Turkish insurance market strategically important for Sompo Japan Nipponkoa

Sabah - Leading Japanese insurance company Sompo Japan Nipponkoa’s Turkish division is confident in the growth potential of the country.

“Sompo Japan Nipponkoa is content with our presence in Turkey, a country which we deem strategic”, according to Sompo Japan Sigorta CEO Shinobu Arimoto.

The Japanese insurer made its entry into the Turkish market in 2011 with the acquisition of local company, Fiba Sigorta. Sompo Japan merged with another Japanese insurer, Nipponkoa Insurance, in 2014 to form Sompo Japan Nipponkoa.

Stating that the company had a positive attitude towards new opportunities in Turkey, Arimoto said that the Turkish market was a promising one, holding potential for growth.

Nearly 75 percent of the Turkish insurance sector is either foreign-owned or partnered, pointing to a highly popular area of investment for foreign companies looking for new growth markets. Only a limited portion of the country’s 77 million population, half of which under the age of 30, have a coverage.

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