Insurance

The Turkish insurance sector is dominated by 25 multinational insurance companies, which held some 52% of the market in 2012. Gross insurance premiums grew 15.5% in nominal lira terms, or 8.8% in real terms, in 2012, and subscriber growth reached 18% that year. Protecting non-vehicular property accounted for 22% of the insurance market in 2012, with the largest segments fire (9%) and earthquake (4%) coverage, which are typically marketed together in “housing packages”. While in previous years the sector had largely followed the fortunes of the wider economy, in 2012 it maintained comparatively high growth rates, even as the overall economy slowed. The pensions segment even accelerated its growth, thanks to the strong performance of the capital markets and a new government incentive to match payments. This chapter contains an interview with Mehmet Bostan, Chairman, Pension Monitoring Centre.