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Middle East Insurance Market Outlook to 2017 - Motor and Health Segment to Channel the Growth

  • November 2013
  • -
  • Ken Research Private Limited
  • -
  • 422 pages

Summary

Table of Contents

EXECUTIVE SUMMARY

The report titled ‘Middle East Insurance Market Outlook to 2017 – Motor and Health Segment to Channel the Growth’ provides a comprehensive analysis of the various aspects such as market size, segmentation, trends and developments and future projections of the life and various non-life insurance such as motor, health, accident and liability, fire, property, marine, cargo and others as key segments of the insurance markets of various countries which include Israel, Iran, UAE, Saudi Arabia, Bahrain and Jordan. The report provides the market shares in major segments and company profiles of major players in the market. It also covers brief snapshots of the insurance markets of Turkey, Egypt, Lebanon and Oman.

The Middle East insurance industry has experienced a consistent positive growth over the past five years on account of high economic development, population growth, favorable regulatory environment and primarily increased awareness among the population in the region. The insurance industry of the region is dominated by Turkey, Israel, Iran, UAE and Kingdom of Saudi Arabia which together accounted for 90% of the gross premiums underwritten in the region in 2012. The various factors which have propelled the insurance industry in the Middle East region during 2007-2012 include various demographic factors such as, focus on economic diversification of various countries, compulsory health insurance schemes, favorable regulatory framework and increased consumer awareness level about insurance products and their benefits.

The insurance market in the region is increasingly becoming congested by a large number of local and foreign insurance companies. The growing competition is affecting the profitability especially those of the newly established and small insurance companies. The increasing fragmentation of the market is also affecting the underwriting capacities of the companies. The combined life and non-life gross written premiums (GWP) in the Middle East region amounted to USD ~ million in 2012 which increased at a CAGR of 13.2% since 2007 from USD 30,382.2 million of gross premiums.

Non-life segment in Middle East has consistently dominated the insurance market of the region with a contribution of 74.6% in 2007 and 75.8% in 2012. Middle East insurance market is segmented into ten countries which include Turkey, Israel, Iran, UAE, Saudi Arabia, Egypt, Lebanon, Oman, Jordan and Bahrain. Turkey is the largest insurance market in the region and accounts for ~% of the gross premiums underwritten in the region. This is closely followed by Israel which represents 22.5% of the premiums underwritten in Middle East region.

Israel
With total insurance premium of USD ~ million in 2012, the Israel insurance market is significant in absolute terms as well as percentage of GDP. The insurance penetration in the country is comparable with number of OECD countries. The market is dominated by life insurance which represented 54.6% of the gross premiums underwritten in the country in the year 2012. Motor vehicle propriety insurance is the largest segment and contributes 27.4% to the non-life insurance market.

Iran
As of 2011, the insurance market of Iran is comprised of 25 insurance companies with 850 branches, 25,304 insurance agents, 384 official brokers, 3,956 life insurance agents and 106 loss adjusters which were active in the country. The insurance premiums underwritten in the country has increased robustly during the last five years from USD 3,382.4 million in 2007 to USD ~ million in 2012 registering a CAGR of 26.6% during 2007-2012. Iran Insurance (Bimeh Iran) is the largest player in insurance market of Iran. It is a state owned company and holds ~% of market share in terms of gross written premiums.

UAE
The UAE life insurance segment represented 19.7% of the gross written premiums in the insurance market of the country in 2012. On the other hand around 80.3% of the gross premiums were written in the non-life insurance market of UAE in the same year. The life insurance market of UAE is classified into New Life business and Business in-force for the insurance companies on the basis of the gross written premiums. While the business in-force accounted for 69.1% of the gross premiums written in the life insurance market of the country in 2012, the new life business represented 30.9% of the written premiums by the life insurance companies in the same year. In the base case scenario analysis, the life insurance market of the country is projected to grow at a CAGR of 16.7% during 2012-2017 where the gross premiums written by the life insurers are estimated to reach USD ~ million in 2017 from USD ~ million in 2012.

KEY TOPICS COVERED IN THE REPORT

- The market size of the Middle East insurance market by value in terms of gross written premiums.
- The market segmentation of the Middle East insurance market by country and by life and non-life insurance.
- The market size of Israel, Iran, UAE, Saudi Arabia, Bahrain, Jordan, Turkey, Egypt, Lebanon and Oman on the basis of gross written premiums.
- Market segmentation of Israel, Iran, UAE, Saudi Arabia, Bahrain, Jordan, Turkey, Egypt, Lebanon and Oman insurance markets by life and non-life insurance.
- Market segmentation of Israel, Iran, UAE, Saudi Arabia, Bahrain, Jordan, Turkey, Egypt, Lebanon and Oman non-life insurance markets by motor, medical, accident and liability, fire, property, marine , cargo and others.
- Market Size and future projections of various segments in Israel, Iran, UAE, Saudi Arabia, Bahrain and Jordan.
- Future Projections of Israel, Iran, UAE, Saudi Arabia, Bahrain, Jordan, Turkey, Egypt, Lebanon and Oman insurance markets on the basis of gross written premiums.
- Market share of major players in motor, health, property, marine insurance and other segments.
- Company Profiles of major players in Israel, Iran, UAE, Saudi Arabia, Bahrain and Jordan insurance markets.
- Trends and developments in the Middle East insurance market.
- Future outlook and projections of the Middle East insurance market.

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