Turkey Health and Medical Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Turkey Health and Medical Insurance Market Analysis
Turkey's Health and Medical Insurance Market has generated gross revenue of USD 1.5 Billion in the current year and is poised to achieve a CAGR of more than 2.5% for the forecast period. To support the Universal Health Insurance (UHI) initiative, Turkey is developing its private health insurance sector, which presently accounts for only 2% of the overall health insurance coverage.
During the COVID-19 pandemic, healthcare systems are under extreme pressure. While the global pandemic had an impact on many industries, COVID-19 has surged growth in the Turkey Health and Medical Insurance sector. The health and medical insurance industry of Turkey has demonstrated its importance by offering COVID-19-specific health insurance plans and providing assistance to policyholders. Health insurance plan sales increased benefiting both customers and insurers. Health insurance providers with exclusive facilities and benefits observed a continuous rise in demand during the period.
More than 99% of Turkey's population have access to public health insurance which covers around 70% of the healthcare expense of the population. Private players are entering the market to provide a shorter waiting time for the people combined with different packages including travel health insurance, Children and family healthcare, and other medical services.
Turkey Health and Medical Insurance Market Trends
Rise In Private Health Insurance
Top-up insurance is the fastest-growing portion of the private medical insurance market in Turkey. According to the Insurance Association of Turkey, during the pandemic, health premiums increased by 22.9% in the country. The advent of complementary health insurance in health and Medical Insurance is raising the demand for private health insurance.
Private insurance companies in Turkey are providing two main types of coverage, namely in-patient coverage and out-patient coverage, and have additional premium payment for glasses (glass/frame/lens), with the coverage of dental expenses as the third type of insurance. Supplementary health insurance, where premiums are more economical, is becoming increasingly widespread with varied product alternatives in the market providing consumers access to more widely-assured products. The potential of these health and medical insurance products to reach larger audiences is a promising future of the market with increasing competition in the insurance sector raising investments in the health sector.
Fastest-growing Channel of Purchase of Private Health Insurance in Turkey is Through Insurance Agencies
Insurance agencies or third-party insurance payers make up more than 40% of the health or sickness insurance distribution in Turkey. They have a huge weight in terms of premium products. On the other hand, the share of brokers and banks has been picking up as a result of the universal health insurance coverage initiative. Insurance companies have greater opportunities to tap the bank's huge customer base. Turkey Bank's financial services experience, technological underwork, prevalent branch network, and bancassurance's distribution channel of cost, and sharing of sources, are acting as the factors necessitating bancassurance in bank and insurance companies.
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.
Turkey Health and Medical Insurance Industry Overview
Health Insurance exists as the most common insurance in Turkey. The inflation rate has increased by 10.5% over the period devaluing the Turkish currency with the medical cost trends set to rise by 18%. This further encourages many more healthcare providers to enjoy the privilege of tapping the market and gaining market share. Major players operating in the Turkey insurance market include Allianz Sigorta AS, Acıbadem Saglık ve Hayat Sigorta AS, Anadolu Anonim Türk Sigorta Sirketi, Mapfre Sigorta AS, Aksigorta AS, and Axa Sigorta AS, contributing more than 60% in the overall market value.
Turkey Health and Medical Insurance Market Leaders
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Aksigorta AŞ
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Allianz Sigorta
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Anadolu Sigrota
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MAPFRE Sigrota
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Acibadem Sigrota
*Disclaimer: Major Players sorted in no particular order
Turkey Health and Medical Insurance Market News
- In June 2022, Oman Insurance Company announced completing the sale of its insurance operations in Turkey to VHV Reasürans, Istanbul/Turkey, a company of VHV Group, Hannover/Germany. The deal resembles Oman Insurance's transformation and simplification strategy with the objective of focusing the company's resources on specific markets and segments.
- In September 2023, Cigna Healthcare, the global health benefits provider of The Cigna Group which has its operations in Turkey as well announced the launch of a new, customized health benefits plan 'Cigna Healthcare Global Plan for Seniors' aimed at supporting the health and vitality of globally mobile people aged 60 and older.
Turkey Health and Medical Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Rising Demand For Healthcare Services with ageing population
- 4.2.2 Government Healthcare Initiative increasing access to healthcare
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4.3 Market Restraints
- 4.3.1 Economic fluctuations in turkey affecting the market.
- 4.3.2 Existing Regional differences in healthcare facilities affecting the market.
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4.4 Market Opportunities
- 4.4.1 Technological innovation driving insurance penetration in the market.
- 4.4.2 Affordable Private insurance products raising demand for insurance
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4.5 Industry Attractiveness - Porters' Five Forces Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitutes
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Technological Innovations in Turkey Health And Medical Insurance Market
- 4.7 Impact of COVID-19 on the Market
5. Market Segmentation
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5.1 By Product type
- 5.1.1 Private Health Insurance (PMI)
- 5.1.2 Public/Social Security Schemes
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5.2 By Term of Coverage
- 5.2.1 Short-term
- 5.2.2 Long-term
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5.3 By Channel of Distribution
- 5.3.1 Brokers/Agents
- 5.3.2 Banks
- 5.3.3 Direct
- 5.3.4 Companies
- 5.3.5 Other Channels of Distribution
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration
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6.2 Company Profiles
- 6.2.1 Allianz Turkiye
- 6.2.2 ACIBADEM HEALTH GROUP
- 6.2.3 Anadolu Insurance
- 6.2.4 Mapfre Insurance
- 6.2.5 Aksigorta
- 6.2.6 AXA Insurance - Insurance Turkey's Trusted Brand
- 6.2.7 Eureko Insurance
- 6.2.8 Groupama Insurance
- 6.2.9 Solar Insurance
- 6.2.10 Sompo Japan
- 6.2.11 Yapi Kredi Insurance*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityTurkey Health and Medical Insurance Industry Segmentation
Health insurance with its greater flexibility provides extensive coverage for various health conditions while medical insurance provides limited coverage for specific health emergencies and is pre-defined, limited to specific injuries, accidents, and illnesses. Turkey's Health and Medical Insurance market is segmented by Product Type (Private Health Insurance and Social Security Schemes), Term of Coverage (Short-term and Long-term), and Channel of Distribution (Brokers/Agents, Banks, Companies, Direct Purchases, and Other Channels of Distribution). The report offers the market sizes and forecasts in value (USD million) for all the above segments.
| By Product type | Private Health Insurance (PMI) |
| Public/Social Security Schemes | |
| By Term of Coverage | Short-term |
| Long-term | |
| By Channel of Distribution | Brokers/Agents |
| Banks | |
| Direct | |
| Companies | |
| Other Channels of Distribution |
Turkey Health and Medical Insurance Market Research FAQs
What is the current Turkey Health and Medical Insurance Market size?
The Turkey Health and Medical Insurance Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in Turkey Health and Medical Insurance Market?
Aksigorta AŞ, Allianz Sigorta, Anadolu Sigrota, MAPFRE Sigrota and Acibadem Sigrota are the major companies operating in the Turkey Health and Medical Insurance Market.
What years does this Turkey Health and Medical Insurance Market cover?
The report covers the Turkey Health and Medical Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Turkey Health and Medical Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Turkey Health and Medical Insurance Industry Report
Statistics for the 2024 Turkey Health and Medical Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Turkey Health and Medical Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
