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The Turkish Life Insurance Market: An Evaluation of the Current Situation and Future Challenges

In: Life Insurance in Europe

Author

Listed:
  • Ercan Ozen

    (University of Uşak)

  • Simon Grima

    (University of Malta)

Abstract

Turkey, with a population of 82 million, and despite being the world’s 18th largest economy is a country wherein insurance claims have not yet reached a sufficient level. In addition to local socio-economic problems stemming from international relations, this adversely affects the stability of the markets. The resulting problems also have a significant negative impact on life insurance. The aim of this study was to determine the development trends of the life insurance sector between the periods 2008 and 2019 in Turkey. The analysis is based on insurance and other economic data collected from different institutions such as the Organisation for Economic Co-operation and Development (OECD) countries, World Bank and TurkStat, including insurance associations. Insurance penetration in Turkey in 2018 averages 1.33%, that is, seven times lower than the average of OECD countries. On the other hand, the share of life insurance premiums in 2018 is 17.3% of the total insurance premiums collected, ranking second from the last of OECD countries in terms of premium. The findings highlight the trends in the Turkish life insurance sector and reveal that house loans and social trust play a very important role in the collection of the current life insurance premiums.

Suggested Citation

  • Ercan Ozen & Simon Grima, 2020. "The Turkish Life Insurance Market: An Evaluation of the Current Situation and Future Challenges," Financial and Monetary Policy Studies, in: Marta Borda & Simon Grima & Ilona Kwiecień (ed.), Life Insurance in Europe, chapter 0, pages 45-58, Springer.
    • Handle: RePEc:spr:fimchp:978-3-030-49655-5_4
    DOI: 10.1007/978-3-030-49655-5_4
    as

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