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Kuwait Insurance Report Q1 2016

BMI View: We expect to see healthy growth in Kuwait's insurance market throughout the forecast period to2019, though the market will remain small in both regional and global terms, with life insurance inparticular 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 deterpotential investment. There is, however, substantial growth potential, including via the expanding takafullines. The country is undertaking reform of the financial sector, including implementing the Basel IIIbanking sector regulation and supervision framework, which will help to improve the operatingenvironment.

Key Updates And Forecasts

The government is reportedly considering further restricting expatriate access to public healthcare underongoing austerity measures, a measure which has come under criticism from private health practitionersin the country.

Non-life insurance premiums are expected to grow by around 5% annually throughout the forecast periodto 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 aroundUSD320mn throughout the forecast period.


BMI Industry View
Table: Headline Insurance Forecasts (Kuwait 2012-2019)
SWOT
Insurance
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Kuwait 2012-2019)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Kuwait 2012-2019)
Table: Non-Life Insurance Claims (Kuwait 2008-2014)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums By Product Line (Kuwait 2012-2019)
Insurance Risk/Reward Index
MENA Insurance Risk/Reward Index
Table: MENA Insurance Risk/Reward Index
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Company Profile
Al-Ahleia Insurance Company
Arig
Bahrain Kuwait Insurance Co (BKIC)
Gulf Insurance Group (GIG)
Kuwait Reinsurance Company
Warba Insurance
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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