Sustained growth of motor insurance

Analysts forecast growth for Turkish motor insurance for the next four years. This class of business has reported a 4.5% increase of the premium average annual rate between 2007 (2.6 billion USD) and 2011 (3.1 billion USD). The growth reported by the sale of vehicles and the country’s booming economy are the main causes behind this growth. Car sales have risen from 229 800 units in 2008 to 379 100 units in 2011. Written premiums are poised to attain 3.9 billion USD by 2016, while a consolidation of the market is expected. Big insurers are tempted to consolidate their market share by acquiring competitors.