Skip navigation links
Press Releases
News from Turkey
Publications
Upcoming Tenders
Links
Videos
Newsletter Subscription
This page is print preview page.
Click here to return to the page.
Print page
News
 
Turkish insurance market growing strongly – Fitch Report 
24.04.2014

Turkey’s life and non-life insurance markets are making robust profits that are leading to healthy overall growth in the sector, according to Fitch Ratings’ newly released ‘Turkish Insurance Sector - Non-Life Back to Profit, Life Performance Steady’ report.

 

Economic growth, favorable demographics, rapid urbanization and an expanding middle class are the key reasons for the strong growth of the Turkish insurance sector, the report states, underlining the Turkish government’s policies that encourage use of insurance through various incentives such as 25 percent state contribution to private pension plans.

 

The life market has seen its profits go up by 13 percent on average in the 2008-2013 period and made TRY 462 million (approx. USD 214 million) in profits in 2013, while the non-life sector made TRY 768 million (approx. USD 357 million) last year, following 4 years of poor results.

 

High foreign investor interest

 

According to the Insurance Association of Turkey (TSB) web site, out of the 59 insurers active in Turkey’s insurance market, 44 are either foreign-owned or partnered, pointing to a highly profitable area of investment for foreign companies looking for new growth markets.

 

Via its insurance holding company Avicennia Capital, Malaysian sovereign wealth fund Khazanah  purchased a 90 percent stake in the Turkish health insurance services provider, Acibadem Sigorta, for USD 252 million in late 2013.

 

The 2013 sale of Yapi Kredi Sigorta, the insurance branch of the Yapi Kredi bank, to Allianz in March for TRY 1.6 billion (approx. USD 743 million) is one of the most sizeable international transactions in Turkey’s insurance sector in recent years.

21.07.2017 Deals inked for another milestone in city hospitals project
11.07.2017 Turkey attracts one of the world’s top manufacturers of wind turbine blades
21.06.2017 World Investment Report: Turkey most active country in promoting investments
13.06.2017 Turkey in play again with robust growth rate
17.05.2017 President Erdoğan addresses key US investors at ISPAT’s executive meeting in Washington D.C.
08.05.2017 Kale Group & Rolls Royce partner to produce engines for Turkey’s first national fighter jet: TF-X
27.04.2017 Saudi, Egyptian Al Aboud Holding acquires Burdur solar plant in Turkey
26.04.2017 France’s Sephora acquires Turkey’s Tekin Acar Cosmetics
25.04.2017 M&A investments by foreigners triple in 2016
24.04.2017 Turkey’s economy rebounds in Q4 2016
<<
1 2 3 4 5 6 7 8 9 10
>>