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General Insurance in Kuwait, Key Trends and Opportunities to 2021

General Insurance in Kuwait, Key Trends and Opportunities to 2021

Summary

GlobalData’s '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 GlobalData’s 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 segment’s 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 report’s 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.


  • Key Facts and Highlights
    • Table Kuwaiti General Insurance – Key Facts, 2016
    • Table Kuwaiti General Insurance – Leading insurers
  • Executive Summary
  • Economy and Demographics
    • Table Figure 1: Kuwaiti Real GDP (KWD Million), 2012–2021
    • Table Comparison of GCC Countries
    • Table Kuwaiti Government Credit Ratings
    • Table Figure 2: Kuwaiti Exchange Rate (KWD – US$), 2012–2021
    • Table Figure 3: Kuwaiti Inflation, Consumer Prices (%), 2012–2021
    • Table Figure 4: Kuwaiti Current Account Balance as Percentage of GDP (%), 2012–2016
    • Table Figure 5: Kuwaiti Unemployment Rate, 2012–2021
    • Table Figure 6: Kuwaiti Population by Age Group, 2000–2025
  • Segment Outlook
    • Regional Comparison
      • Table Figure 7: Kuwaiti General Insurance Penetration – Regional Comparison (%), 2016
      • Table Figure 8: Kuwaiti General Insurance Segment By Direct Written Premium Share (%) – Regional Comparison (%), 2016
    • Segment Indicators
      • Gross written premium and penetration
        • Table Kuwaiti General Insurance – Gross Written Premium (KWD Million and US$ Billion), 2012– 2016
        • Table Kuwaiti General Insurance – Gross Written Premium by Consumer Segment (KWD Million), 2012–2016
        • Table Kuwaiti General Insurance – Penetration (%), 2012–2016
        • Table Kuwaiti General Insurance – Gross Written Premium (KWD Million and US$ Billion), 2016– 2021
        • Table Kuwaiti General Insurance – Gross Written Premium by Consumer Segment (KWD Million), 2016–2021
        • Table Kuwaiti General Insurance – Penetration (%), 2016–2021
        • Table Figure 9: Kuwaiti General Insurance – Gross Written Premium (KWD Million), 2012–2021
        • Table Figure 10: Kuwaiti General Insurance – Penetration (%), 2012–2021
        • Table Figure 11: Kuwaiti General Insurance – Gross Written Premium by Consumer Segment (KWD Million), 2012–2021
        • Table Kuwaiti General Insurance – Premium per Capita (KWD and US$), 2012–2016
        • Table Kuwaiti General Insurance – Premium per Capita (KWD and US$), 2016–2021
        • Table Figure 12: Kuwaiti General Insurance – Premium per Capita (KWD), 2012–2021
      • Claims
        • Table Kuwaiti General Insurance – Paid Claims (KWD Million and US$ Million), 2012–2016
        • Table Kuwaiti General Insurance – Paid Claims (KWD Million and US$ Million), 2016–2021
        • Table Figure 13: Kuwaiti General Insurance – Paid Claims (KWD Million), 2012–2021
      • Profitability
        • Table Kuwaiti General Insurance – Loss Ratio (%), 2012–2016
        • Table Kuwaiti General Insurance – Loss Ratio (%), 2016–2021
  • Outlook by Sub-Segment
    • Table Kuwaiti General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012–2016
    • Table Kuwaiti General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2016–2021
    • Table Figure 14: Kuwaiti General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012–2021
    • Table Figure 15: Kuwaiti General Insurance – Direct Written Premium Dynamics by Sub-Segment, 2012–2021
    • Table Kuwaiti Commercial General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012–2016
    • Table Kuwaiti Commercial General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2016–2021
    • Table Figure 16: Kuwaiti Commercial General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012–2021
    • Table Figure 17: Kuwaiti Commercial General Insurance – Direct Written Premium Dynamics by Sub- Segment, 2012–2021
    • Table Kuwaiti Retail General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012–2016
    • Table Kuwaiti Retail General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2016–2021
    • Table Figure 18: Kuwaiti Retail General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012–2021
    • Table Figure 19: Kuwaiti Retail General Insurance – Direct Written Premium Dynamics by Sub-Segment, 2012–2021
    • Property Insurance
      • Overview
        • Table Figure 20: Kuwaiti Property Insurance – Construction Value Output by Category (KWD Million), 2011–2016
      • Premium
        • Table Kuwaiti Property Insurance – Direct Written Premium by Category (KWD Million), 2012– 2016
        • Table Kuwaiti Property Insurance – Direct Written Premium by Category (KWD Million), 2016– 2021
        • Table Figure 21: Kuwaiti Property Insurance – Direct Written Premium by Category (KWD Million), 2012–2021
        • Table Figure 22: Kuwaiti Property Insurance – Direct Written Premium Dynamics by Category, 2012–2021
      • Claims
        • Table Kuwaiti Property Insurance – Paid Claims (KWD Million and US$ Million), 2012–2016
        • Table Kuwaiti Property Insurance – Paid Claims (KWD Million and US$ Million), 2016–2021
        • Table Figure 23: Kuwaiti Property Insurance – Paid Claims (KWD Million), 2012–2021
      • Profitability
        • Table Kuwaiti Property Insurance – Loss Ratio (%), 2012–2016
        • Table Kuwaiti Property Insurance – Loss Ratio (%), 2016–2021
        • Table Figure 24: Kuwaiti Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012–2021
    • Motor Insurance
      • Overview
        • Table Kuwaiti Motor Insurance – Number of Vehicles by Type (Thousand), 2012–2016
        • Table Kuwait Motor Insurance – Road Accident Numbers, 2012–2016
      • Premium
        • Table Kuwaiti Motor Insurance – Direct Written Premium by Category (KWD Million), 2012–2016
        • Table Kuwaiti Motor Insurance – Direct Written Premium by Category (KWD Million), 2016–2021
        • Table Figure 25: Kuwaiti Motor Insurance – Direct Written Premium by Category (KWD Million), 2012–2021
        • Table Figure 26: Kuwaiti Motor Insurance – Direct Written Premium Dynamics by Category, 2012– 2021
      • Claims
        • Table Kuwaiti Motor Insurance – Paid Claims (KWD Million and US$ Million), 2012–2016
        • Table Kuwaiti Motor Insurance – Paid Claims (KWD Million and US$ Million), 2016–2021
        • Table Figure 27: Kuwaiti Motor Insurance – Paid Claims (KWD Million), 2012–2021
      • Profitability
        • Table Kuwaiti Motor Insurance – Loss Ratio (%), 2012–2016
        • Table Kuwaiti Motor Insurance – Loss Ratio (%), 2016–2021
        • Table Figure 28: Kuwaiti Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012–2021
    • Liability Insurance
      • Overview
      • Premium
        • Table Kuwaiti Liability Insurance – Direct Written Premium (KWD Million and US$ Million), 2012–2016
        • Table Kuwaiti Liability Insurance – Direct Written Premium (KWD Million and US$ Million), 2016–2021
        • Table Figure 29: Kuwaiti Liability Insurance – Direct Written Premium (KWD Million), 2012–2021
      • Claims
        • Table Kuwaiti Liability Insurance – Paid Claims (KWD Million and US$ Million), 2012–2016
        • Table Kuwaiti Liability Insurance – Paid Claims (KWD Million and US$ Million), 2016–2021
        • Table Figure 30: Kuwaiti Liability Insurance – Paid Claims (KWD Million), 2012–2021
      • Profitability
        • Table Kuwaiti Liability Insurance – Loss Ratio (%), 2012–2016
        • Table Kuwaiti Liability Insurance – Loss Ratio (%), 2016–2021
        • Table Figure 31: Kuwaiti Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012–2021
    • Marine, Aviation and Transit Insurance
      • Overview
        • Table Kuwaiti Transport Network – Global Rankings
        • Table Figure 32: Kuwaiti Exports and Imports (KWD Billion), 2012–2016
      • Premium
        • Table Kuwaiti Marine, Aviation and Transit Insurance – Direct Written Premium (KWD Million and US$ Million), 2012–2016
        • Table Kuwaiti Marine, Aviation and Transit Insurance – Direct Written Premium (KWD Million and US$ Million), 2016–2021
        • Table Figure 33: Kuwaiti Marine, Aviation and Transit Insurance – Direct Written Premium (KWD Million), 2012–2021
      • Claims
        • Table Kuwaiti Marine, Aviation and Transit Insurance – Paid Claims (KWD Million and US$ Million), 2012–2016
        • Table Kuwaiti Marine, Aviation and Transit Insurance – Paid Claims (KWD Million and US$ Million), 2016–2021
        • Table Figure 34: Kuwaiti Marine, Aviation and Transit Insurance – Paid Claims (KWD Million), 2012–2021
      • Profitability
        • Table Kuwaiti Marine, Aviation and Transit Insurance – Loss Ratio (%), 2012–2016
        • Table Kuwaiti Marine, Aviation and Transit Insurance – Loss Ratio (%), 2016–2021
        • Table Figure 35: Kuwaiti Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012–2021
    • Personal accident and Health Insurance
      • Overview
      • Premium
        • Table Kuwaiti Personal Accident and Health Insurance – Direct Written Premium by Category (KWD Million), 2012–2016
        • Table Kuwaiti Personal Accident and Health Insurance – Direct Written Premium by Category (KWD Million), 2016–2021
      • Claims
        • Table Kuwaiti Personal Accident and Health Insurance – Paid Claims (KWD Million and US$ Million), 2012–2016
        • Table Kuwaiti Personal Accident and Health Insurance – Paid Claims (KWD Million and US$ Million), 2016–2021
        • Table Figure 36: Kuwaiti Personal Accident and Health Insurance – Paid Claims (KWD Million), 2012–2021
      • Profitability
        • Table Kuwaiti Personal Accident and Health Insurance – Loss Ratio (%), 2016–2021
        • Table Kuwaiti Personal Accident and Health Insurance – Loss Ratio, 2016–2021
        • Table Figure 37: Kuwaiti Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012–2021
  • Distribution Channel Outlook
  • Natural and Man-Made Hazards
    • Sandstorms
    • Cloudbursts/Floods
    • Climate Change
    • Exposure
  • Competitive Landscape
    • Table Kuwaiti General Insurance Industry – Leading Insurers
    • Company Profiles
      • Gulf Insurance and Reinsurance Company – company overview
        • Table Gulf Insurance and Reinsurance Company – Key Facts
        • Table Gulf Insurance and Reinsurance Company – Key Financials (KWD Million), 2011–2015
      • Al Ahleia Insurance Company SAKP – company overview
        • Table Al Ahleia Insurance Company SAK – Key Facts
        • Table Al Ahleia Insurance Company SAK – Key Financials (KWD Million), 2011–2015
      • Kuwait Insurance Company SAK – company overview
        • Table Kuwait Insurance Company SAK – Key Facts
        • Table Kuwait Insurance Company SAK– Key Financials (KWD Million), 2011–2015
  • Governance, Risk and Compliance
    • Table Kuwait – Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Kuwait – Life Insurance Regulatory Framework
      • Property insurance
        • Table Kuwait – Property Insurance Regulatory Framework
      • Motor insurance
        • Table Kuwait – Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Kuwait – Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
    • Supervision and Control
      • Ministry of Commerce and Industry (MoCI)
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Table Figure 38: Kuwait – Insurance Regulatory Frameworks for Company Registration and Operation
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Kuwait – Corporate Tax Rates for the Financial Year 2018
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table Kuwaiti General Insurance – Policies and Premium, 2012–2016
      • Table Kuwaiti General Insurance – Policies and Premium, 2016–2021
    • Claims and Expenses
      • Table Kuwaiti General Insurance – Claims and Expenses, 2012–2016
      • Table Kuwaiti General Insurance – Claims and Expenses, 2016–2021
    • Retail General Insurance by Product
      • Table Kuwaiti Retail General Insurance by Product, 2012–2016
      • Table Kuwaiti Retail General Insurance by Product, 2016–2021
    • Commercial General Insurance by Product
      • Table Kuwaiti Commercial General Insurance by Product, 2012–2016
      • Table Kuwaiti Commercial General Insurance by Product, 2016–2021
    • Property Insurance
      • Table Kuwaiti General Insurance – Property Insurance, 2012–2016
      • Table Kuwaiti General Insurance – Property Insurance, 2016–2021
    • Property Insurance by Product
      • Table Kuwaiti General Insurance – Property Insurance by Product, 2012–2016
      • Table Kuwaiti General Insurance – Property Insurance by Product, 2016–2021
    • Motor Insurance
      • Table Kuwaiti General Insurance – Motor Insurance, 2012–2016
      • Table Kuwaiti General Insurance – Motor Insurance, 2016–2021
    • Motor Insurance by Product
      • Table Kuwaiti General Insurance – Motor Insurance by Product, 2012–2016
      • Table Kuwaiti General Insurance – Motor Insurance by Product, 2016–2021
    • Liability Insurance
      • Table Kuwaiti General Insurance – Liability Insurance, 2012–2016
      • Table Kuwaiti General Insurance – Liability Insurance, 2016–2021
    • Marine, Aviation and Transit Insurance
      • Table Kuwaiti General Insurance – Marine, Aviation and Transit Insurance, 2012–2016
      • Table Kuwaiti General Insurance – Marine, Aviation and Transit Insurance, 2016–2021
    • Personal Accident and Health Insurance
      • Table Kuwaiti General Insurance – Personal Accident and Health Insurance, 2012–2016
      • Table Kuwaiti General Insurance – Personal Accident and Health Insurance, 2016–2021
    • Health Insurance
      • Table Kuwaiti General Insurance – Health Insurance, 2012–2016
      • Table Kuwaiti General Insurance – Health Insurance, 2016–2021
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Appendix
    • Contact GlobalData
    • About GlobalData
      • Table Figure 39: About GlobalData
    • GlobalData's Services
    • Disclaimer

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