The potential for insurance in Turkey
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Alfredo Muñoz: “MAPFRE Sigorta has been growing at a faster rate than the industry for the past five years, and ranks fourth in Non-Life in the country.”

MAPFRE Sigorta CEO Alfredo Muñoz commented recently during Turkey Insurance Week on the potential of the industry and the strong growth the company is enjoying, 32% in 2016, outperforming the industry average over the past five years.

MAPFRE Sigorta, among the top insurance companies in the country and number four in Non-life, saw its premiums climb by 30.5%, to give it a 12.23% market share. The fourth largest company in Health, with even better expectations for this year, it also stands fifth in Automobile insurance, as well as being the most recommended insurer.

Muñoz stressed that the country has high potential, with forthcoming projects strongly linked to digital transformation, one of MAPFRE’s strategic pillars.

According to the latest quaterly update of the Panorama report, MAPFRE’s Economic Research arm forecasts economic growth for Turkey of around 2.9%, far below its potential and the 6% growth recorded in 2015.