Foreign investors enticed by market transformation

Changes to the insurance law and the approximation of Turkish operating requirements to those of the European Union, including the need for some of the smaller companies to increase their capital, are likely to drive further consolidation and it is expected that the number and nature of companies operating in the market will suffer significant changes over the next few years

According to the Turkish Insurance Supervisory Board figures, at the beginning of March 2008 there were 51 companies licensed to operate in the market comprising 29 non-life companies and 22 life companies. In addition, there is one reinsurer operating. No information is available regarding the types of companies.