News Middle East03 Dec 2020

Turkey ranks among 10 markets with biggest insurance potential

| 03 Dec 2020

Turkey is among the 10 insurance markets with the highest insurance potential in the world, both in the life and non-life segments, according to MAPFRE Economics' Global Insurance Potential index (MAPFRE GIP) which is based on the latest available data from 2019.

The Top 10 markets on the MAPFRE GIP index are:

MAPFRE GIP (Life)

MAPFRE GIP (Non-life)

Rank

Market

Rank

Market

1

China

1

China

2

US

2

US

3

India

3

India

4

Russia

4

Russia

5

Indonesia

5

Indonesia

6

Germany

6

Japan

7

Japan

7

Germany

8

Brazil

8

Brazil

9

Turkey

9

Turkey

10

Mexico

10

Mexico

 

The MAPFRE GIP indicator is calculated for 96 insurance markets (including both developed and emerging markets), and the aim of it is to measure the insurance protection gap (IPG) across the globe by creating a metric that summarises the markets offering the highest insurance potential in the medium- and long-term. The indicator is built based on estimates of the size of the IPG in these markets, as well as their ability to consume it.

Number of years to fill insurance gap

MAPFRE predicts that it would take Turkey 25 years to fill the IPG in the domestic life sector and 19 years to do so in the domestic general insurance sector.

The MAPFRE GIP index also takes other variables into account alongside the IPG, including among other things, insurance penetration, economy size and population size.

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