Business opportunities with a Turkish aroma: Baden-Baden Turkish Evening
The professionals interested in the business opportunities offered by the Turkish market gathered on the 22nd of October at the Baden-Baden Turkish Evening, organized by LOCKTON Re and Istanbul Underwriting Center. During this event, a new special issue of INSURANCE Profile Turkey, a Media XPRIMM publication, was launched. The publication outlines the key points of the Turkey economy and of the local insurance market evolution for 2012 and 1H /2013.
Turkey represents an interesting country for foreign investors, given its huge potential of the economy, the diversity of industries and a population of over 75 million with a very low age average. As far as the market results are concerned, in the first half of 2013, the Turkish insurance market continued its ascending path, the volume of GWP increasing by almost 25%, to approximately EUR 5 billion, according to the Association of insurers, reinsurers and pensions companies of Turkey. Despite this positive trend, the share of the insurance market in the GDP remained at a low level, 1.37%, although it is expected to go up to 1.45% for FY2013.
In its first pages, the new issue of INSURANCE Profile Turkey includes a macroeconomic analysis of the Turkish "miracle", underlining the key-points of the local economy and Turkey's advantages for foreign investors, which include its location on the map, its accessible and cost-effective workforce, the tax and non-tax incentives and the legal framework. The magazine also includes interviews with representatives of the authorities, associations and important companies activating on the insurance market. Moreover, together with the insurance market results for 2012 and the first half of 2013, it is presented the case study of TCIP - the mandatory insurance system for natural catastrophes, launched after the devastating earthquakes in Marmara (17th of August and 12th of November 1999).
The Baden-Baden Turkish Evening, organized during the Baden-Baden annual meeting of reinsurers and insurers, took place in the elegant setting of the Kurhaus Casino.
Author: Adina TUDOR
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