Finaccord’s report titled Bancassurance in Turkey: Life, Non-Life and Creditor Insurance is about the distribution of insurance products through banks and other lending institutions in Turkey. Types of insurance considered are: investment-related life insurance and retirement savings; risk life insurance, critical illness insurance and income protection insurance; accident insurance, medical expenses insurance and health / hospital cash plans; personal motor insurance and household insurance; and creditor insurance for mortgages, consumer finance and credit cards.

Based on a survey of 34 organisations, it identifies 238 bancassurance distribution initiatives across these types of insurance, and highlights the operating models and product providers used in the vast majority of cases. Moreover, it analyses these bancassurance agreements in terms of ‘weighted partnerships’ which take into account the size of the retail customer base of the banking institutions distributing these policies, thereby differentiating between the most important relationships and those that are comparatively minor.

In addition, with the exception of creditor insurance, for which historic, current and forecast market size data is provided for 2007, 2011 and 2015, the report also sizes the market for the various types of insurance investigated in terms of gross written premiums between 2006 and 2010, provides a general introduction to the banking sector, comments upon the general influence of the bank distribution channel for these types of insurance, and presents available data for key bancassurance underwriters, including captives, joint ventures and other dedicated bancassurance underwriters.

You may be able to use this report and the PartnerBASE™ dataset that accompanies it in one or more of the following ways:

- gain access to a source of information that provides a comprehensive overview of the provision of a range of personal insurance products by a majority of significant banking entities in Turkey;

- identify partnership opportunities for these types of insurance that may arise either because a banking institution is not currently active or because there is scope for replacing an existing initiative;

- understand which underwriters and other product providers have been successful in establishing distribution relationships with the most important banking entities in Turkey;

- assess the background to the most significant bancassurance deals, differentiating between those that originate from long-term or strategic objectives and those that are more transient;

- appreciate the magnitude of the opportunity to sell different types of life, non-life and creditor insurance through banks and other lending institutions in Turkey.

Table Of Contents

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY . 1
1.0 INTRODUCTION . 3
What is this report about? 3
Distribution partnerships with banks and other lending institutions constitute the focus of this report . 3
Rationale . 3
Across Europe, over 80% of banking entities surveyed are active in this arena to one extent or another 3
Methodology 4
Survey of banks and other lending institutions . 4
Market data 4
Definitions 6
Investment-related life insurance 6
Retirement savings . 6
Risk life insurance . 6
Critical illness insurance 6
Income protection insurance . 7
Accident insurance 7
Health / hospital cash plans . 7
Medical expenses insurance . 7
Personal motor insurance . 7
Household insurance 7
Creditor insurance . 8
Mortgages, consumer finance and credit cards . 8
Weighted provider share of partnerships 8
Operating models 9
Abbreviations and exchange rates 10
Finaccord . 10
2.0 MARKET ANALYSIS 12
Banks and other lending institutions covered 12
Introduction to the banking sector 12
Investment-related life insurance and retirement savings 13
Insurance market size and growth 13
Contributions to individual pension contracts have grown rapidly since their introduction in 2003 13
Distribution share of banks 15
While already dominant, Turkish banks extended their distribution share in life insurance in 2010. 15
Bancassurance provision rates, operating models and partnerships . 16
Investment-related life insurance 16
Comparatively few Turkish banks distribute investment products in a life insurance ‘wrapper’ . 16
Vakif Emeklilik holds a distribution partnership with Tekstil Bank in addition to its parent Vakifbank . 16
Banks with no arrangement for investment-related life insurance include several significant institutions 16
Retirement savings 18
More banks offer retirement savings products than investment-related life insurance . 18
Several bank-owned pension companies also act as non-captive providers to separate banks. 18
. including Garanti Emeklilik ve Hayat as well as Anadolu Hayat Emeklilik and Vakif Emeklilik 18
Banks with no retirement savings proposition are generally smaller institutions . 18
MetLife has entered into a 15-year distribution partnership with Denizbank . 18
Performance of key bancassurance underwriters 20
Bank-owned captives and joint ventures accounted for over 80% of total life insurance in 2010 20
Protection-related life insurance . 21
Insurance market size and growth 21
The value of Turkish protection-related life insurance is set to exceed EUR 1 billion in 2011 21
Distribution share of banks 22
Bancassurance provision rates, operating models and partnerships . 23
Risk life insurance . 23
Apart from Aviva, the most prominent underwriters for this product mainly act in a captive capacity 23
Banks with no arrangement for risk life insurance are mainly smaller institutions 23
Critical illness insurance 25
Over a third of banks and other lending institutions promote critical illness insurance . 25
Income protection insurance . 27
Comparatively few Turkish banking institutions promote income protection insurance 27
Accident and health insurance 29
Insurance market size and growth 29
The value of Turkey’s accident and health market exceeded EUR 1 billion for the first time in 2010 29
Distribution share of banks 30
Almost a half of accident insurance premiums are distributed through the bancassurance channel 30
Bancassurance provision rates, operating models and partnerships . 31
Accident insurance 31
Accident policies are very frequently a component of the insurance offering of Turkish banks . 31
In addition to its captive tie with ??bank, Anadolu is also used as one of several providers by two other banks . 31
Ageas acquired a 31% stake in Aksigorta during the first quarter of 2011 31
MetLife has entered into a 15-year distribution partnership with Denizbank . 31
Medical expenses insurance . 34
Close to a half of banking institutions in Turkey sell medical expenses insurance . 34
Both AXA and Eureko hold significant non-captive distribution partnerships in this field . 34
Health / hospital cash plans . 36
Comparatively few Turkish banking institutions promote health or hospital cash plans . 36
Performance of key bancassurance underwriters 38
Bank-owned captives and joint ventures took over a quarter of personal accident insurance in 2010 38
Yapi Kredi Sigorta holds a market share in health insurance of close to 20% 40
Personal motor and household insurance 41
Insurance market size and growth 41
Household insurance makes up less than 10% of the combined total market . 41
Distribution share of banks 42
Turkish banks prosper in property insurance but struggle to make headway in motor insurance . 42
Bancassurance provision rates, operating models and partnerships . 43
Personal motor insurance . 43
Most banking institutions in Turkey have an arrangement in place for selling personal motor insurance . 43
AXA has established exclusive or shared partnerships with as many as seven banks 43
In addition to Anadolu and Ziraat Sigorta, four other captive underwriters operate in this market . 43
Household insurance 45
AXA’s drive to create bancassurance partnerships in Turkey is also evident in household insurance 45
Performance of key bancassurance underwriters 47
Bank-owned captives and joint ventures accounted for over a third of total motor insurance in 2010. . 47
. and also took a very significant share of business in household insurance 48
Creditor insurance 49
Consumer lending market size and growth 49
Mortgage lending 49
Growth in Turkish mortgage lending balances accelerated in 2010 49
Non-mortgage lending 50
The non-mortgage consumer credit sector is also making strong progress . 50
Credit and other pay later cards 51
Turkey’s market for credit and other pay later cards is one of the largest in Europe 51
Creditor insurance provision rates, operating models and partnerships . 53
Creditor insurance linked to mortgages 53
Creditor insurance is sold by all Turkish banking institutions that also offer mortgages . 53
The leading five underwriters are all captive or joint venture entities . 53
Non-captive competitors include AXA, Chartis, Groupama, I?ik and NEOVA 53
Creditor insurance linked to consumer finance 55
All but three entities offering non-mortgage loans have an arrangement for related creditor policies 55
By weighted share of partnerships, the top five insurers are the same as for mortgage-related cover . 55
Creditor insurance linked to credit cards . 57
Credit card payment protection insurance is available from ten out of 24 card issuers in Turkey 57
Creditor insurance risk coverage . 59
Cover for temporary incapacity and unemployment is available from some but not all banks . 59
Alternative distribution channels 60
Creditor insurance market size, growth and forecast . 60
By 2015, Turkish creditor insurance may be worth over ten times its value in 2007 60

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Overview of bancassurance provision rates for different types of insurance in Turkey, 2011 . 2
1.0 INTRODUCTION . 3
Banks and other lending institutions in Turkey contacted by Finaccord, segmented by type . 4
2.0 MARKET ANALYSIS 12
Gross written premiums for investment-related life insurance and retirement savings in Turkey, 2006-2010 13
Gross written premiums for investment-related life insurance and retirement savings in Turkey, 2006-2010 (data) 14
Distribution share of banks in life insurance and pensions in Turkey, 2009 and 2010 (data) 15
Bancassurance provision of investment-related life insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships 17
Bancassurance provision of retirement savings in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships . 19
Market share in total life insurance of key bancassurance underwriters in Turkey, 2006-2010 (data) . 20
Gross written premiums for protection-related life insurance in Turkey, 2006-2010 21
Gross written premiums for protection-related life insurance in Turkey, 2006-2010 (data) . 22
Bancassurance provision of risk life insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships . 24
Bancassurance provision of critical illness insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships . 26
Bancassurance provision of income protection insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships 28
Gross written premiums for accident and health insurance in Turkey, 2006-2010 29
Gross written premiums for accident and health insurance in Turkey, 2006-2010 (data) . 30
Distribution share of banks in total non-life, accident and health insurance in Turkey, 2009 and 2010 (data) 30
Bancassurance provision of accident insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships . 33
Bancassurance provision of medical expenses insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships 35
Bancassurance provision of health / hospital cash plans in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships . 37
Market share in personal accident insurance of key bancassurance underwriters in Turkey, 2006-2010 (data) 39
Market share in health insurance of key bancassurance underwriters in Turkey, 2006-2010 (data) 40
Gross written premiums for personal motor and household insurance in Turkey, 2006-2010 41
Gross written premiums for personal motor and household insurance in Turkey, 2006-2010 (data) . 42
Distribution share of banks in total non-life, motor and property insurance in Turkey, 2008-2010 (data) . 42
Bancassurance provision of personal motor insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships . 44
Bancassurance provision of household insurance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships . 46
Market share in total motor insurance of key bancassurance underwriters in Turkey, 2006-2010 (data) 47
Market share in household insurance of key bancassurance underwriters in Turkey, 2006-2010 (data) 48
Residential mortgage lending balances outstanding in Turkey (absolute and per capita), 2006-2010 49
Consumer non-mortgage lending balances outstanding in Turkey (absolute and per capita), 2006-2010 50
Credit and other pay later cards issued and per capita in Turkey, 2006-2010 . 51
Key data points for the consumer lending market in Turkey, 2006-2010 . 52
Provision of creditor insurance linked to mortgages in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships . 54
Provision of creditor insurance linked to consumer finance in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships 56
Provision of creditor insurance linked to credit cards in Turkey, 2011: provision rate, operating models and weighted provider share of partnerships . 58
Risk coverage of creditor insurance policies in Turkey, segmented by type of underlying product, 2011 59
Creditor insurance gross written premiums in Turkey, segmented by policy type, 2007, 2011 and 2015 (forecast) 60
Creditor insurance gross written premiums in Turkey, segmented by cover type, 2007, 2011 and 2015 (forecast) 61
Creditor insurance gross written premiums in Turkey segmented by policy and cover type, 2007, 2011 and 2015 (forecast) (data) . 61

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