Boston, MA -- (SBWIRE) -- 08/10/2015 -- The expansion of the Turkish insurance sector in USD terms will be hampered, both in 2015 and through the forecast period as a whole, by the general weakness of the TRY. The general prospects for the non-life segment are favourable. Motor vehicle insurers should benefit from the rise in the number of cars on Turkey ' s roads and from coverage of previously uninsured vehicles. Property insurance should expand thanks to the growth in the number and value of insurable risks. Increasing private health expenditure is good news for the health insurers. Meanwhile, it seems reasonable to look for smaller sub-sectors (such as credit/financial guarantee insurance) to expand even more rapidly than the three largest sub-sectors. Persistent challenges such as the low income levels of many households will continue to retard the development of the life segment.

The Turkish currency has historically hampered the development of the insurance sector but it is underdeveloped nevertheless. In the life segment, especially, growth has been constrained by high levels of inflation. Households have largely been discouraged by inflation when it comes to the life segment. Total penetration should be equivalent to

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Turkey has an under-developed insurance sector largely due to the economic volatility. Total penetration in 2015 should be equivalent to 1.4% of GDP in 2015. Total density is estimated to be USD133 per capita.

In the life segment, high levels of inflation have limited the opportunities for growth as households have been discouraged from entering into insurance contracts. Accounting for nearly 90% of all activities, the non-life segment is the largest. Turkey is viewed as a strategic market opportunity by the world's leading multinational insurers.

Many of these have entered the market through constructive partnerships with leading Turkish groups. Ageas' strategic alliance with Aksigorta is one example of this; the union between Allianz and the Koc group, another.

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