Emerging Market and Investment Opportunities in Turkish Motor Insurance to 2016

The Turkish motor insurance category has benefited from the country’s rising number of automobile sales and improving economic conditions. As a result, the Turkish motor insurance category increased in written premium value from TRY4.7 billion in 2007 to TRY5.5 billion in 2011, at a compound annual growth rate (CAGR) of 4.46% during the review period (2007–2011). In addition, the volume of motor insurance policies sold in Turkey increased at a CAGR of 5.57% during the review period, to reach 17 million in 2011. The category’s written premium value is projected to grow at a CAGR of 5.03% over the forecast period (2012–2016), to reach TRY7.1 billion in 2016. In addition, the volume of motor insurance policies sold is projected to increase at a CAGR of 3.30% over the forecast period, to reach 20.1 million policies in 2016.

Scope

This report provides a comprehensive analysis of the motor insurance industry in Turkey:

• It provides historical values for the Turkish motor insurance industry 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 markets in the Turkish motor insurance industry, along with market forecasts until 2016
• It details the different macroeconomic factors affecting the motor insurance industry in Turkey
• It covers an exhaustive summary on the key trends and drivers affecting the motor insurance industry
• It outlines the current regulatory framework in the industry
• It details the business and operations strategy used by various Turkish motor insurance companies
• It profiles the major insurers in the Turkish motor insurance industry

Turkish Motor Insurance Market

Published: March 2012
No. of Pages:59
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Key Highlights

• The Turkish motor insurance category increased in written premium value from TRY4.7 billion in 2007 to TRY5.5 billion in 2011, at a compound annual growth rate (CAGR) of 4.46% during the review period (2007–2011).
• The category’s written premium value is projected to grow at a CAGR of 5.03% over the forecast period (2012–2016), to reach TRY7.1 billion in 2016.
• Domestic automobile sales are a key growth driver for the Turkish motor insurance category. The number of domestic automobile sales increased from 229.8 thousand units in 2008 to 379.1 thousand units in 2011, at a CAGR of 18.16% during 2008–2011.
• The Turkish government’s favorable regulations have intensified the level of competition in the motor insurance category.
• The Turkish motor insurance category is concentrated, with the ten leading companies accounting for a combined share of 76.9% of the motor insurance written premium value in 2011.
• The Turkish motor insurance category is expected to become more consolidated due to the increasing level of competition, as larger companies are expected to use acquisition strategies to strengthen their position in the market.
• One of the challenges faced by the Turkish motor insurance category is to increase the penetration of motor insurance in the country to match international standards.