Tuesday, September 17, 2013

Life Insurance Market Trends In Czech Republic, Iran, Turkey & United Kingdom 2013 - 2017: Recent Release



Life Insurance Market Trends In  Czech Republic, Iran, Turkey & United Kingdom Key Trends and Opportunities 2013 - 2017


The report provides in depth market analysis, information and insights into the Czech life insurance segment, including:

  • The Czech life insurance segment growth prospects by categories
  • The various distribution channels in the Czech life insurance segment
  • The competitive landscape in the life insurance segment in the Czech Republic
  • A description of the life reinsurance in the Czech Republic

Executive summary

The Czech Republic is the second-largest Central and Eastern European life insurance segment after Poland in terms of gross written premium. During the review period, the Czech life insurance segment grew at a CAGR of 5.8%. The country’s GDP declined marginally by 0.9% during the review period, resulting in an increase in the proportion of life insurance written premium to GDP from 1.32% in 2008 to 1.65% in 2012. Over the forecast period, the Czech insurance industry is expected to grow with the help of product innovations by insurers; single-premium products are expected to lead the industry’s growth.


The report provides in depth segment analysis, information and insights into the Iranian life insurance segment, including:

  • The Iranian life insurance industry’s growth prospects by life insurance categories and customer segments
  • The various distribution channels in the Iranian life insurance segment
  • The competitive landscape in the Iranian life insurance segment
  • A description of the life reinsurance segment in Iran

Executive summary

The Iranian life insurance segment accounted for the lowest market share of the Iranian insurance industry. With the implementation of more liberal trade policies, the number of state-owned insurance companies fell from four in 2006 to one in 2011, while the number of private insurers increased from 16 in 2008 to 24 in 2011. The life insurance segment represented 9.9% of the Iranian insurance industry in 2012. Consumer austerity measures and government initiatives to promote life insurance are expected to lead the segment to grow over the forecast period (2013–2017), at a CAGR of 26.8%, from a value of IRR9.9 trillion (US$0.99 billion) in 2012 to IRR32.5 trillion (US$3.25 billion) in 2017.


The report provides in depth industry analysis, information and insights of the Turkish life insurance segment, including:

  • The Turkish life insurance segment’s growth prospects by life insurance categories and customer segments
  • The various distribution channels in the Turkish life insurance segment
  • The competitive landscape in the Turkish life insurance segment
  • A description of the life reinsurance segment in Turkey

Executive summary

Turkey has one of the fastest-growing emerging economies in the world. Economic reforms in the country in 2001 led to a resurgence in economic activities in subsequent years, as Turkish GDP registered an average growth of 5.0% from 2002 to 2012. Steady economic growth facilitated the expansion of the industry in the country which grew at a review-period CAGR of 12.6%. The low penetration rate of 0.23%, coupled with favorable demographic factors, attracted several foreign companies into the Turkish life segment. Stable economic growth, ongoing regulatory reforms and enhanced distribution channels will drive growth over the forecast period.


The report provides in depth market analysis, information and insights of the UK life insurance segment, including:

  • The UK life insurance segment growth prospects by categories
  • The various distribution channels in the UK life insurance segment
  • The competitive landscape in the life insurance segment in the United Kingdom
  • A description of the life reinsurance in the United Kingdom

Executive summary

Life insurance was the largest segment in the UK insurance industry in 2012, accounting for 70.4% of total industry premiums. It is also one of the largest life insurance segments in Europe in gross written premium terms. The impact of the financial crisis, and subsequent European debt crisis, during the review period (2008–2012) resulted in a decline in consumer confidence. This decline adversely affected the demand for long-term insurance products, resulting in an overall decline in the UK life segment. However, the segment is expected to record growth over the forecast period following various initiatives taken by the government and life insurers. Life insurance products are predominantly distributed through brokers, with this channel accounting for 66.2% of the segment’s new business written premiums in 2012. 

The segment’s value declined at a review-period CAGR of 3.9%, however, the segment is expected to record a forecast-period CAGR of 1.5%. Growth will be driven by improvements in the UK’s economy, with IMF estimates expecting GDP to grow at a forecast-period CAGR of 2.2%. In addition, the expected implementation of Solvency II in January 2015 will result in stricter solvency and capital requirements, better risk management and higher profits.

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