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Kuwait insurance industry trends and 2017 opportunities reviewed in new market research reports

: Saturday, May 10 - 2014 @ 13:34

RnRMarketResearch.com offers new Kuwait insurance market research reports on life and non-life insurance, reinsurance as well as personal accident and health insurance sectors in its store.

Life Insurance in Kuwait, Key Trends and Opportunities to 2017 market research report says life insurance was the smallest segment in the Kuwaiti insurance industry in 2012, accounting for 19.3% of the industry’s total written premium. The segment’s value increased during the review period (2008-2012) at a compound annual growth rate (CAGR) of 10.5%. It is expected to record a CAGR of 8.2% over the forecast period. Insurance brokers and agencies were the main channels of distribution for life insurance products in Kuwait in 2012, accounting for 48.0% and 39.6% of the new business written premium respectively. This growth can be attributed to an increase in awareness about life insurance, and rising disposable incomes.

Personal Accident and Health Insurance in Kuwait, Key Trends and Opportunities to 2017 market research report says this segment was the second-largest segment in the Kuwaiti insurance industry in 2012, accounting for 19.7% of total industry premiums. The segment’s value increased during the review period (2008-2012) at a compound annual growth rate (CAGR) of 17.9% . Health insurance accounted for the largest share of the segment’s written premiums in 2012 with 74.4%. Insurance brokers and agencies were the main channels of distribution in 2012, accounting for 51.5% and 39.0% of the written premium new business respectively. The segment is expected to retain its position as the second-largest segment over the forecast period (2012-2017). It will be supported by the country’s rising healthcare expenditure and improving consumer awareness regarding the benefits of personal accident and health insurance.

Non-Life Insurance in Kuwait, Key Trends and Opportunities to 2017 industry research report says non-life was the largest segment in the Kuwaiti insurance industry in 2012, accounting for 61.0% of total industry premiums. The segment’s value increased during the review period (2008-2012) at a compound annual growth rate (CAGR) of 6.6% . Non-life insurance is expected to retain its position as the largest segment over the forecast period (2012-2017). Motor insurance was the largest category within the segment in terms of written premium during the review period. The category accounted for 39.7% of the overall non-life insurance written premium. Agencies and direct marketing were the main channels of distribution for non-life products in Kuwait, accounting for 40.1% and 25.6% of the new business written premium respectively in 2012. The growth in non-life insurance can be attributed to increased construction activity and mandatory motor insurance.

Reinsurance in Kuwait, Key Trends and Opportunities to 2017 industry research report says the Kuwaiti reinsurance segment comprised two companies in 2012: Kuwait Reinsurance (Kuwait Re), a conventional reinsurer, and Al Fajer Retakaful (Al Fajer Re), a retakaful company. Both companies are working to accelerate their activities and are driven by demand for reinsurance in the insurance industry. Exposure to reinsurance of Kuwaiti insurers is relatively high, although retention is low. Treaty reinsurance accounted for 89.0% of the total reinsurance written premium in 2012, while facultative reinsurance accounted for 11.0%.

The competitive landscape (companies profiled) of these Kuwait insurance industry reports cover Gulf Life Insurance Company, Al Ahleia Insurance Company SAK, MetLife Alico Kuwait, Kuwait Insurance Company SAK, Warba Insurance Company, Enaya Insurance Company, Bahrain Kuwait Insurance Company (BSC), Kuwait Qatar Insurance Company, Oriental Insurance Co. Ltd, Kuwait Reinsurance (Kuwait Re) and Al Fajer Retakaful (Al Fajer Re).

Each of the above reports provide nearly 100 (at times more) data tables and figures to support the information and analysis on the Kuwait insurance market.

Contact:

Priyank Tiwari
TX, Dallas North – Dominion Plaza,
17304, Preston Road,
Suite 800, Dallas 75252
Tel: +1-888-391-5441

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Saturday, May 10- 2014 @ 13:34 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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