Opportunities in Middle East Insurance Market : Market Research Report

Opportunities in Middle East Insurance Market

Published by: RNCOS

Published: Nov. 1, 2007 - 80 Pages

1. Analyst View
2. Global Insurance Industry: 2.1 Overview; 2.2 Top Insurance Countries
3. Asian Insurance Industry: 3.1 Overview; 3.2 Top Insurance Countries
4. Middle East Insurance Industry: 4.1 Overview; 4.2 Top Insurance Countries
5. Industry Analysis: 5.1 Drivers; 5.2 Opportunities; 5.3 Challenges
6. Key Players: 6.1 Migdal Insurance & Financial Holdings Ltd.; 6.2 American Life Insurance Company; 6.3 Middle East Insurance Company; 6.4 Kuwait Insurance Company S.A.K; 6.5 Gulf Insurance Company; 6.6 Qatar Insurance Company; 6.7 Anadolu Anonim Turk Sigorta Sirketi
List of Figures:: Figure 2-1: Global - Share of Life & Non-Life Insurance Premium (%), 2006; Figure 3-1: Asia - Insurance Premium (in Billion US$), 2004-2006; Figure 4-1: Global - Share of Gross Insurance Premium Income in GDP by Region (%), 2005; Figure 4-2: Middle East - Insurance Premium by Top Countries (in Million US$), 2006; Figure 4-3: Turkey - Insurance Premium (in Million YTL), 2002-2006; Figure 4-4: Turkey - Forecast for Insurance Premium (in Million YTL), 2007-2011; Figure 4-5: Turkey - Life Insurance Premium (in Million YTL), 2002-2006; Figure 4-6: Turkey - Non-Life Insurance Premium (in Million YTL), 2002-2006; Figure 4-7: Turkey - Forecast for Non-Life Insurance Premium (in Million YTL), 2007-2011; Figure 4-8: Turkey - Segmentation of Insurance Premium by Branch (%), 2006; Figure 4-9: Turkey - Loss Ratio of Non-Life Insurance Premium by Branch (%), 2006; Figure 4-10: Israel - Life Insurance Premium (in Million NIS), 2003-2006; Figure 4-11: Israel - Forecast for Life Insurance Premium (in Million NIS), 2007-2011; Figure 4-12: Israel - Non-Life Insurance Premium (in Million NIS), 2001-2006E; Figure 4-13: Israel - Forecast for Non-Life Insurance Premium (in Million NIS), 2007-2011; Figure 4-14: Israel - Segmentation of Non-Life Insurance Premium by Branch (%), 2005; Figure 4-15: Iran - Forecast for Direct Insurance Premium Written (in Billion IRR), 2007-2011; Figure 4-16: Iran - Segmentation of Insurance Direct Premium Written by Branch (%), 2005; Figure 4-17: UAE - Insurance Premium (in Million US$), 2005 & 2006; Figure 4-18: UAE - Life Insurance Premium (in Million US$), 2005 & 2006; Figure 4-19: UAE - Non-Life Insurance Premium (in Million US$), 2005 & 2006; Figure 4-20: UAE - Share of Life & Non-Life Insurance Premium (%), 2006; Figure 4-21: UAE - Forecast for Insurance Premium (in Million US$), 2007-2011; Figure 4-22: Saudi Arabia - Insurance Premium (in Million SR), 2005 & 2006; Figure 4-23: Saudi Arabia - Gross Written Premium by Business Lines (%), 2006; Figure 4-24: Saudi Arabia - Forecast for Insurance Premium (in Million US$), 2007-2011; Figure 4-25: Qatar - Insurance Premium (in Million US$), 2004-2006; Figure 4-26: Qatar - Life Insurance Premium (in Million US$), 2004-2006; Figure 4-27: Qatar - Non-Life Insurance Premium (in Million US$), 2004-2006; Figure 4-28: Qatar - Forecast for Insurance Premium (in Million US$), 2007-2011; Figure 4-29: Jordan - Underwritten Insurance Premium (in Million JD), 2000-2006; Figure 4-30: Jordan - Forecast for Underwritten Insurance Premium (in Million JD), 2007-2011; Figure 4-31: Jordan - Segmentation of Underwritten Insurance Premium by Branch (%), 2006; Figure 4-32: Jordan - Segmentation of Insurance Claims Paid by Branch (%), 2006; Figure 4-33: Bahrain - Share of Life & Non-Life Insurance Premium (%), 2006; Figure 4-34: Bahrain - Life Insurance Premium (in Million BD) 2001-2006; Figure 4-35: Bahrain - Share of National & Foreign Companies in Life Insurance Premium (%), 2006; Figure 4-36: Oman - Insurance Premium (in Million US$), 2005 & 2006; Figure 4-37: Oman - Life Insurance Premium (in Million US$), 2005 & 2006; Figure 4-38: Oman - Non-Life Insurance Premium (in Million US$), 2005 & 2006; Figure 4-39: Oman - Direct Insurance Premium by Branch (%), 2006; Figure 4-40: Oman - Segmentation of Insurance Claims Paid by Branch (%), 2005; Figure 4-41: Oman - Forecast for Insurance Premium (in Million US$), 2007-2011; Figure 4-42: Kuwait - Insurance Premium (in Million US$), 2004-2006; Figure 4-43: Kuwait - Life Insurance Premium (in Million US$), 2004-2006; Figure 4-44: Kuwait - Non-Life Insurance Premium (in Million US$), 2004-2006; Figure 4-45: Kuwait - Forecast for Insurance Premium (in Million US$), 2007-2011; Figure 5-1: Israel - Per Head Health Care Spending (in US$), 2002-2007E; Figure 5-2: Israel, Iran & Turkey - Forecast for New Car Registrations (in ‘000), 2007-2011; Figure 5-3: Iran & Turkey - Forecast for Employment (in Million), 2007-2011
List of Tables:: Table 2-1: Global - Life & Non-Life Insurance Premium (in Million US$), 2003-2006E; Table 2-2: Global - Top Insurance Countries by Premium (in Million US$), 2006; Table 2-3: Global - Top Insurance Companies by Revenue (in Million US$), 2006; Table 2-4: Global - Top Property/Casualty Insurance Companies by Revenue (in Million US$), 2006; Table 2-5: Global - Top Life/Health Insurance Companies by Revenue (in Million US$), 2006; Table 2-6: Global - Top Insurance Brokers by Revenue (in Million US$), 2006; Table 2-7: Global - Top Reinsurers by Net Reinsurance Premium Written (in Million US$), 2005 & 2006; Table 3-1: Asia - Top Insurance Countries by Premium (in Million US$), 2006; Table 4-1: Turkey - Number of Insurance & Reinsurance Companies (2002-2006); Table 4-2: Israel - Life Insurance Premium by Company (in ‘000 NIS), 2006; Table 4-3: Israel - Non-Life Insurance Premium by Lines (in Million ILS), 2005; Table 4-4: Iran - Sales Network of Insurance Industry (in Numbers), 2003-2005; Table 4-5: Iran - Direct Insurance Premium Written (in Million IRR), 2000-2006; Table 4-6: Iran - Direct Insurance Premium Written by Branch (in Million IRR), 2005; Table 4-7: Iran - Insurance Premium Earned & Paid Losses (in Million IRR), 2005; Table 4-8: Jordan - Insurance Market Structure (in Number), 2006-07; Table 4-9: Bahrain - Gross Insurance Premiums & Claims by Branch (in Million BD), 2005 & 2006; Table 6-1: Migdal Insurance & Financial Holdings Ltd. - Key Financials (in ‘000 NIS), 2005 & 2006; Table 6-2: Middle East Insurance Company - Key Financials (in JD), 2005 & 2006; Table 6-3: Qatar Insurance Company - Key Financials (in ‘000 QR), 2005 & 2006; Table 6-4: Anadolu Anonim Turk Sigorta Sirketi - Key Financials (in TRY), 2005 & 2006

Abstract

The RNCOS report on “Opportunities in Middle East Insurance Market” provides extensive research and in-depth analysis of the insurance sector in the Middle East. This report helps clients to analyze the leading-edge opportunities critical to the success of the insurance industry in the region. Detailed data and analysis helps clients navigate the evolving insurance markets of the region.

For our research purpose, only Bahrain, Iran, Israel, Saudi Arabia, United Arab Emirates, Qatar, Oman, Kuwait, Jordan and Turkey have been included in the Middle East.

The forecast given in this report is not based on a complex economic model, but is intended as a rough guide to the direction in which the market is likely to move. This forecast is based on a correlation between past market growth and growth of base drivers.

Market Analysis

The insurance market in the Middle East is lagging behind other financial service sectors in the region, as evidenced by low penetration, undercapitalized supply and an underdeveloped regulatory framework.

However, the Middle East offers vast opportunities for existing as well as new players and is expected to grow at the compound rate of 18-20% in near future, attributed to its highly untapped market, rising awareness level, health consciousness and initiatives taken by government of respective countries in the region.

Looking at the country-wise performance, Turkey has written the highest premium among all the Middle East countries, followed by Israel, Iran and UAE while Oman remained at the lowest position in past two years (2004 and 2005). But in terms of growth, UAE took the lead with year on year (YOY) growth rate of 27.38% in 2006 followed by Turkey at 23.68%.

Key Findings

The rising graph of traffic accidents and death rate has been the main driver for the Middle East insurance industry.
Bancassurance will emerge as a big opportunity in the region.
Opportunities for the car insurance market will emerge as the number of new cars is expected to grow at appreciable rate.
Takaful insurance (Islamic insurance), whose global market is expected to grow five-fold by 2015, is expected to emerge as a big opportunity.

Key Issues and Facts

Which are the best performing countries in the Middle East?
How is growth in the health and group insurance driving the insurance sector?
What are the driving factors for insurance industry in the region?
What are the emerging opportunities and challenges for the industry players?
What are the most prospective areas for investments in the insurance sector in near future?
Which factors will lead to the growth of life and non-life insurance in the Middle East?
Who are the key players in the region?

Research Methodology Used

Information Sources

Information has been sourced from several authentic sources including books, newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and through access to more than 3000 paid databases.

Analysis Methods

The analysis methods include ratio analysis, historical trend analysis, linear regression analysis using software tools, judgmental forecasting, and cause and effect analysis.

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Opportunities in Middle East Insurance Market

Table of Contents

Abstract