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Kuwait Insurance Report Q3 2016

  • June 2016
  • -
  • Business Monitor International
  • -
  • 48 pages

Includes 3 FREE quarterly updates

BMI View: Kuwait's insurance sector is one of the smaller markets in the Middle East region, with limitedrates of penetration and density reflecting a lack of demand for non-compulsory products. The non-lifemarket is largely dominated by compulsory motor insurance and, for the large expatriate population,compulsory health insurance and these two sectors are expected to lead growth over the medium term. Inthe life sector a generous social welfare system and cultural barriers will continue to hinder development,though some demand will stem from the expatriate market.

Key Updates And Forecasts

- A number of large-scale development projects will stimulate growth in the non-life sector, particularlyengineering lines and property cover. For example, in May 2016 Kuwait signed an agreement with SouthKorea to build a USD4bn smart city in the west of the country, incorporating 25,000 residential units.

- Life insurance accounts for around a quarter of premiums written in the Kuwaiti insurance sector. Lifeinsurance premiums are expected to grow slowly but steadily throughout the forecast period, rising fromUSD314mn in 2016 to USD324mn in 2020.

- The larger non-life market is expected to record stronger growth between 2016 and 2020, benefiting froma more diverse market which is less reliant upon the expatriate consumer base. Non-life premiums writtenare currently forecast to increase from USD933mn in 2016 to USD1.2bn in 2020.

Table Of Contents

Kuwait Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Kuwait 2013-2020) 5
SWOT 6
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Kuwait 2013-2020) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Kuwait 2013-2020) 15
Table: Non-Life Insurance Claims (Kuwait 2009-2015) 15
Non-Life Sub-Sector Forecast 16
Table: Non-Life Insurance Premiums by Product Line (Kuwait 2013-2020) 23
Insurance Risk/Reward Index 24
MENA Insurance Risk/Reward Index 24
Table: MENA Insurance Risk/Reward Index - Q316 25
Market Overview 26
Life Market Overview 26
The Product Offering 26
The Competitive Landscape 27
Non-Life Market Overview 28
The Product Offering 28
The Competitive Landscape 29
Company Profile 31
Al-Ahleia Insurance Company 31
Bahrain Kuwait Insurance Co (BKIC) 33
Gulf Insurance Group (GIG) 35
Kuwait Reinsurance Company 38
Warba Insurance 40
Methodology 42
Industry Forecast Methodology 42
Risk/Reward Index Methodology 45
Table: Indicators 47
Table: Weighting of Indicators 48

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