance – Incurred Loss by Category (TRY Billion), 2012–2017
Table 20: Turkish Non-Life Insurance – Incurred Loss by Category (US$ Billion), 2012–2017
Table 21: Turkish Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 22: Turkish Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 23: Turkish Non-Life Insurance – Commission and Expenses (TRY Billion), 2008–2012
Table 24: Turkish Non-Life Insurance – Commission and Expenses (TRY Billion), 2012–2017
Table 25: Turkish Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 26: Turkish Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 27: Turkish Non-Life Insurance – Frauds and Crimes (TRY Billion), 2008–2012
Table 28: Turkish Non-Life Insurance – Frauds and Crimes (TRY Billion), 2012–2017
Table 29: Turkish Non-Life Insurance – Total Assets (TRY Billion), 2008–2012
Table 30: Turkish Non-Life Insurance – Total Assets (TRY Billion), 2012–2017
Table 31: Turkish Non-Life Insurance – Total Investment Income (TRY Billion), 2008–2012
Table 32: Turkish Non-Life Insurance – Total Investment Income (TRY Billion), 2012–2017
Table 33: Turkish Non-Life Insurance – Retentions (TRY Billion), 2008–2012
Table 34: Turkish Non-Life Insurance – Retentions (TRY Billion), 2012–2017
Table 35: Turkish Property Insurance – Written Premium by Sub-Category (TRY Billion), 2008–2012
Table 36: Turkish Property Insurance – Written Premium by Sub-Category (US$ Billion), 2008–2012
Table 37: Turkish Property Insurance – Written Premium by Sub-Category (TRY Billion), 2012–2017
Table 38: Turkish Property Insurance – Written Premium by Sub-Category (US$ Billion), 2012–2017
Table 39: Turkish Property Insurance – Loss Ratio (%), 2008–2012
Table 40: Turkish Property Insurance – Loss Ratio (%), 2012–2017
Table 41: Turkish Fire and Allied Perils Insurance – Number of Policies Sold (Thousand), 2008–2012
Table 42: Turkish Fire and Allied Perils Insurance – Number of Policies Sold (Thousand), 2012–2017
Table 43: Turkish Fire and Allied Perils Insurance – Written Premium (TRY Billion), 2008–2012
Table 44: Turkish Fire and Allied Perils Insurance – Written Premium (TRY Billion), 2012–2017
Table 45: Turkish Engineering Insurance – Number of Policies Sold (Thousand), 2008–2012
Table 46: Turkish Engineering Insurance – Number of Policies Sold (Thousand), 2012–2017
Table 47: Turkish Engineering Insurance – Written Premium (TRY Billion), 2008–2012
Table 48: Turkish Engineering Insurance – Written Premium (TRY Billion), 2012–2017
Table 49: Turkish Agriculture Insurance – Number of Policies Sold (Thousand), 2008–2012
Table 50: Turkish Agriculture Insurance – Number of Policies Sold (Thousand), 2012–2017
Table 51: Turkish Agriculture Insurance – Written Premium (TRY Billion), 2008–2012
Table 52: Turkish Agriculture Insurance – Written Premium (TRY Billion), 2012–2017
Table 53: Turkish Other Property Insurance – Number of Policies Sold (Thousand), 2008–2012
Table 54: Turkish Other Property Insurance – Number of Policies Sold (Thousand), 2012–2017
Table 55: Turkish Other Property Insurance – Written Premium (TRY Billion), 2008–2012
Table 56: Turkish Other Property Insurance – Written Premium (TRY Billion), 2012–2017
Table 57: Turkish Motor Insurance – Written Premium by Sub-Category (TRY Billion), 2008–2012
Table 58: Turkish Motor Insurance – Written Premium by Sub-Category (US$ Billion), 2008–2012
Table 59: Turkish Motor Insurance – Written Premium by Sub-Category (TRY Billion), 2012–2017
Table 60: Turkish Motor Insurance – Written Premium by Sub-Category (US$ Billion), 2012–2017
Table 61: Turkish Motor Insurance Category – Loss Ratio (%), 2008–2012
Table 62: Turkish Motor Insurance Category – Loss Ratio (%), 2012–2017
Table 63: Turkish Motor Hull Insurance – Number of Policies Sold (Thousand), 2008–2012
Table 64: Turkish Motor Hull Insurance – Number of Policies Sold (Thousand), 2012–2017
Table 65: Turkish Motor Hull Insurance – Written Premium (TRY Billion), 2008–2012
Table 66: Turkish Motor Hull Insurance – Written Premium (TRY Billion), 2012–2017
Table 67: Turkish Motor Third-Party Insurance – Number of Policies Sold (Thousand), 2008–2012
Table 68: Turkish Motor Third-Party Insurance – Number of Policies Sold (Thousand), 2012–2017
Table 69: Turkish Motor Third-Party Insurance – Written Premium (TRY Billion), 2008–2012
Table 70: Turkish Motor Third-Party Insurance – Written Premium (TRY Billion), 2012–2017
Table 71: Turkish General Third-Party Insurance Category – Number of Policies Sold (Thousand), 2008–2012
Table 72: Turkish General Third-Party Insurance Category – Number of Policies Sold (Thousand), 2012–2017
Table 73: Turkish General Third-Party Insurance – Written Premium (TRY Billion), 2008–2012
Table 74: Turkish General Third-Party Insurance – Written Premium (TRY Billion), 2012–2017
Table 75: Turkish General Third-Party Insurance – Loss Ratio (%), 2008–2012
Table 76: Turkish General Third-Party Insurance – Loss Ratio (%), 2012–2017
Table 77: Turkish Marine, Aviation and Transit Insurance – Written Premium by Sub-Category (TRY Billion), 2008–2012
Table 78: Turkish Marine, Aviation and Transit Insurance – Written Premium by Sub-Category (US$ Billion), 2008–2012
Table 79: Turkish Marine, Aviation and Transit Insurance – Written Premium by Sub-Category (TRY Billion), 2012–2017
Table 80: Turkish Marine, Aviation and Transit Insurance – Written Premium by Sub-Category (US$ Billion), 2012–2017
Table 81: Turkish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2008–2012
Table 82: Turkish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2012–2017
Table 83: Turkish Marine Hull Insurance – Number of Policies Sold (Thousand), 2008–2012
Table 84: Turkish Marine Hull Insurance – Number of Policies Sold (Thousand), 2012–2017
Table 85: Turkish Marine Hull Insurance – Written Premium (TRY Billion), 2008–2012
Table 86: Turkish Marine Hull Insurance – Written Premium (TRY Billion), 2012–2017
Table 87: Turkish Marine Third-Party Insurance – Number of Policies Sold (Thousand), 2008–2012
Table 88: Turkish Marine Third-Party Insurance – Number of Policies Sold (Thousand), 2012–2017
Table 89: Turkish Marine Third-Party Insurance – Written Premium (TRY Billion), 2008–2012
Table 90: Turkish Marine Third-Party Insurance – Written Premium (TRY Billion), 2012–2017
Table 91: Turkish Aviation Insurance – Number of Policies Sold (Thousand), 2008–2012
Table 92: Turkish Aviation Insurance – Number of Policies Sold (Thousand), 2012–2017
Table 93: Turkish Aviation Insurance – Written Premium (TRY Billion), 2008–2012
Table 94: Turkish Aviation Insurance – Written Premium (TRY Billion), 2012–2017
Table 95: Turkish Transit Insurance – Number of Policies Sold (Thousand), 2008–2012
Table 96: Turkish Transit Insurance – Number of Policies Sold (Thousand), 2012–2017
Table 97: Turkish Transit Insurance – Written Premium (TRY Billion), 2008–2012
Table 98: Turkish Transit Insurance – Written Premium (TRY Billion), 2012–2017
Table 99: Turkish Non-Life Insurance – Direct Marketing Commission Paid (TRY Billion), 2008–2012
Table 100: Turkish Non-Life Insurance – Direct Marketing Commission Paid (TRY Billion), 2012–2017
Table 101: Turkish Non-Life Insurance – Written Premium Through Direct Marketing (TRY Billion), 2008–2012
Table 102: Turkish Non-Life Insurance – Written Premium Through Direct Marketing (TRY Billion), 2012–2017
Table 103: Turkish Non-Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2008–2012
Table 104: Turkish Non-Life Insurance – Policies Sold Through Direct Marketing (Thousand), 2012–2017
Table 105: Turkish Non-Life Insurance – Number of Direct Marketing Distributors, 2008–2012
Table 106: Turkish Non-Life Insurance – Number of Direct Marketing Distributors, 2012–2017
Table 107: Turkish Non-Life Insurance – Bancassurance Commission Paid (TRY Billion), 2008–2012
Table 108: Turkish Non-Life Insurance – Bancassurance Commission Paid (TRY Billion), 2012–2017
Table 109: Turkish Non-Life Insurance – Written Premium Through Bancassurance (TRY Billion), 2008–2012
Table 110: Turkish Non-Life Insurance – Written Premium Through Bancassurance (TRY Billion), 2012–2017
Table 111: Turkish Non-Life Insurance – Policies Sold Through Bancassurance (Thousand), 2008–2012
Table 112: Turkish Non-Life Insurance – Policies Sold Through Bancassurance (Thousand), 2012–2017
Table 113: Turkish Non-Life Insurance – Number of Bancassurance Distributors, 2008–2012
Table 114: Turkish Non-Life Insurance – Number of Bancassurance Distributors, 2012–2017
Table 115: Turkish Non-Life Insurance – Commission Paid to Agencies (TRY Billion), 2008–2012
Table 116: Turkish Non-Life Insurance – Commission Paid to Agencies (TRY Billion), 2012–2017
Table 117: Turkish Non-Life Insurance – Written Premium Through Agencies (TRY Billion), 2008–2012
Table 118: Turkish Non-Life Insurance – Written Premium Through Agencies (TRY Billion), 2012–2017
Table 119: Turkish Non-Life Insurance – Policies Sold Through Agencies (Thousand), 2008–2012
Table 120: Turkish Non-Life Insurance – Policies Sold Through Agencies (Thousand), 2012–2017
Table 121: Turkish Non-Life Insurance – Number of Agencies, 2008–2012
Table 122: Turkish Non-Life Insurance – Number of Agencies, 2012–2017
Table 123: Turkish Non-Life Insurance – Commission Paid to Brokers (TRY Billion), 2008–2012
Table 124: Turkish Non-Life Insurance – Commission Paid to Brokers (TRY Billion), 2012–2017
Table 125: Turkish Non-Life Insurance – Written Premium Through Brokers (TRY Billion), 2008–2012
Table 126: Turkish Non-Life Insurance – Written Premium Through Brokers (TRY Billion), 2012–2017
Table 127: Turkish Non-Life Insurance – Policies Sold Through Brokers (Thousand), 2008–2012
Table 128: Turkish Non-Life Insurance – Policies Sold Through Brokers (Thousand), 2012–2017
Table 129: Turkish Non-Life Insurance – Number of Brokers, 2008–2012
Table 130: Turkish Non-Life Insurance – Number of Brokers, 2012–2017
Table 131: Turkish Reinsurance by Category (TRY Billion), 2008–2012
Table 132: Turkish Reinsurance by Category (US$ Billion), 2008–2012
Table 133: Turkish Reinsurance by Category (TRY Billion), 2012–2017
Table 134: Turkish Reinsurance by Category (US$ Billion), 2012–2017
Table 135: Turkish Premium Ceded to Reinsurance by Type of Insurance (TRY Billion), 2008–2012
Table 136: Turkish Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2008–2012
Table 137: Turkish Premium Ceded to Reinsurance by Type of Insurance (TRY Billion), 2012–2017
Table 138: Turkish Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2012–2017
Table 139: Turkish Non-Life Insurance – Percentage of Reinsurance Ceded, 2008–2012
Table 140: Turkish Non-Life Insurance – Percentage of Reinsurance Ceded, 2012–2017
Table 141: Turkey – Life Insurance Regulatory Framework
Table 142: Turkey – Property Insurance Regulatory Framework
Table 143: Turkey – Motor Insurance Regulatory Framework
Table 144: Turkey – Tariff Rate for Motor Third-Party Liability Insurance
Table 145: Turkey – Motor Third-Party Liability Insurance Cover Limits (TRY)
Table 146: Turkey – Motor Third-Party Liability Insurance Cover Limits (US$)
Table 147: Turkey – Compensation Provided by the Insurer in the Event of Accident by Domestic Air Carriage
Table 148: Turkey – Tariff Rates Based on Earthquake Zones and Building Type
Table 149: Turkey – Corporate Tax Rates for the Financial Year 2013
Table 150: Shares of Key Insurers in the Turkish Non-Life Insurance Segment (%), 2011
Table 152: Axa Sigorta AÅž – Key Facts
Table 152: Axa Sigorta AÅž, Key Financials (TRY Million), 2008–2012
Table 153: Anadolu Sigorta AÅž – Key Facts
Table 154: Anadolu Sigorta AÅž Key Financials (TRY Million), 2008–2012
Table 155: AK Sigorta AÅž – Key Facts
Table 156: AK Sigorta AÅž, Key Financials (TRY Million), 2008–2012
Table 157: Allianz Sigorta AÅž – Key Facts
Table 158: Allianz Sigorta AÅž, Key Financials (TRY Million), 2008–2012
Table 159: Yapı Kredi Sigorta AÅž – Key Facts
Table 160: Yapı Kredi Sigorta AÅž, Key Financials (TRY Million), 2008–2012
Table 161: Gunes Sigorta AÅž – Key Facts
Table 162: Gunes Sigorta AÅž, Key Financials (TRY Million), 2008–2012
Table 163: Groupama Sigorta – Key Facts
Table 164: Groupama Sigorta, Key Financials (TRY Million), 2008–2012
Table 165: Eureko Sigorta – Key Facts
Table 166: Eureko Sigorta, Key Financials (TRY Million), 2008–2012
Table 167: Ergo Sigorta AÅž – Key Facts
Table 168: Ergo Sigorta AÅž, Key Financials (TRY Million), 2008–2012
Table 169: Mapfre Genel Sigorta AÅž – Key Facts
Table 170: Mapfre Genel Sigorta AÅž, Key Financials (TRY Million), 2008–2012

Figure 1: Peer Group (US$10–40 billion) Insurance Markets – Economies and Populations, 2011 
Figure 2: Peer Group (US$10–40 billion) Insurance Markets – Growth Trends in the Insurance Industry (%), 2007–2016 
Figure 3: Peer Group (US$10–40 billion) Insurance Markets – Total Industry Values by Segment (US$ Billion), 2011 
Figure 4: Peer Group (US$10–40 Billion) Insurance Markets – Non-Life Insurance Growth Trends (%), 2007–2016 
Figure 5: Peer Group (US$10–40 Billion) Insurance Markets – Non-Life Insurance Gross Written Premiums (US$ Billion), 2011 
Figure 6: Peer Group (US$10–40 Billion) Insurance Markets – Non-Life Insurance Premium Per Capita (%), 2007–2016 
Figure 7: Peer Group (US$10–40 Billion) Insurance Markets – Non-Life Insurance Penetration (% of GDP), 2011 and 2016 
Figure 8: Peer Group (US$10–40 Billion) Insurance Markets – Non-Life Insurance Gross Written Premium Growth (%), 2007–2016 
Figure 9: Peer Group (US$10–40 Billion) Insurance Markets – Non-Life Insurance Gross Written Premium Per Capita Growth (%), 2007–2016 
Figure 10: Peer Group (US$10–40 Billion) Insurance Markets – Non-Life Insurance Loss Ratios (%), 2011 and 2016 
Figure 11: Peer Group (US$10–40 Billion) Insurance Markets – Non-Life Insurance Combined Ratios (%), 2011 and 2016 
Figure 12: Peer Group (US$10–40 Billion) Insurance Markets – Non-Life Insurance Incurred Losses per Capita (US$), 2011 and 2016 
Figure 13: Peer Group (US$10–40 Billion) Insurance Markets – Non-Life Insurance Incurred Losses as a Percentage of GDP (%), 2011 and 2016 
Figure 14: Peer Group (US$10–40 Billion) Insurance Markets – Direct Marketing Share of Non-Life Insurance Gross Written Premium (%), 2007–2016 
Figure 15: Peer Group (US$10–40 Billion) Insurance Markets – Insurance Brokers Share of Non-Life Insurance Gross Written Premium (%), 2007–2016 
Figure 16: Peer Group (US$10–40 Billion) Insurance Markets – Bancassurance Share of Non-Life Insurance Gross Written Premium (%), 2007–2016 
Figure 17: Peer Group (US$10–40 Billion) Insurance Markets – Agencies Share of Non-Life Insurance Gross Written Premium (%), 2007–2016 
Figure 18: Turkish Insurance – Overall Written Premium by Segment (TRY Billion), 2008–2017 
Figure 19: Turkish Insurance – Dynamics by Segment (%), 2008–2017 
Figure 20: Turkish Non-Life Insurance – Written Premium by Category (TRY Billion), 2008–2017 
Figure 21: Turkish Non-Life Insurance – Written Premium by Category (% Share), 2012 and 2017 
Figure 22: Turkish Non-Life Insurance – Dynamics by Category (%), 2008–2017 
Figure 23: Turkish Non-Life Insurance – Earned Premium (TRY Billion), 2008–2012 
Figure 24: Turkish Non-Life Insurance – Earned Premium (TRY Billion), 2012–2017 
Figure 25: Turkish Non-Life Insurance – Paid Claims by Category (TRY Billion), 2008–2017 
Figure 26: Turkish Non-Life Insurance – Incurred Loss by Category (TRY Billion), 2008–2017 
Figure 27: Turkish Non-Life Insurance – Loss Ratio (%), 2008–2012 
Figure 28: Turkish Non-Life Insurance – Loss Ratio (%), 2012–2017 
Figure 29: Turkish Non-Life Insurance – Commission and Expenses (TRY Billion), 2008–2012 
Figure 30: Turkish Non-Life Insurance – Commission and Expenses (TRY Billion), 2012–2017 
Figure 31: Turkish Non-Life Insurance – Combined Ratio (%), 2008–2012 
Figure 32: Turkish Non-Life Insurance – Combined Ratio (%), 2012–2017 
Figure 33: Turkish Non-Life Insurance – Frauds and Crimes (TRY Billion), 2008–2012 
Figure 34: Turkish Non-Life Insurance – Frauds and Crimes (TRY Billion), 2012–2017 
Figure 35: Turkish Non-Life Insurance – Total Assets (TRY Billion), 2008–2012 
Figure 36: Turkish Non-Life Insurance – Total Assets (TRY Billion), 2012–2017 
Figure 37: Turkish Non-Life Insurance – Total Investment Income (TRY Billion), 2008–2012 
Figure 38: Turkish Non-Life Insurance – Total Investment Income (TRY Billion), 2012–2017 
Figure 39: Turkish Non-Life Insurance – Retentions (TRY Billion), 2008–2012 
Figure 40: Turkish Non-Life Insurance – Retentions (TRY Billion), 2012–2017 
Figure 41: Turkish Non-Life Insurance – Investment Portfolio (TRY Billion), 2008–2012 
Figure 42: Turkish Non-Life Insurance – Penetration (% of GDP), 2008–2012 
Figure 43: Turkish Non-Life Insurance – Number of Policies Sold (Million), 2008–2012 
Figure 44: Turkish Non-Life Insurance – Number of Policies Sold (Million), 2012–2017 
Figure 45: Turkish Non-Life Insurance – Premium per Capita (TRY), 2008–2012 
Figure 46: Turkish Property Insurance – Written Premium by Sub-Category (TRY Billion), 2008–2017 
Figure 47: Turkish Property Insurance – Dynamics by Sub-Category (%), 2008–2017 
Figure 48: Turkish Property Insurance – Loss Ratio (%), 2008–2012 
Figure 49: Turkish Property Insurance – Loss Ratio (%), 2012–2017 
Figure 50: Turkish Fire and Allied Perils Insurance – Number of Policies Sold (Million), 2008–2012 
Figure 51: Turkish Fire and Allied Perils Insurance – Number of Policies Sold (Million), 2012–2017 
Figure 52: Turkish Fire and Allied Perils Insurance – Written Premium (TRY Billion), 2008–2012 
Figure 53: Turkish Fire and Allied Perils Insurance – Written Premium (TRY Billion), 2012–2017 
Figure 54: Turkish Engineering Insurance – Number of Policies Sold (Million), 2008–2012 
Figure 55: Turkish Engineering Insurance – Number of Policies Sold (Million), 2012–2017 
Figure 56: Turkish Engineering Insurance – Written Premium (TRY Billion), 2008–2012 
Figure 57: Turkish Engineering Insurance – Written Premium (TRY Billion), 2012–2017 
Figure 58: Turkish Agriculture Insurance – Number of Policies Sold (Thousand), 2008–2012 
Figure 59: Turkish Agriculture Insurance – Number of Policies Sold (Thousand), 2012–2017 
Figure 60: Turkish Agriculture Insurance – Written Premium (TRY Billion), 2008–2012 
Figure 61: Turkish Agriculture Insurance – Written Premium (TRY Billion), 2012–2017 
Figure 62: Turkish Other Property Insurance – Number of Policies Sold (Million), 2008–2012 
Figure 63: Turkish Other Property Insurance – Number of Policies Sold (Million), 2012–2017 
Figure 64: Turkish Other Property Insurance – Written Premium (TRY Billion), 2008–2012 
Figure 65: Turkish Other Property Insurance – Written Premium (TRY Billion), 2012–2017 
Figure 66: Turkish Motor Insurance – Written Premium by Sub-Category (TRY Billion), 2008–2017 
Figure 67: Turkish Motor Insurance – Dynamics by Sub-Category (%), 2008–2017 
Figure 68: Turkish Motor Insurance Category – Loss Ratio (%), 2008–2012 
Figure 69: Turkish Motor Insurance Category – Loss Ratio (%), 2012–2017 
Figure 70: Turkish Motor Hull Insurance – Number of Policies Sold (Thousand), 2008–2012 
Figure 71: Turkish Motor Hull Insurance – Number of Policies Sold (Thousand), 2012–2017 
Figure 72: Turkish Motor Hull Insurance – Written Premium (TRY Billion), 2008–2012 
Figure 73: Turkish Motor Hull Insurance – Written Premium (TRY Billion), 2012–2017 
Figure 74: Turkish Motor Third-Party Insurance – Number of Policies Sold (Thousand), 2008–2012 
Figure 75: Turkish Motor Third-Party Insurance – Number of Policies Sold (Thousand), 2012–2017 
Figure 76: Turkish Motor Third-Party Insurance – Written Premium (TRY Billion), 2008–2012 
Figure 77: Turkish Motor Third-Party Insurance – Written Premium (TRY Billion), 2012–2017 
Figure 78: Turkish General Third-Party Insurance Category – Number of Policies Sold (Thousand), 2008–2012
Figure 79: Turkish General Third-Party Insurance Category – Number of Policies Sold (Thousand), 2012–2017
Figure 80: Turkish General Third-Party Insurance – Written Premium (TRY Billion), 2008–2012 
Figure 81: Turkish General Third-Party Insurance – Written Premium (TRY Billion), 2012–2017 
Figure 82: Turkish General Third-Party Insurance – Loss Ratio (%), 2008–2012 
Figure 83: Turkish General Third-Party Insurance – Loss Ratio (%), 2012–2017 
Figure 84: Turkish Marine, Aviation and Transit Insurance – Written Premium by Sub-Category (TRY Billion), 2008–2017 
Figure 85: Turkish Marine, Aviation and Transit Insurance – Dynamics by Sub-Category (%), 2008–2017 
Figure 86: Turkish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2008–2012 
Figure 87: Turkish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2012–2017 
Figure 88: Turkish Marine Hull Insurance – Number of Policies Sold (Thousand), 2008–2012 
Figure 89: Turkish Marine Hull Insurance – Number of Policies Sold (Thousand), 2012–2017 
Figure 90: Turkish Marine Hull Insurance – Written Premium (TRY Billion), 2008–2012 
Figure 91: Turkish Marine Hull Insurance – Written Premium (TRY Billion), 2012–2017 
Figure 92: Turkish Marine Third-Party Insurance – Number of Policies Sold (Thousand), 2008–2012 
Figure 93: Turkish Marine Third-Party Insurance – Number of Policies Sold (Thousand), 2012–2017 
Figure 94: Turkish Marine Third-Party Insurance – Written Premium (TRY Billion), 2008–2012 
Figure 95: Turkish Marine Third-Party Insurance – Written Premium (TRY Billion), 2012–2017 
Figure 96: Turkish Aviation Insurance – Number of Policies Sold (Thousand), 2008–2012 
Figure 97: Turkish Aviation Insurance – Number of Policies Sold (Thousand), 2012–2017 
Figure 98: Turkish Aviation Insurance – Written Premium (TRY Billion), 2008–2012 
Figure 99: Turkish Aviation Insurance – Written Premium (TRY Billion), 2012–2017 
Figure 100: Turkish Transit Insurance – Number of Policies Sold (Thousand), 2008–2012 
Figure 101: Turkish Transit Insurance – Number of Policies Sold (Thousand), 2012–2017 
Figure 102: Turkish Transit Insurance – Written Premium (TRY Billion), 2008–2012 
Figure 103: Turkish Transit Insurance – Written Premium (TRY Billion), 2012–2017 
Figure 104: Turkish Non-Life Insurance – Written Premium by Distribution Channel (% Share), 2012 and 2017
Figure 105: Turkish Non-Life Insurance – Direct Marketing Commission Paid (TRY Billion), 2008–2012 
Figure 106: Turkish Non-Life Insurance – Direct Marketing Commission Paid (TRY Billion), 2012–2017 
Figure 107: Turkish Non-Life Insurance – Written Premium Through Direct Marketing (TRY Billion), 2008–2012
Figure 108: Turkish Non-Life Insurance – Written Premium Through Direct Marketing (TRY Billion), 2012–2017
Figure 109: Turkish Non-Life Insurance – Policies Sold Through Direct Marketing (Million), 2008–2012 
Figure 110: Turkish Non-Life Insurance – Policies Sold Through Direct Marketing (Million), 2012–2017 
Figure 111: Turkish Non-Life Insurance – Number of Direct Marketing Distributors, 2008–2012 
Figure 112: Turkish Non-Life Insurance – Number of Direct Marketing Distributors, 2012–2017 
Figure 113: Turkish Non-Life Insurance – Bancassurance Commission Paid (TRY Billion), 2008–2012 
Figure 114: Turkish Non-Life Insurance – Bancassurance Commission Paid (TRY Billion), 2012–2017 
Figure 115: Turkish Non-Life Insurance – Written Premium Through Bancassurance (TRY Billion), 2008–2012 
Figure 116: Turkish Non-Life Insurance – Written Premium Through Bancassurance (TRY Billion), 2012–2017 
Figure 117: Turkish Non-Life Insurance – Policies Sold Through Bancassurance (Million), 2008–2012 
Figure 118: Turkish Non-Life Insurance – Policies Sold Through Bancassurance (Million), 2012–2017 
Figure 119: Turkish Non-Life Insurance – Number of Bancassurance Distributors, 2008–2012 
Figure 120: Turkish Non-Life Insurance – Number of Bancassurance Distributors, 2012–2017 
Figure 121: Turkish Non-Life Insurance – Commission Paid to Agencies (TRY Billion), 2008–2012 
Figure 122: Turkish Non-Life Insurance – Commission Paid to Agencies (TRY Billion), 2012–2017 
Figure 123: Turkish Non-Life Insurance – Written Premium Through Agencies (TRY Billion), 2008–2012 
Figure 124: Turkish Non-Life Insurance – Written Premium Through Agencies (TRY Billion), 2012–2017 
Figure 125: Turkish Non-Life Insurance – Policies Sold Through Agencies (Million), 2008–2012 
Figure 126: Turkish Non-Life Insurance – Policies Sold Through Agencies (Million), 2012–2017 
Figure 127: Turkish Non-Life Insurance – Number of Agencies, 2008–2012 
Figure 128: Turkish Non-Life Insurance – Number of Agencies, 2012–2017 
Figure 129: Turkish Non-Life Insurance – Commission Paid to Brokers (TRY Billion), 2008–2012 
Figure 130: Turkish Non-Life Insurance – Commission Paid to Brokers (TRY Billion), 2012–2017 
Figure 131: Turkish Non-Life Insurance – Written Premium Through Brokers (TRY Billion), 2008–2012 
Figure 132: Turkish Non-Life Insurance – Written Premium Through Brokers (TRY Billion), 2012–2017 
Figure 133: Turkish Non-Life Insurance – Policies Sold Through Brokers (Million), 2008–2012 
Figure 134: Turkish Non-Life Insurance – Policies Sold Through Brokers (Million), 2012–2017 
Figure 135: Turkish Non-Life Insurance – Number of Brokers, 2008–2012 
Figure 136: Turkish Non-Life Insurance – Number of Brokers, 2012–2017 
Figure 137: Turkish Non-Life Insurance – Porter’s Five Forces Analysis 
Figure 138: Turkish Premium Ceded to Reinsurance by Category (TRY Billion), 2008–2017 
Figure 139: Turkish Premium Ceded to Reinsurance by Category (% Share), 2012 and 2017 
Figure 140: Turkish Reinsurance – Dynamics by Category (%), 2008–2017 
Figure 141: Turkish Premium Ceded to Reinsurance by Insurance Segment (TRY Billion), 2008–2017 
Figure 142: Turkish Reinsurance – Dynamics by Insurance Segment (%), 2008–2017 
Figure 143: Turkish Non-Life Insurance – Percentage of Reinsurance Ceded, 2008–2012 
Figure 144: Turkish Non-Life Insurance – Percentage of Reinsurance Ceded, 2012–2017 
Figure 145: Turkey – Insurance Regulatory Framework 
Figure 146: Turkey – Insurance Supervision and Control at Various Levels 
Figure 147: Turkey – Insurance Regulatory Frameworks for Company Registration and Operation 
Figure 148: Shares of Key Insurers in the Turkish Non-Life Insurance Segment (%), 2011 
Figure 149: Gross Written Premium – Top Five Turkish Non-Life Insurers, 2012 
Figure 150: Net Earned Premium – Top Five Turkish Non-Life Insurers, 2012 
Figure 151: Gross Claims – Top Five Turkish Non-Life Insurers, 2012 
Figure 152: Paid Claims – Top Five Turkish Non-Life Insurers, 2012 
Figure 153: Loss Ratio – Top Five Turkish Non-Life Insurers, 2012 
Figure 154: Total Assets – Top Five South African Non-Life Insurers, 2011 
Figure 155: Investment Income – Top Five Turkish Non-Life Insurers, 2012 
Figure 156: Turkish Stock Exchange Market Capitalization (US$ Billion), 2007–2011 
Figure 157: Turkish GDP at Constant Prices (US$ Billion), 2007–2011 
Figure 158: Turkish GDP Per Capita at Constant Prices (US$), 2007–2011 
Figure 159: Turkish GDP at Current Prices (US$ Billion), 2007–2011 
Figure 160: Turkish GDP Per Capita at Current Prices (US$), 2007–2011 
Figure 161: Turkish GDP by Key Sectors (%) 2007 and 2011 
Figure 162: Turkish Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (TRY Billion), 2007–2011 
Figure 163: Turkish Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$ Billion), 2007–2011 
Figure 164: Turkish Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011 
Figure 165: Turkish Manufacturing Net Output at Current Prices (TRY Billion), 2007–2011 
Figure 166: Turkish Manufacturing Net Output at Current Prices (US$ Billion), 2007–2011 
Figure 167: Turkish Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011 
Figure 168: Turkey Mining, Manufacturing and Utilities Net Output at Current Prices (TRY Billion), 2007–2011 
Figure 169: Turkish Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2011
Figure 170: Turkish Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2011 
Figure 171: Turkish Construction Net Output at Current Prices (TRY Billion), 2007–2011 
Figure 172: Turkish Construction Net Output at Current Prices (US$ Billion), 2007–2011 
Figure 173: Turkish Construction Output at Current Prices as a Percentage of GDP (%), 2007–2011 
Figure 174: Turkish Inflation Rate (%), 2007–2011 
Figure 175: Turkish Exports as a Percentage of GDP (%), 2007–2011 
Figure 176: Turkish Imports as a Percentage of GDP (%), 2007–2011 
Figure 177: Turkish Exports Growth (%), 2007–2011 
Figure 178: Turkish Imports Growth (%), 2007–2011 
Figure 179: Turkish Annual Average Exchange Rate (US$–TRY), 2007–2011 
Figure 180: Turkish Commercial Vehicles Exports Total Value (US$ Million), 2007–2011 
Figure 181: Turkish Commercial Vehicles Imports Total Value (US$ Million), 2007–2011 
Figure 182: Turkish Automotive Exports Total Value (US$ Million), 2007–2010 
Figure 183: Turkish Automotive Imports Total Value (US$ Million), 2007–2011 
Figure 184: Turkish Internet Subscriptions (Million), 2007–2011 
Figure 185: Turkish Size of Labor Force in 15–59 Age Group (Million), 2007–2011 
Figure 186: Turkish Unemployment Rate (%), 2007–2011 
Figure 187: Turkish Gross National Disposable Income (US$ Billion), 2007–2011 
Figure 188: Turkish Total Population (Million), 2007–2011 
Figure 189: Turkish Urban and Rural Population (%), 2007–2011 
Figure 190: Turkish Median Age of Population (Year), 2007–2011 
Figure 191: Turkish Population Distribution by Age (%), 2007–2011