Turkey key to growth according to BNP Paribas

One of the leading European insurance companies, BNP Paribas Cardiff believes that Turkey will be important to growth and has backed Turkey for strong development.

BNP executive, Jean-Bertrand Laroche, said “Turkey stands out as a promising market for us.” Laroche went on the say: “Turkey has proved itself to be a highly promising market since our first entry in 2007. We expect the upward trend in the insurance market to continue.”

Laroche was particularly impressed with the strong economic state of Turkey, with growth accelerating to 11 percent in the first quarter, outperforming China. He said: “Turkey’s economic growth far outpaced Europe and even beat China in the first quarter.”

BNP Paribas aim to reach 900 million Turkish Lira in total volume of individual pension funds by the end of 2012. The company currently stand at 450 million Turkish Lira and Laroche believes the expanding Turkish middle class will help them reach their target.  Laroche said: “With a growing middle class and low insurance penetration, Turkey is one of the most lucrative markets for insurance companies.”

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