The report presents an in-depth assessment of the Turkey Health And Medical Insurance including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Turkey Health And Medical Insurance investments from 2019 till 2024.
The Turkey health and medical insurance market is expected to register a healthy CAGR of 18%, during the forecast period of 2019-2024.
Major players operating in the market are Allianz Sigorta A_, Acbadem Sa_lk ve Hayat Sigorta A_, and Anadolu Anonim Trk Sigorta _irketi, Mapfre Sigorta A_, Aksigorta A_, and Axa Sigorta A_, which contribute more than 60% in the overall market value. In Turkey, the inflation has increased by 10.5%, and with the weaker Turkish lira, the medical cost trends are set to rise by 18%. This further encourages many more healthcare providers to enjoy the privilege of tapping the market, thus gaining the market share.
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Scope of the Report
A complete background analysis of the Turkey health insurance industry, including an assessment of the national health accounts, economy, and emerging market trends by segments, significant changes in market dynamics, and market overview, is covered in the report.
Key Market Trends
Private Health Insurance Picking Up among Turkish Population to Meet the Growing Health Needs
Top up insurance is the fastest growing portion of the private medical insurance market in Turkey. According to the Insurance Association of Turkey, in 2016, health premiums increased by 22.9%, compared to the previous year. The advent of complementary health insurances in this area indicates that the demand for private health insurance may increase in the coming years, and that there may be more growth in this area.
Since the inception of complementary health insurance in 2013, there has been significant rise in the health insurance coverage, owing to the availability of qualified and high standards of healthcare in private health institutions.
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Fastest Growing Channel of Purchase of Private Health Insurance in Turkey is through Insurance Agencies
Insurance agencies or third-party insurance payers make up for more than 40% of the health or sickness insurance distribution in Turkey. They have huge weight in terms of premium production. On the other hand, the share of brokers and banks have been picking up, as a result of the universal health insurance coverage initiative. Insurance companies have greater opportunities to tap the banks huge customer base. Also, the banks financial services of experience, technological underwork, prevalent branch network, and bancassurances distribution channel of cost, sharing of sources, etc., as the factors necessitate bancassurance in bank and insurance company.
One of the most important changes in the Turkish insurance sector, over the past few years, was bancassurance. Banking institutions and insurance companies have found bancassurance to be quite attractive and, often profitable, to their existing activities.
Health insurance premiums share was about 12% of the total non-life insurance in 2013, whereas it grew by more than 14% in 2017. Non-life insurance traffic, in terms of the number of policies purchased, has been declining from 2013 to 2016.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Turkey Health And Medical Insurance Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
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