Zaman - Turkey’s growing insurance market attracts foreign companies with long-term expectations. Insurance penetration in Turkey corresponds to 1.3 percent of the total GDP which gives the market the potential to grow with an increasing rate over the years, according to German insurer Ergo’s Turkish operations chief Akin Kozanoglu.
“The growth potential lures foreign insurance companies to the Turkish market and we see them taking up positions for the long term,” said Kozanoglu, speaking about the future prospects of the industry. “The insurance sector is set to grow with the increasing amount of investments,” he added, noting that the insurance sector has received over USD 5 billion of foreign investment in the past five years.
Ergo employs over 1,000 people in Turkey and has invested over EUR 400 million in the country.