4/19/2011

Zurich Financial Services aims for the top in Turkish insurance market

Dunya - Zurich Financial Services, Switzerland-based provider of insurance products and services, plans to become one the top five insurers in Turkey, according to medium-term plans revealed by its top executive in the country. The company acquired Turkish insurer TEB Sigorta in 2008 and changed its name into Zurich Sigorta.

The newly appointed Director General of Zurich Sigorta, Lutz Bauer, said that the company has Turkey in its list of three priority markets with growth potential, economic performance and demographics -- the combination that the company foresees taking Turkey’s small but fast growing insurance market to the scale of those in western European countries.

Although the penetration levels in the Turkish insurance market remained largely unchanged during the past decade, the country is well-positioned to have a significant leap in terms of insurance sales in the next decade, thanks to its high economic growth, young population and key geographic location, said Bauer.
Turkey; financial services; zurich financial; zurich sigorta; insurance market; turkey insurance companies; lutz bauer; turkish insurance