Mexico and Turkey are the Two Most Liberal Insurance Markets in the Peer Group

Date: 2015-09-10

“• The insurance industries in Mexico, Indonesia, Kenya, Turkey and Vietnam registered a significant growth during the review period, and their combined gross written premium was US$68.2 billion in 2014.

• Mexico and Turkey are the two most liberal insurance markets in the peer group, with both allowing 100% foreign direct investment. Both these markets provide equal opportunities for domestic and foreign insurers to operate.

• As urbanization gradually brings economic development, it also creates opportunities for insurers. The urban populations in Kenya, Vietnam, Indonesia, Turkey and Mexico grew by 19.0%, 12.9%, 11.5%, 8.4% and 6.4% respectively between 2010 and 2014. Rising employment opportunities and disposable incomes create demand for savings, and life and non-life insurance products.

• Healthcare insurance in Mexico, Kenya and Vietnam grew at high review-period CAGRs of 10.22%, 32.66% and 24.16% respectively, as a result of increased healthcare expenditure. Changing lifestyle patterns, rising disposable income and the prevalence of numerous diseases will encourage more consumers to invest in private healthcare.”

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