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General Insurance in Kuwait, Key Trends and Opportunities to 2021

Published By :

GlobalData

Published Date : Apr 2018

Category :

Banking

No. of Pages : 120 Pages

General Insurance in Kuwait, Key Trends and Opportunities to 2021

Summary

GlobalDatas 'General Insurance in Kuwait, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Kuwaiti general insurance segment, and a comparison of the Kuwaiti insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Kuwaiti economy and demographics, explains the various types of natural hazard and their impact on the Kuwaiti insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalDatas research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

This report provides in-depth market analysis, information and insights into the Kuwaiti General insurance segment, including -
- The Kuwaiti general segments detailed outlook by product category
- A comprehensive overview of the Kuwaiti economy and demographics
- A comparison of the Kuwaiti general insurance segment with its regional counterparts
- The various distribution channels in the Kuwaiti general insurance segment
- Detailed analysis of natural hazards and their impact on the Kuwaiti insurance industry
- Details of the competitive landscape in the general insurance segment in Kuwait
- Details of regulatory policy applicable to the Kuwaiti insurance industry

Key Highlights

- The government is in the process of implementing a new insurance law, replacing the Insurance Law 1961. According to the draft law, the capital requirements for non-life insurers will be increased from the current requirement of KWD5.0 million (US$16.5 million) to KWD10.0 million (US$33.1 million).
- On February 5, 2018, the Ministry of Interior (MoI) announced the implementation of Article No. 41 of the Traffic Law, which permits the immediate settlement of minor traffic accident claims.
- On October 1, 2017, the Ministerial Decree pertaining to an increase in health fees for expatriate residents and visitors came into effect.
- In February 2016, the Kuwaiti government directed the Ministry of Health (MoH) to make liability cover for medical errors mandatory for health practitioners, including medical and dental professionals.
- According to the Ministerial Decree issued on April 19, 2015, foreign insurers are no longer required to establish a stockholding company with a minimum capital of KWD5.0 million (US$16.6 million) to operate insurance business respectively in Kuwait.

Scope

- This report provides a comprehensive analysis of the General insurance segment in Kuwait.
- It provides historical values for the Kuwaiti general insurance segment for the reports 2012-2016 review period, and projected figures for the 2016-2021 forecast period.
- It offers a detailed analysis of the key categories in the Kuwaiti general insurance segment, and market forecasts to 2021.
- It provides a comparison of the Kuwaiti general insurance segment with its regional counterparts
- It analyzes the various distribution channels for general insurance products in Kuwait.
- It analyzes various natural hazards and their impact on the Kuwaiti insurance industry
- It profiles the top general insurance companies in Kuwait, and outlines the key regulations affecting them.

Reasons to buy

- Make strategic business decisions using in-depth historic and forecast market data related to the Kuwaiti general insurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Kuwaiti general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
- Gain insights into key regulations governing the Kuwaiti insurance industry, and their impact on companies and the industry's future.
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross Written Premium and Penetration
4.2.2 Claims
4.2.3 Profitability
5 Outlook By Sub-Segment
5.1 Property Insurance
5.1.1 Overview
5.1.2 Premium
5.1.3 Claims
5.1.4 Profitability
5.2 Motor Insurance
5.2.1 Overview
5.2.2 Premium
5.2.3 Claims
5.2.4 Profitability
5.3 Liability Insurance
5.3.1 Overview
5.3.2 Premium
5.3.3 Claims
5.3.4 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Overview
5.4.2 Premium
5.4.3 Claims
5.4.4 Profitability
5.5 Personal Accident and Health Insurance
5.5.1 Overview
5.5.2 Premium
5.5.3 Claims
5.5.4 Profitability
6 Distribution Channel Outlook
7 Natural and Man-Made Hazards
7.1 Sandstorms
7.2 Cloudbursts/Floods
7.3 Climate Change
7.4 Exposure
8 Competitive Landscape
8.1 Company Profiles 69
8.1.1 Gulf Insurance and Reinsurance Company - Company Overview
8.1.2 Al Ahleia Insurance Company Sakp - Company Overview
8.1.3 Kuwait Insurance Company Sak - Company Overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes In Regulation
9.3 Legislation and Market Practice By Type Of Insurance
9.3.1 Life Insurance
9.3.2 Property Insurance
9.3.3 Motor Insurance
9.3.4 Liability Insurance
9.3.5 Marine, Aviation and Transit Insurance
9.3.6 Personal Accident and Health Insurance
9.4 Compulsory Insurance
9.5 Supervision and Control
9.5.1 Ministry Of Commerce and Industry (Moci)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market Practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type Of Insurance Organization
9.7.2 Establishing A Local Company
9.7.3 Foreign Ownership
9.7.4 Types Of License
9.7.5 Capital Requirements
9.7.6 Solvency Margin
9.7.7 Reserve Requirements
9.7.8 Investment Regulations
9.7.9 Statutory Return Requirements
9.7.10 Fee Structure
9.8 Taxation
9.8.1 Insurance Premium Or Policy Taxation
9.8.2 Withholding Taxes On Premium Paid Overseas
9.8.3 Corporate Tax
9.8.4 Vat
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access To Court
9.9.3 Alternative Dispute Resolution
10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Retail General Insurance By Product
10.4 Commercial General Insurance By Product
10.5 Property Insurance
10.6 Property Insurance By Product
10.7 Motor Insurance
10.8 Motor Insurance By Product
10.9 Liability Insurance
10.10 Marine, Aviation and Transit Insurance
10.11 Personal Accident and Health Insurance
10.12 Health Insurance
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About GlobalData
12.1 Contact GlobalData
12.2 About GlobalData
12.3 GlobalDataS Services
12.4 Disclaimer

List of Tables
Table 1: Kuwaiti General Insurance - Key Facts, 2016
Table 2: Kuwaiti General Insurance - Leading insurers
Table 3: Comparison of GCC Countries
Table 4: Kuwaiti Government Credit Ratings
Table 5: Kuwaiti General Insurance - Gross Written Premium (KWD Million and US$ Billion), 2012-2016
Table 6: Kuwaiti General Insurance - Gross Written Premium by Consumer Segment (KWD Million), 2012-2016
Table 7: Kuwaiti General Insurance - Penetration (%), 2012-2016
Table 8: Kuwaiti General Insurance - Gross Written Premium (KWD Million and US$ Billion), 2016-2021
Table 9: Kuwaiti General Insurance - Gross Written Premium by Consumer Segment (KWD Million), 2016-2021
Table 10: Kuwaiti General Insurance - Penetration (%), 2016-2021
Table 11: Kuwaiti General Insurance - Premium per Capita (KWD and US$), 2012-2016
Table 12: Kuwaiti General Insurance - Premium per Capita (KWD and US$), 2016-2021
Table 13: Kuwaiti General Insurance - Paid Claims (KWD Million and US$ Million), 2012-2016
Table 14: Kuwaiti General Insurance - Paid Claims (KWD Million and US$ Million), 2016-2021
Table 15: Kuwaiti General Insurance - Loss Ratio (%), 2012-2016
Table 16: Kuwaiti General Insurance - Loss Ratio (%), 2016-2021
Table 17: Kuwaiti General Insurance - Direct Written Premium by Sub-Segment (KWD Million), 2012-2016
Table 18: Kuwaiti General Insurance - Direct Written Premium by Sub-Segment (KWD Million), 2016-2021
Table 19: Kuwaiti Commercial General Insurance - Direct Written Premium by Sub-Segment (KWD Million), 2012-2016
Table 20: Kuwaiti Commercial General Insurance - Direct Written Premium by Sub-Segment (KWD Million), 2016-2021
Table 21: Kuwaiti Retail General Insurance - Direct Written Premium by Sub-Segment (KWD Million), 2012-2016
Table 22: Kuwaiti Retail General Insurance - Direct Written Premium by Sub-Segment (KWD Million), 2016-2021
Table 23: Kuwaiti Property Insurance - Direct Written Premium by Category (KWD Million), 2012-2016
Table 24: Kuwaiti Property Insurance - Direct Written Premium by Category (KWD Million), 2016-2021
Table 25: Kuwaiti Property Insurance - Paid Claims (KWD Million and US$ Million), 2012-2016
Table 26: Kuwaiti Property Insurance - Paid Claims (KWD Million and US$ Million), 2016-2021
Table 27: Kuwaiti Property Insurance - Loss Ratio (%), 2012-2016
Table 28: Kuwaiti Property Insurance - Loss Ratio (%), 2016-2021
Table 29: Kuwaiti Motor Insurance - Number of Vehicles by Type (Thousand), 2012-2016
Table 30: Kuwait Motor Insurance - Road Accident Numbers, 2012-2016
Table 31: Kuwaiti Motor Insurance - Direct Written Premium by Category (KWD Million), 2012-2016
Table 32: Kuwaiti Motor Insurance - Direct Written Premium by Category (KWD Million), 2016-2021
Table 33: Kuwaiti Motor Insurance - Paid Claims (KWD Million and US$ Million), 2012-2016
Table 34: Kuwaiti Motor Insurance - Paid Claims (KWD Million and US$ Million), 2016-2021
Table 35: Kuwaiti Motor Insurance - Loss Ratio (%), 2012-2016
Table 36: Kuwaiti Motor Insurance - Loss Ratio (%), 2016-2021
Table 37: Kuwaiti Liability Insurance - Direct Written Premium (KWD Million and US$ Million), 2012-2016
Table 38: Kuwaiti Liability Insurance - Direct Written Premium (KWD Million and US$ Million), 2016-2021
Table 39: Kuwaiti Liability Insurance - Paid Claims (KWD Million and US$ Million), 2012-2016
Table 40: Kuwaiti Liability Insurance - Paid Claims (KWD Million and US$ Million), 2016-2021
Table 41: Kuwaiti Liability Insurance - Loss Ratio (%), 2012-2016
Table 42: Kuwaiti Liability Insurance - Loss Ratio (%), 2016-2021
Table 43: Kuwaiti Transport Network - Global Rankings
Table 44: Kuwaiti Marine, Aviation and Transit Insurance - Direct Written Premium (KWD Million and US$ Million), 2012-2016
Table 45: Kuwaiti Marine, Aviation and Transit Insurance - Direct Written Premium (KWD Million and US$ Million), 2016-2021
Table 46: Kuwaiti Marine, Aviation and Transit Insurance - Paid Claims (KWD Million and US$ Million), 2012-2016
Table 47: Kuwaiti Marine, Aviation and Transit Insurance - Paid Claims (KWD Million and US$ Million), 2016-2021
Table 48: Kuwaiti Marine, Aviation and Transit Insurance - Loss Ratio (%), 2012-2016
Table 49: Kuwaiti Marine, Aviation and Transit Insurance - Loss Ratio (%), 2016-2021
Table 50: Kuwaiti Personal Accident and Health Insurance - Direct Written Premium by Category (KWD Million), 2012-2016
Table 51: Kuwaiti Personal Accident and Health Insurance - Direct Written Premium by Category (KWD Million), 2016-2021
Table 52: Kuwaiti Personal Accident and Health Insurance - Paid Claims (KWD Million and US$ Million), 2012-2016
Table 53: Kuwaiti Personal Accident and Health Insurance - Paid Claims (KWD Million and US$ Million), 2016-2021
Table 54: Kuwaiti Personal Accident and Health Insurance - Loss Ratio (%), 2016-2021
Table 55: Kuwaiti Personal Accident and Health Insurance - Loss Ratio (%), 2016-2021
Table 56: Kuwaiti General Insurance Industry - Leading Insurers
Table 57: Gulf Insurance and Reinsurance Company - Key Facts
Table 58: Gulf Insurance and Reinsurance Company - Key Financials (KWD Million), 2011-2015
Table 59: Al Ahleia Insurance Company SAK - Key Facts
Table 60: Al Ahleia Insurance Company SAK - Key Financials (KWD Million), 2011-2015
Table 61: Kuwait Insurance Company SAK - Key Facts
Table 62: Kuwait Insurance Company SAK- Key Financials (KWD Million), 2011-2015
Table 63: Kuwait - Insurance Regulatory Framework Key Features
Table 64: Kuwait - Life Insurance Regulatory Framework
Table 65: Kuwait - Property Insurance Regulatory Framework
Table 66: Kuwait - Motor Insurance Regulatory Framework
Table 67: Kuwait - Liability Insurance Regulatory Framework
Table 68: Kuwait - Corporate Tax Rates for the Financial Year 2018
Table 69: Kuwaiti General Insurance - Policies and Premium, 2012-2016
Table 70: Kuwaiti General Insurance - Policies and Premium, 2016-2021
Table 71: Kuwaiti General Insurance - Claims and Expenses, 2012-2016
Table 72: Kuwaiti General Insurance - Claims and Expenses, 2016-2021
Table 73: Kuwaiti Retail General Insurance by Product, 2012-2016
Table 74: Kuwaiti Retail General Insurance by Product, 2016-2021
Table 75: Kuwaiti Commercial General Insurance by Product, 2012-2016
Table 76: Kuwaiti Commercial General Insurance by Product, 2016-2021
Table 77: Kuwaiti General Insurance - Property Insurance, 2012-2016
Table 78: Kuwaiti General Insurance - Property Insurance, 2016-2021
Table 79: Kuwaiti General Insurance - Property Insurance by Product, 2012-2016
Table 80: Kuwaiti General Insurance - Property Insurance by Product, 2016-2021
Table 81: Kuwaiti General Insurance - Motor Insurance, 2012-2016
Table 82: Kuwaiti General Insurance - Motor Insurance, 2016-2021
Table 83: Kuwaiti General Insurance - Motor Insurance by Product, 2012-2016
Table 84: Kuwaiti General Insurance - Motor Insurance by Product, 2016-2021
Table 85: Kuwaiti General Insurance - Liability Insurance, 2012-2016
Table 86: Kuwaiti General Insurance - Liability Insurance, 2016-2021
Table 87: Kuwaiti General Insurance - Marine, Aviation and Transit Insurance, 2012-2016
Table 88: Kuwaiti General Insurance - Marine, Aviation and Transit Insurance, 2016-2021
Table 89: Kuwaiti General Insurance - Personal Accident and Health Insurance, 2012-2016
Table 90: Kuwaiti General Insurance - Personal Accident and Health Insurance, 2016-2021
Table 91: Kuwaiti General Insurance - Health Insurance, 2012-2016
Table 92: Kuwaiti General Insurance - Health Insurance, 2016-2021
Table 93: Insurance Industry Definitions

List of Figures
Figure 1: Kuwaiti Real GDP (KWD Million), 2012-2021
Figure 2: Kuwaiti Exchange Rate (KWD - US$), 2012-2021
Figure 3: Kuwaiti Inflation, Consumer Prices (%), 2012-2021
Figure 4: Kuwaiti Current Account Balance as Percentage of GDP (%), 2012-2016
Figure 5: Kuwaiti Unemployment Rate, 2012-2021
Figure 6: Kuwaiti Population by Age Group, 2000-2025
Figure 7: Kuwaiti General Insurance Penetration - Regional Comparison (%), 2016
Figure 8: Kuwaiti General Insurance Segment By Direct Written Premium Share (%) - Regional Comparison (%), 2016
Figure 9: Kuwaiti General Insurance - Gross Written Premium (KWD Million), 2012-2021
Figure 10: Kuwaiti General Insurance - Penetration (%), 2012-2021
Figure 11: Kuwaiti General Insurance - Gross Written Premium by Consumer Segment (KWD Million), 2012-2021
Figure 12: Kuwaiti General Insurance - Premium per Capita (KWD), 2012-2021
Figure 13: Kuwaiti General Insurance - Paid Claims (KWD Million), 2012-2021
Figure 14: Kuwaiti General Insurance - Direct Written Premium by Sub-Segment (KWD Million), 2012-2021
Figure 15: Kuwaiti General Insurance - Direct Written Premium Dynamics by Sub-Segment, 2012-2021
Figure 16: Kuwaiti Commercial General Insurance - Direct Written Premium by Sub-Segment (KWD Million), 2012-2021
Figure 17: Kuwaiti Commercial General Insurance - Direct Written Premium Dynamics by Sub-Segment, 2012-2021
Figure 18: Kuwaiti Retail General Insurance - Direct Written Premium by Sub-Segment (KWD Million), 2012-2021
Figure 19: Kuwaiti Retail General Insurance - Direct Written Premium Dynamics by Sub-Segment, 2012-2021
Figure 20: Kuwaiti Property Insurance - Construction Value Output by Category (KWD Million), 2011-2016
Figure 21: Kuwaiti Property Insurance - Direct Written Premium by Category (KWD Million), 2012-2021
Figure 22: Kuwaiti Property Insurance - Direct Written Premium Dynamics by Category, 2012-2021
Figure 23: Kuwaiti Property Insurance - Paid Claims (KWD Million), 2012-2021
Figure 24: Kuwaiti Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012-2021
Figure 25: Kuwaiti Motor Insurance - Direct Written Premium by Category (KWD Million), 2012-2021
Figure 26: Kuwaiti Motor Insurance - Direct Written Premium Dynamics by Category, 2012-2021
Figure 27: Kuwaiti Motor Insurance - Paid Claims (KWD Million), 2012-2021
Figure 28: Kuwaiti Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012-2021
Figure 29: Kuwaiti Liability Insurance - Direct Written Premium (KWD Million), 2012-2021
Figure 30: Kuwaiti Liability Insurance - Paid Claims (KWD Million), 2012-2021
Figure 31: Kuwaiti Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012-2021
Figure 32: Kuwaiti Exports and Imports (KWD Billion), 2012-2016
Figure 33: Kuwaiti Marine, Aviation and Transit Insurance - Direct Written Premium (KWD Million), 2012-2021
Figure 34: Kuwaiti Marine, Aviation and Transit Insurance - Paid Claims (KWD Million), 2012-2021
Figure 35: Kuwaiti Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012-2021
Figure 36: Kuwaiti Personal Accident and Health Insurance - Paid Claims (KWD Million), 2012-2021
Figure 37: Kuwaiti Personal Accident and Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012-2021
Figure 38: Kuwait - Insurance Regulatory Frameworks for Company Registration and Operation

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