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Kuwait Insurance Report Q1 2016

  • December 2015
  • -
  • Business Monitor International
  • -
  • 52 pages

Includes 3 FREE quarterly updates

BMI View:

We expect to see healthy growth in Kuwait's insurance market throughout the forecast period to 2019, though the market will remain small in both regional and global terms, with life insurance in particular reflecting low rates of penetration and density. Kuwait's insurance market is highly fragmented, and a lack of sufficient regulatory oversight continues to undermine the operating environment and deter potential investment. There is, however, substantial growth potential, including via the expanding takaful lines. The country is undertaking reform of the financial sector, including implementing the Basel III banking sector regulation and supervision framework, which will help to improve the operating environment.


Key Updates And Forecasts

- The government is reportedly considering further restricting expatriate access to public healthcare under ongoing austerity measures, a measure which has come under criticism from private health practitioners
in the country.
- Non-life insurance premiums are expected to grow by around 5% annually throughout the forecast period to reach USD1.1bn in 2019, up from USD0.9bn in 2015.
- The smaller life sector is expected to show slower growth, meaning premiums will remain low at around USD320mn throughout the forecast period.

Table Of Contents

Kuwait Insurance Report Q1 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Kuwait 2012-2019) 5
SWOT 6
Insurance . 6
Industry Forecast . 8
Life Premiums Forecast 8
Table: Life Premiums (Kuwait 2012-2019) . 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Kuwait 2012-2019) . 15
Table: Non-Life Insurance Claims (Kuwait 2008-2014) . . 15
Non-Life Sub-Sector Forecast .. 16
Table: Non-Life Insurance Premiums By Product Line (Kuwait 2012-2019) . . 24
Insurance Risk/Reward Index 25
MENA Insurance Risk/Reward Index .. 25
Table: MENA Insurance Risk/Reward Index . . 26
Market Overview 27
Life Market Overview . 27
The Product Offering 27
The Competitive Landscape 28
Non-Life Market Overview 29
The Product Offering 29
The Competitive Landscape 30
Company Profile . 32
Al-Ahleia Insurance Company .. 32
Arig 34
Bahrain Kuwait Insurance Co (BKIC) 37
Gulf Insurance Group (GIG) . 39
Kuwait Reinsurance Company . 42
Warba Insurance . 44
Methodology . 46
Industry Forecast Methodology . 46
Risk/Reward Index Methodology 49
Table: Indicators . 51
Table: Weighting of Indicators . 52

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ref:plp2015

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