With a skilled workforce, dynamic private sector, growing middle class, nascent democratic government, and strategic geographic position, Turkey represents a tantalizing opportunity for premium-starved insurers.
Executive SummaryWhile political and seismic risks represent major challenges, low insurance penetration and growth in the construction and energy sectors are drawing cards for premium-starved European insurers.
But with a history of strongman politics, internal ethnic strife, a border shared with Syria in the midst of a civil war, and located on the periphery of the ever-politically volatile Middle-East, Turkey also poses a multitude of risks. Protests that began on May 31 over plans to demolish a park in central Istanbul are the latest evidence of prevailing risks. And those are just the man-made perils. Turkey is also in one of the most seismically-active areas of the world.
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