Market Guide: Life Insurance and Pensions Market Overview in Turkey 2006

• Publication date: October 2007
• Report size: 22 pages

IntroductionThis market research report is most appropriate for industry players looking for an overview of the life insurance and pensions industry s in order to assess the level of industry opportunity (using our industry data and projections ), regulatory barriers and opportunities, and level of competition in the industry . For more detailed industry data please refer to European Life and Pensions Interactive Database 2006....

Introduction

This market research report is most appropriate for industry players looking for an overview of the life insurance and pensions industry s in order to assess the level of industry opportunity (using our industry data and projections ), regulatory barriers and opportunities, and level of competition in the industry . For more detailed industry data please refer to European Life and Pensions Interactive Database 2006.

Scope

Financial Services Industry in Turkey

Overview 1
Catalyst 1
Summary 1
Summary 2
Following compound annual growth of 46.9% in the last five years, between 2006 and 2010, growth in the Turkish life and pensions industry is set to decline slightly to 43% 2
The Turkish life and pensions industry grow ed at a compound annual rate of 46.9% between 2001 and 2005 2
Strong growth in both life insurance and pensions will be sustained between 2006 and 2010 2
New legislation supports industry development 2
The industry is led by domestic companies 2
4 out of the top 5 life insurance industry leaders benefit from the influence of major foreign insurers 2
Data table of Contents 3
Data table of figures 4
Data table of tables 5
MARKET OVERVIEW 6
The Turkish life and pensions industry grow ed at a compound annual rate of 46.9% between 2001 and 2005 6
The Turkish life and pensions industry experienced compound annual growth of 46.9% between 2001 and 2005 6
MARKET FORECASTS 8
Strong growth in both life insurance and pensions will be sustained between 2006 and 2010 8
Over the next 5 years, premium income is set to grow at a compound annual rate of 43% 8
MARKET REGULATION 10
New legislation supports industry development 10
The Directorate General of Insurance regulates the life insurance and pensions segment 10
Turkey's legislative framework for insurance continues to be developed 11
New regulations establish investment and reporting guidelines for pensions providers 11
Revised tax codes will affect insurance contributions 11
COMPETITIVE MARKET STRUCTURE 13
The industry is led by domestic companies 13
The Turkish life and pensions industry is dominated by domestic providers 13
The top 5 life insurers control two-thirds of the industry by gross premium income 14
The top 5 pension mutual funds account for 70% of the industry by net asset values 15
MARKET LEADERS 17
4 out of the top 5 life insurance industry leaders benefit from the influence of major foreign insurers 17
Anadolu Hayat Emeklilik is the life insurance industry leader, based on premium income in 2005 17
Aviva Hayat ve Emeklilik trails the industry leader in the life insurance segment 17
Yapi Kredi Emeklilik ranks third among life insurance industry players 17
Basak Emeklilik is the fourth highest ranked life insurer by premium income 18
Koc Allianz Hayat ve Emeklilik rounds out the top 5 life insurers 18
APPENDIX 19
Definitions 19
Capital redemption policy / bond 19
Composite insurer 19
Defined contribution pension scheme 19
Defined benefits pension scheme 19
Group policy 19
Individual pension scheme 19
Individual policy 19
Life assurance 19
Occupational pension scheme 20
Pension insurance policy 20
Premium income 20
Regular premium 20
Single premium 20
Technical provisions 20
Traditional insurance 20
Unit-linked insurance 20
Further reading 20
Interactive Databases 20
Reports and Briefs 21
Ask the analyst 22
Datamonitor consulting 22
Disclaimer 22
List of Tables
Data table 1: Life and pensions insurance premium income, sector ed by product, Euros m, from 2001 to 2005 7
Data table 2: Life and pensions insurance premium income, sector ed by product, in percentages, from 2001 to 2005 7
Data table 3: Life and pensions insurance premium income, sector ed by product, Euros m, from 2006 to 2010 8
Data table 4: Life and pensions insurance premium income, sector ed by product, in percentages, from 2006 to 2010 9
Data table 5: Number of life insurance and pensions providers sector ed by type, as at Dec 2005 14
Data table 6: Top 5 life insurers by gross premium income, as at Dec 2005 15
Data table 7: Top 5 pension mutual funds by net asset values, as at Dec 2005 16
List of Figures
Chart 1: Life premiums accounted for 57% of total premium income in 2005 6
Chart 2: Life insurance will continue to account for the majority of life and pensions income 8
Chart 3: Domestic insurers represent 88% of the Turkish life and pensions industry by number 13
Chart 4: Anadolu Hayat Emeklilik leads the Turkish life insurance segment 14
Chart 5: Ak Emeklilik leads the Turkish pensions segment 15