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Life Insurance in Kuwait, Key Trends and Opportunities to 2021

Life Insurance in Kuwait, Key Trends and Opportunities to 2021

Summary

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

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, 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, 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 life insurance segment, including -

  • An overview of the Kuwaiti life insurance segment
  • The Kuwaiti life insurance segment’s growth prospects by category
  • A comprehensive overview of the Kuwaiti economy and demographics
  • A comparison of the Kuwaiti life insurance segment with its regional counterparts
  • The various distribution channels in the Kuwaiti life insurance segment
  • Details of the competitive landscape in the life 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. A draft law was prepared in 2012, though it is yet to be approved and implemented. According to the draft insurance law, the capital requirements for 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).
  • In November 2017, National Life and General Insurance, an Oman-based insurer, obtained a license to establish a branch in Kuwait.
Scope
  • This report provides a comprehensive analysis of the life insurance segment in Kuwait.
  • It provides historical values for the Kuwaiti life 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 life insurance segment, and market forecasts to 2021.
  • It provides a comparison of the Kuwaiti life insurance segment with its regional counterparts.
  • It analyzes the various distribution channels for life insurance products in Kuwait.
  • It profiles the top life 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 life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Kuwaiti life insurance segment.
  • Assess the competitive dynamics in the life 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 Life Insurance – Key Facts, 2016
    • Table Kuwaiti Life Insurance – Leading Insurers, 2016
  • 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$), 2012–2021
    • Table Figure 3: Kuwaiti Inflation, Consumer Prices (%), 2012–2021
    • Table Figure 4: Kuwaiti Current Account Balance as Percentage of GDP (%), 2012–2016
    • Table Figure 5: Kuwaiti Unemployment Rate, 2012–2021
    • Table Figure 6: Kuwaiti Population by Age Group, 2000–2025
  • Segment Outlook
    • Regional Comparison
      • Table Figure 7: Kuwaiti Life Insurance Penetration – Regional Comparison (%), 2016
      • Table Figure 8: Kuwaiti Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2016
    • Segment Indicators
      • Gross written premium and penetration
        • Table Kuwaiti Life Insurance – Gross Written Premium (KWD Million and US$ Million), 2012–2016
        • Table Kuwaiti Life Insurance – Penetration (%), 2012–2016
        • Table Kuwaiti Life Insurance – Gross Written Premium (KWD Million and US$ Million), 2016–2021
        • Table Kuwaiti Life Insurance – Penetration (%), 2016–2021
        • Table Figure 9: Kuwaiti Life Insurance – Gross Written Premium (KWD Million), 2012–2021
        • Table Figure 10: Kuwaiti Life Insurance – Penetration (%), 2012–2021
        • Table Kuwaiti Life Insurance – Premium per Capita (KWD and US$), 2012–2016
        • Table Kuwaiti Life Insurance – Premium per Capita (KWD and US$), 2016–2021
        • Table Figure 11: Kuwaiti Life Insurance – Premium per Capita (KWD), 2012–2021
      • Claims
        • Table Kuwaiti Life Insurance – Paid Claims (KWD Million and US$ Million), 2012–2016
        • Table Kuwaiti Life Insurance – Paid Claims (KWD Million and US$ Million), 2016–2021
        • Table Figure 12: Kuwaiti Life Insurance – Paid Claims (KWD Million), 2012–2021
  • Outlook by Sub-Segment
    • Table Kuwaiti Life Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012– 2016
    • Table Kuwaiti Life Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2016– 2021
    • Table Figure 13: Kuwaiti Life Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012–2021
    • Table Figure 14: Kuwaiti Life Insurance – Direct Written Premium Share by Sub-Segment, 2012– 2021
    • Table Figure 15: Kuwaiti Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2012–2021
    • Individual Life Insurance
      • Premium
        • Table Kuwaiti Individual Life Insurance – Direct Written Premium by Category (KWD Million), 2012–2016
        • Table Kuwaiti Individual Life Insurance – Direct Written Premium by Category (KWD Million), 2016–2021
        • Table Figure 16: Kuwaiti Individual Life Insurance – Direct Written Premium by Category (KWD Million), 2012–2021
        • Table Figure 17: Kuwaiti Individual Life Insurance – Direct Written Premium Share by Category, 2012–2021
        • Table Figure 18: Kuwaiti Individual Life Insurance – Direct Written Premium Dynamics by Category, 2012–2021
      • Penetration
        • Table Figure 19: Kuwaiti Individual Life Insurance – Penetration (%), 2012–2016
        • Table Figure 20: Kuwaiti Individual Life Insurance – Penetration (%), 2016–2021
    • Group Life Insurance
      • Premium
        • Table Kuwaiti Group Life Insurance – Direct Written Premium by Category (KWD Million), 2012– 2016
        • Table Kuwaiti Group Life Insurance – Direct Written Premium by Category (KWD Million), 2016– 2021
        • Table Figure 21: Kuwaiti Group Life Insurance – Direct Written Premium by Category (KWD Million), 2012– 2021
      • Penetration
        • Table Figure 22: Kuwaiti Group Life Insurance – Penetration (%), 2012–2016
        • Table Figure 23: Kuwaiti Group Life Insurance – Penetration (%), 2016–2021
  • Distribution Channel Outlook
  • Competitive Landscape
    • Table Kuwaiti Life Insurance – Leading Life Insurers
    • Company Profiles
      • Warba Insurance Company – company overview
        • Table Warba Insurance Company – Key Facts
        • Table Warba Insurance Company – Key Financials (KWD Million), 2011–2015
      • Al Ahleia Insurance Company SAKP – company overview
        • Table Al Ahleia Insurance Company – Key Facts
        • Table Al Ahleia Insurance Company – Key Financials (KWD Million), 2011–2015
      • Kuwait Insurance Company SAK – company overview
        • Table Kuwait Insurance Company – Key Facts
        • Table Kuwait Insurance Company – 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 24: 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 Life Insurance – Policies and Premium, 2012–2016
      • Table Kuwaiti Life Insurance – Policies and Premium, 2016–2021
    • Claims and Expenses
      • Table Kuwaiti Life Insurance – Claims and Expenses, 2012–2016
      • Table Kuwaiti Life Insurance – Claims and Expenses, 2016–2021
    • Individual Life Insurance
      • Table Kuwaiti Life Insurance – Individual Life Insurance, 2012–2016
      • Table Kuwaiti Life Insurance – Individual Life Insurance, 2016–2021
    • Individual Life Insurance by Category
      • Table Kuwaiti Life Insurance – Individual Life Insurance by Product, 2012–2016
      • Table Kuwaiti Life Insurance – Individual Life Insurance by Product, 2016–2021
    • Group Life Insurance
      • Table Kuwaiti Life Insurance – Group Life Insurance, 2012–2016
      • Table Kuwaiti Life Insurance – Group Life Insurance, 2016–2021
    • Group Life Insurance by Category
      • Table Kuwaiti Life Insurance – Group Life Insurance by Product, 2012–2016
      • Table Kuwaiti Life Insurance – Group Life Insurance by Product, 2016–2021
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Appendix
    • Contact GlobalData
    • About GlobalData
    • GlobalData's Services
    • Disclaimer

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