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Member, Beacon International Group, Ltd.
ISTANBUL, Turkey Turkey's insurance market is developing quickly and should continue to grow in a country with low insurance penetration rates, a new report concludes.
The Benfield Group Ltd. report, "Turkey Insurance Market Review: International Interest," reveals that insurance premiums in Turkey have more than doubled to $2.2 billion during the last five years. Non-life was the fastest growing segment, with a 29% per annum increase over the period.
"There has been a surge of foreign interest through both direct and indirect investment in Turkish insurance since 2006," said Angela Coad of London-based Benfield's industry analysis and research team, in a statement.
"Economic growth, low penetration rates, an expanding population, increasing awareness of insurance and a more robust regulatory environment have all been cited as attractions of the insurance market," she said.
Around two-thirds of the Turkish market's reinsurance coverage is provided by the international market, according to the report.
The report is available at www.benfieldgroup.com/research.