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Commercial Non-Life Insurance Brokers in Turkey

  • July 2016
  • -
  • Finaccord
  • -
  • 19 pages

Commercial Non-Life Insurance Brokers in Turkey, plus the BrokerBASE™ and market data file that accompany it, investigates the importance of brokers in the distribution of non-life (P&C) insurance for business, public sector and not-for-profit customers in Turkey. This study first provides unique data concerning the size, segmentation and growth of the Turkish commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research covering all significant broking entities, it ranks the leading 15 brokers in Turkey according to their approximate revenues derived from commercial non-life insurance, excluding income from other activities such as personal lines and employee benefits consulting.

This study provides unique data in the following areas:

- the value of commercial non-life insurance markets from 2011 to 2015 with a segmentation between commercial liability, motor, property, MAT and other premiums and with a split for 2015 alone by size of insured entity (i.e. micro, small, medium, large and very large customers);

- the distribution share of brokers in this market in both 2011 and 2015 and the revenues consequently generated by them in each year that represent the value of the market for commercial lines broking in Turkey;

- the approximate segmentation of commercial lines broking revenues by size of insured entity (i.e. again with a split across micro, small, medium, large and very large customers);

- the combined share of commercial lines broking revenues of the top three and top ten brokers in 2015 with this data broken out in the BrokerBASE™ for each of the top 15 brokers in Turkey;

- also for the top 15 brokers, the approximate segmentation of their total broking revenues in 2015 (expressed as a percentage range) between commercial lines, personal lines, employee benefits plus life / health insurance, and wholesale insurance / reinsurance;

- forecasts for 2019 for the value of commercial non-life insurance premiums, brokers' distribution share of this market and the revenues predicted to be generated by brokers in that year from commercial lines.

Moreover, the study can be used in one or more of the following ways:

- to quantify the size and structure of both the underlying commercial non-life insurance sector and the associated commercial lines broking market in Turkey;

- to understand how the value of both of these is likely to segment by size of insured customer;

- to understand the competitive landscape for commercial lines broking in Turkey as defined by market concentration, the presence of international brokers and the business mix of the top 15 competitors;

- to identify the leading commercial lines brokers in Turkey, with coverage of competitors such as Aon, April Genç, Marsh & McLennan Companies, Nart Sigorta and Willis Towers Watson (including Gras Savoye).

Table Of Contents

Commercial Non-Life Insurance Brokers in Turkey
0.0 EXECUTIVE SUMMARY . 1
1.0 INTRODUCTION 3
What is this report about? 3
The focus is uniquely on commercial non-life (PandC) insurance, excluding other types of business. . 3
.and on brokerage, even where intermediaries can act as both agents and brokers . 3
Rationale . 3
In many countries, brokers constitute the most important distribution channel for commercial lines . 3
Methodology . 4
Research program 4
Market data analysis . 4
Definitions . 4
Premiums 4
Size of insured entity. 4
Abbreviations 5
BrokerBASE . 5
Finaccord 5
2.0 MARKET ANALYSIS . 7
Introduction . 7
Regulatory information . 7
Turkey's professional association for brokers has well over 100 members 7
Commercial non-life insurance market . 8
The Turkish commercial lines market has boomed in recent years… 8
… with growth achieved in real terms across all categories 8
Almost 40% of premiums are due to clients that are defined as ‘large' or ‘very large' 10
Commercial non-life insurance brokers 11
Overview of brokers' presence in the distribution of commercial non-life insurance 11
Turkey's market for commercial lines broking appears to be expanding rapidly… . 11
… and most business is secured from larger entities. 13
Competitor trends . 14
Marsh and McLennan Companies, Aon and April Genç are the market leaders… . 14
… although the brokers ranked from fifth to 15th are all indigenous ones . 14
13 of the top 15 brokers derive most of their revenues from commercial insurance 16
International broker networks . 17
Only one international network lacks a Turkey-based member . 17
Future outlook . 18
A real compound annual growth rate of over 10% is forecast for the broking market up to 2019 18

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Key market data for commercial non-life insurance brokers in Turkey, 2011, 2015 and 2019 (forecast) . 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS . 7
Segmentation of commercial non-life insurance gross written premiums in Turkey by line of business, 2015 8
Growth in commercial non-life insurance gross written premiums in Turkey segmented by line of business, 2011 to 2015 . 9
Segmentation of commercial non-life insurance gross written premiums in Turkey by line of business, 2011 to 2015 (table) . 9
Segmentation of commercial non-life insurance gross written premiums in Turkey between micro, small, medium, large and very large entities, 2015 . 10
Segmentation of commercial non-life insurance gross written premiums in Turkey between micro, small, medium, large and very large entities, 2015 (table) . 11
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Turkey, 2011 and 2015 12
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Turkey, 2011 and 2015 (table) 12
Segmentation of commercial non-life insurance broking revenues in Turkey between micro, small, medium, large and very large entities, 2015 . 13
Segmentation of commercial non-life insurance broking revenues in Turkey between micro, small, medium, large and very large entities, 2015 (table) . 14
Share of the top three and the top ten brokers in commercial non-life insurance broking in Turkey, 2011 and 2015 . 15
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Turkey, 2015 . 16
Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top 15 commercial non-life insurance brokers in Turkey, 2015 . 17
Partners of international broker networks in Turkey, 2016 18
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Turkey, 2019 (forecast) 19
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Turkey, 2019 (forecast) (table) 19

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