7/19/2011

Turkish insurance sector poised for growth

Hurriyet - All the conditions in Turkey’s insurance market are set for growth, as foreign insurers position themselves to take part in one of the world’s fastest growing economies. BNP Paribas Cardif, having recently acquired Fortis Emeklilik and Hayat Insurance from its Belgian owner Fortis Bank, has announced its decision to resume operations in the Turkish market under its own name “BNP Paribas Cardif Emeklilik”.

One of the major insurance companies in Europe, BNP Paribas Cardif considers Turkey to be a key market for growth with its young-dynamic population, rapid economic growth and low insurance penetration levels, according to BNP Paribas Cardif’s Head of Partnerships Department, Jean-Bertrand Laroche. “Turkey has proved itself to be a highly promising market since our first entry in 2007. We expect the upward trend in the insurance market to continue,” said Laroche in a press meeting on BNP Paribas Cardif’s future plans in Turkey. Revealing their growth strategy in the country, Laroche said that BNP Paribas Cardif will focus on organic growth, mainly on individual pension funds.

“Turkey’s economic growth far outpaced Europe and even beat China in the first quarter,” said Laroche. “Coupled with a growing middle class and low insurance penetration, Turkey is one of the most lucrative markets for insurance companies,” the BNP Paribas executive added.
Turkey’s growing middle class and low insurance penetration levels equal a promising market for insurance companies.

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