At this moment, over 70% of the Turkish insurers' capital share is owned by foreign companies. One of the most recent and important M&A operations, which confirmed the European interest for the Turkish market, was announced at the beginning of 2013 by ALLIANZ. The German Group is going to buy the Turkish YAPI KREDI Sigorta, a top 5 property - casualty insurer, including the life and pensions company YAPI KREDI Emeklilik, the 5th player on the life insurance segment (source: INSURANCE Profile Turkey 1H2013).
But why is the Turkish market so attractive? The current figures demonstrate the huge potential of the economy, the diversity of industries and a population of over 75 million, with a very low age average. "Turkey is one of the fastest growing economies compared to Western Europe and one thing that is for sure is that competition is increasing in Turkey".
In 1H 2013, the Turkish insurance market totaled TRY 12.5 billion (or EUR 5 billion), 25% more y-o-y.