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Non-Life Insurance in Kuwait, Key Trends and Opportunities to 2019

Non-Life Insurance in Kuwait, Key Trends and Opportunities to 2019

Synopsis

Timetric’s 'Non-Life Insurance in Kuwait Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Kuwaiti non-life 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 (2010–2014) and forecast period (2014–2019).

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 Timetric’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.

Summary

Timetric’s 'Non-Life Insurance in Kuwait Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Kuwaiti non-life insurance segment, including:

  • The Kuwaiti non-life segment’s detailed outlook by product category
  • A comprehensive overview of the Kuwaiti economy and demographics
  • A comparison of the Kuwaiti non-life insurance segment with its regional counterparts
  • The various distribution channels in the Kuwaiti non-life insurance segment
  • Detailed analysis of natural hazards and their impact on the Kuwaiti insurance industry
  • Details of the competitive landscape in the non-life insurance segment in Kuwait
  • Details of regulatory policy applicable to the Kuwaiti insurance industry
Scope

This report provides a comprehensive analysis of the non-life insurance segment in Kuwait:
  • It provides historical values for the Kuwaiti non-life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key categories in the Kuwaiti non-life insurance segment, and market forecasts to 2019.
  • It provides a comparison of the Kuwaiti non-life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for non-life insurance products in Kuwait.
  • It analyzes various natural hazards and their impact on the Kuwaiti insurance industry
  • It profiles the top non-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 non-life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Kuwaiti non-life insurance segment.
  • Assess the competitive dynamics in the non-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 Highlights
  • Property insurance was the second-largest category in terms of gross premium, and accounted for 42.1% of the non-life gross written premium in 2014.
  • An increase in construction activity in Kuwait drove demand in the non-life segment during the review period, and this trend is expected to continue over the forecast period.
  • The government has been open to FDI since 2001, allowing foreign entities to own up to 100% of a commercial entity if the investment is made in industries such as insurance, infrastructure, housing, hospitals, entertainment and tourism.
  • The Kuwaiti Ministry of Commerce and Industry has outlined the minimum capital requirements for insurers and reinsurers operating in the country, in a move to ensure insurers’ financial stability and protect consumer interests.
  • Motor insurance was the largest non-life category, accounting for 44.4% of the segment’s gross written premium in 2014.
  • In March 2016, the Kuwaiti government directed the Ministry of Health to make professional liability insurance for medical errors mandatory in the country.


  • Key Facts and Highlights
    • Table Kuwaiti Non-Life Insurance - Key Facts, 2014
    • Table Key Insurers in the Kuwaiti Non-Life Insurance Segment, 2014
  • Executive Summary
  • Economy and Demographics
    • Table Kuwaiti Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Kuwaiti Non-Life Insurance - Gross Written Premium (KWD Million and US$ Million), 2010-2014
        • Table Kuwaiti Non-Life Insurance - Penetration (%), 2010-2014
        • Table Kuwaiti Non-Life Insurance - Gross Written Premium (KWD Million and US$ Million), 2014-2019
        • Table Kuwaiti Non-Life Insurance - Penetration (%), 2014-2019
        • Table Kuwaiti Non-Life Insurance - Premium per Capita (KWD and US$), 2010-2014
        • Table Kuwaiti Non-Life Insurance - Premium per Capita (KWD and US$), 2014-2019
      • Claims
        • Table Kuwaiti Non-Life Insurance - Paid Claims (KWD Million and US$ Million), 2010-2014
        • Table Kuwaiti Non-Life Insurance - Paid Claims (KWD Million and US$ Million), 2014-2019
      • Assets and investments
        • Table Kuwaiti Non-Life Insurance - Total Assets (KWD Billion and US$ Billion), 2010-2014
        • Table Kuwaiti Non-Life Insurance - Total Assets (KWD Billion and US$ Billion), 2014-2019
        • Table Kuwaiti Non-Life Insurance - Total Investment Income (KWD Million and US$ Million), 2010-2014
        • Table Kuwaiti Non-Life Insurance - Total Investment Income (KWD Million and US$ Million), 2014-2019
  • Outlook by Category
    • Table Kuwaiti Non-Life Insurance - Gross Written Premium by Category (KWD Million), 2010-2014
    • Table Kuwaiti Non-Life Insurance - Gross Written Premium by Category (KWD Million), 2014-2019
    • Property Insurance
      • Product overview
      • Premium
        • Table Kuwaiti Property Insurance - Gross Written Premium by Sub-Category (KWD Million), 2010-2014
        • Table Kuwaiti Property Insurance - Gross Written Premium by Sub-Category (KWD Million), 2014-2019
      • Claims
        • Table Kuwaiti Property Insurance - Paid Claims (KWD Million and US$ Million), 2010-2014
        • Table Kuwaiti Property Insurance - Paid Claims (KWD Million and US$ Million), 2014-2019
    • Motor Insurance
      • Product overview
      • Premium
        • Table Kuwaiti Motor Insurance - Gross Written Premium by Sub-Category (KWD Million), 2010-2014
        • Table Kuwaiti Motor Insurance - Gross Written Premium by Sub-Category (KWD Million), 2014-2019
      • Claims
        • Table Kuwaiti Motor Insurance - Paid Claims (KWD Million and US$ Million), 2010-2014
        • Table Kuwaiti Motor Insurance - Paid Claims (KWD Million and US$ Million), 2014-2019
    • Liability Insurance
      • Product overview
      • Premium
        • Table Kuwaiti Liability Insurance - Gross Written Premium (KWD Million), 2010-2014
        • Table Kuwaiti Liability Insurance - Gross Written Premium (KWD Million), 2014-2019
      • Claims
        • Table Kuwaiti Liability Insurance - Paid Claims (KWD Million and US$ Million), 2010-2014
        • Table Kuwaiti Liability Insurance - Paid Claims (KWD Million and US$ Million), 2014-2019
    • Marine, Aviation and Transit Insurance
      • Product overview
      • Premium
        • Table Kuwaiti Marine, Aviation and Transit Insurance - Gross Written Premium (KWD Million), 2010-2014
        • Table Kuwaiti Marine, Aviation and Transit Insurance - Gross Written Premium (KWD Million), 2014-2019
      • Claims
        • Table Kuwaiti Marine, Aviation and Transit Insurance - Paid Claims (KWD Million and US$ Million), 2010-2014
        • Table Kuwaiti Marine, Aviation and Transit Insurance - Paid Claims (KWD Million and US$ Million), 2014-2019
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Table List of Insurance Brokers, 2014
  • Natural Hazards
    • Table Kuwaiti Average Annual Loss by Hazard, 1990-2014
    • Sandstorms
    • Cloudbursts/Floods
    • Droughts
    • Earthquakes
    • Climate Change
    • Exposure
  • Competitive Landscape
    • Leading Companies in the Kuwaiti Non-Life Insurance Segment
      • Table List of Key Insurers in the Kuwait Non-Life Insurance Segment, 2014
    • 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), 2010-2014
      • Kuwait Insurance Company SAK - company overview
        • Table Kuwait Insurance Company SAK - Key Facts
        • Table Kuwait Insurance Company SAK - Key Financials (KWD Million), 2010-2014
      • Al Ahleia Insurance Company SAK - company overview
        • Table Al Ahleia Insurance Company SAK - Key Facts
        • Table Al Ahleia Insurance Company SAK - Key Financials (KWD Million), 2010-2014
      • Bahrain Kuwait Insurance Company BSC - company overview
        • Table Bahrain Kuwait Insurance Company BSC- Key Facts
        • Table Bahrain Kuwait Insurance Company BSC- Key Financials (KWD Million), 2010-2014
      • Kuwait Qatar Insurance Company - company overview
        • Table Kuwait Qatar Insurance Company - Key Facts
        • Table Kuwait Qatar Insurance Company - Key Financials (KWD Million), 2010-2014
  • Governance, Risk and Compliance
    • Table Kuwait - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulations
    • 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
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • 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 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Databook
    • Policies and Premium
      • Table Kuwaiti Insurance Industry - Policies and Premium, 2010-2014
      • Table Kuwaiti Insurance Industry - Policies and Premium, 2014-2019
    • Claims and Expenses
      • Table Kuwaiti Non-Life Insurance - Claims and Expenses, 2010-2014
      • Table Kuwaiti Non-Life Insurance - Claims and Expenses, 2014-2019
    • Assets and Investments
      • Table Kuwaiti Non-Life Insurance - Assets and Investments, 2010-2014
      • Table Kuwaiti Non-Life Insurance - Assets and Investments, 2014-2019
    • Property Insurance
      • Table Kuwaiti Non-Life Insurance - Property Insurance, 2010-2014
      • Table Kuwaiti Non-Life Insurance - Property Insurance, 2014-2019
    • Property Insurance by Product
      • Table Kuwaiti Non-Life Insurance - Property Insurance by Product, 2010-2014
      • Table Kuwaiti Non-Life Insurance - Property Insurance by Product, 2014-2019
    • Motor Insurance
      • Table Kuwaiti Non-Life Insurance - Motor Insurance, 2010-2014
      • Table Kuwaiti Non-Life Insurance - Motor Insurance, 2014-2019
    • Motor Insurance by Product
      • Table Kuwaiti Non-Life Insurance - Motor Insurance by Product, 2010-2014
      • Table Kuwaiti Non-Life Insurance - Motor Insurance by Product, 2014-2019
    • Liability Insurance
      • Table Kuwaiti Non-Life Insurance - Liability Insurance, 2010-2014
      • Table Kuwaiti Non-Life Insurance - Liability Insurance, 2014-2019
    • Marine, Aviation and Transit Insurance
      • Table Kuwaiti Non-Life Insurance - Marine, Aviation and Transit Insurance, 2010-2014
      • Table Kuwaiti Non-Life Insurance - Marine, Aviation and Transit Insurance, 2014-2019
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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