In recent years, the Life insurance market in Turkey has been experiencing significant growth and development. Customer preferences in the Turkish life insurance market have been shifting towards more comprehensive and customizable insurance products that offer a wide range of coverage options. Customers are increasingly looking for policies that not only provide financial protection in case of unexpected events but also offer investment opportunities for long-term financial planning. Trends in the market indicate a growing demand for unit-linked life insurance products in Turkey. These products, which combine life insurance coverage with investment options, have been gaining popularity among customers seeking both protection and potential returns on their premiums. Additionally, there is a noticeable trend towards digitalization in the distribution of life insurance products, with more customers opting to purchase policies online or through mobile applications. Local special circumstances in Turkey, such as a young and growing population with increasing disposable income, contribute to the development of the life insurance market. As the awareness of the importance of financial planning and security grows among Turkish consumers, the demand for life insurance products is expected to continue rising. Underlying macroeconomic factors, including stable economic growth, low interest rates, and regulatory reforms in the insurance industry, also play a significant role in shaping the life insurance market in Turkey. The favorable economic conditions provide a conducive environment for insurance companies to introduce innovative products and expand their customer base. Overall, the Life insurance market in Turkey is witnessing a positive trajectory driven by evolving customer preferences, emerging trends in product offerings, local market dynamics, and supportive macroeconomic factors.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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