The Property Insurance market in Turkey has been experiencing significant growth and development in recent years. Customer preferences in the Turkish Property Insurance market have been shifting towards comprehensive coverage plans that not only protect against standard risks like fire and theft, but also offer additional benefits such as natural disaster coverage and liability protection. Trends in the market indicate a rising demand for digital insurance solutions, with more customers opting to purchase property insurance online or through mobile apps. This shift towards digitalization has not only made it more convenient for customers to buy insurance, but has also increased market penetration and accessibility. Local special circumstances in Turkey, such as the increasing urbanization and infrastructure development, have played a key role in driving the growth of the Property Insurance market. As more residential and commercial properties are being built or renovated, there is a growing need for insurance coverage to protect these assets against various risks. Underlying macroeconomic factors, including the stability of the Turkish economy and government initiatives to promote insurance awareness, have also contributed to the positive trajectory of the Property Insurance market. As the economy continues to grow and the middle class expands, more individuals and businesses are investing in property insurance to safeguard their assets and mitigate potential financial losses.
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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