The health insurance industry in Turkey is expected to see healthy growth over the next four years, according to a BRICdata report.
The Turkish health insurance category accounted for 12.5% of the overall country’s insurance industry.
During the review period (2007-11), the Turkish health insurance category grew at a compound annual growth rate (CAGR) of 12.02% from TRY1.2bn ($668m) in 2007 to TRY1.9bn ($1.5bn) in 2011.
The number of Turkish health insurance policies sold increased from 0.48 million in 2007 to 1.14 million in 2011.
During the forecast period (2012-16), the Turkish health insurance category is expected to grow at a CAGR of 10.89% to reach TRY3.2bn ($1.7bn) in 2016.
The number of new policies sold in the health insurance category is anticipated to total 2.53 million policies in 2016.
The penetration of health insurance in Turkey is also expected to grow from 0.16% of GDP in 2011 to 0.19% in 2016.
Even though private-sector companies have increased their market shares over the review period, the Turkish health insurance category is dominated by public-sector companies.
The full report ‘Business and Investment Opportunity in the Turkish Health Insurance Industry: Analyses and Forecasts to 2016’ is available from BRICdata. Click here for more details.