Turkey, a vast and promising market
14/06/2011
With gross domestic product growth of 8 percent in 2010 and a population of over 70 million-60 percent of them under the age of 35-the Turkish market harbours tremendous growth potential. "The emergence of a middle class is contributing to strong growth in the savings insurance market in Turkey and will most certainly stimulate the protection segment as well," says Cemal Kismir, Head of Cardif in Turkey.
BNP Paribas Cardif experienced significant development in Turkey in 2010, acquiring 100% of Fortis Emeklilik, a specialist in savings and pension fund products. The company also signed an exclusive agreement to distribute pension savings and protection products via the TEB and Fortis Bank branch networks.
BNP Paribas Cardif has positioned itself in insurance coverage for a new risk category, unemployment, developing a range of protection solutions that cover creditor insurance, revenue protection and other guarantees. Unemployment insurance has met with considerable success while establishing BNP Paribas Cardif's legitimacy in this market.
Moving forward, the company aims to optimize the availability of its products from partner networks and exploit all their distribution channels, from branches to telemarketing and ATMs. "We have a balanced range of protection and savings insurance products that let us address the many needs that remain to be covered in this market," Cemal Kismir adds.
