Life Insurance in Kuwait, Key Trends and Opportunities to 2017

Published: May, 2014 | Pages: 167 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth market analysis, information and insights into the Kuwaiti life insurance segment, including:
The Kuwaiti life insurance segment's growth prospects by life insurance categories 
Key trends and drivers for the life insurance segment 
The various distribution channels in the Kuwaiti life insurance segment
The detailed competitive landscape in the life insurance segment in Kuwait
Detailed regulatory policies of the Kuwaiti insurance industry
A description of the life reinsurance segment in Kuwait
Porter's Five Forces analysis of the life insurance segment
A benchmarking section on the Kuwaiti life insurance segment in comparison with other countries in the Middle-East region 

Summary
Life insurance was the smallest segment in the Kuwaiti insurance industry in 2012, accounting for 19.3% of the industry's total written premium. The segment's value increased during the review period (2008-2012) at a compound annual growth rate (CAGR) of 10.5% . It is expected to record a CAGR of 8.2% over the forecast period. Insurance brokers and agencies were the main channels of distribution for life insurance products in Kuwait in 2012, accounting for 48.0% and 39.6% of the new business written premium respectively. This growth can be attributed to an increase in awareness about life insurance, and rising disposable incomes. 
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 2008-2012 review period and projected figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key categories in the Kuwaiti life insurance segment, along with market forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
It analyses the various distribution channels for life insurance products in Kuwait.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Kuwait for the life insurance business.
It provides a detailed analysis of the reinsurance segment in Kuwait and its growth prospects.
It profiles the top life insurance companies in Kuwait and outlines the key regulations affecting them. 
Reason 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 within the Kuwaiti life insurance segment
Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the Kuwaiti insurance industry and its impact on companies and the market's future 
Key Highlights
 Life insurance was the smallest segment in the Kuwaiti insurance industry in 2012, accounting for 19.3% of the industry's total written premium
The growth was driven by rising consumer awareness of life insurance, and increases in the population and disposable income
Low penetration provides a further opportunity for life insurers to access the untapped market
The country has a strong pension system which poses a threat to private pension products in the life segment
There are 34 companies in the country, of which 23 are national and 11 are foreign

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Middle East Region Market Dymics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size
4 Life Insurance - Regiol Benchmarking
4.1 Scale and Penetration
4.1.1 Total segment gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration as a percentage of GDP
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a share of GDP
5 Kuwaiti Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008-2017
5.2 Key Industry Trends and Drivers
6 Life Insurance Outlook
6.1 Life Insurance Growth Prospects by Category
7 Alysis by Distribution Channel
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-commerce
7.5 Brokers
8 Porter's Five Forces Alysis - Kuwaiti Life Insurance
8.1 Bargaining Power of Suppliers: Medium to High
8.2 Bargaining Power of Buyers: Medium to High
8.3 Barriers to Entry: Low to Medium
8.4 Intensity of Rivalry: High
8.5 Threat of Substitutes: Medium to High
9 Reinsurance Growth Dymics and Challenges
9.1 Reinsurance Segment Size, 2008-2017
9.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
10 Governce, Risk and CompliancE
10.1 Legislation Overview and Historical Evolution
10.2 Legislation and Market Practice by Type of Insurance
10.2.1 Life insurance
10.2.2 Property insurance
10.2.3 Motor insurance
10.2.4 Marine, aviation and transit insurance
10.2.5 Persol accident and health insurance
10.3 Compulsory Insurance
10.4 Supervision and Control
10.4.1 Ministry of Commerce and Industry (MoCI)
10.5 Non-Admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and pelties
10.6 Company Registration and Operations
10.6.1 Types of insurance organization
10.6.2 Establishing a local company
10.6.3 Foreign ownership
10.6.4 Types of license
10.6.5 Capital requirements
10.6.6 Solvency margins
10.6.7 Reserve requirements
10.6.8 Investment regulations
10.6.9 Statutory return requirements
10.6.10 Fee structure
10.7 Taxation
10.7.1 Insurance premium or policy taxation
10.7.2 Withholding taxes on premium paid overseas
10.7.3 Corporate tax
10.7.4 VAT
10.7.5 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access to court
10.8.3 Altertive dispute resolution (ADR)
11 Competitive Landscape and Strategic Insights
11.1 Overview
11.2 Companies in the Kuwaiti Life Insurance Segment
11.3 Gulf Life Insurance Company - Company Overview
11.3.1 Gulf Life Insurance Company - key facts
11.3.2 Gulf Life Insurance Company - key fincials
11.4 Al Ahleia Insurance Company SAK - Company Overview
11.4.1 Al Ahleia Insurance Company SAK - key facts
11.4.2 Al Ahleia Insurance Company SAK - key fincials
11.5 MetLife Alico Kuwait - Company Overview
11.5.1 MetLife Alico Kuwait - key facts
11.6 Kuwait Insurance Company�SAK - Company Overview
11.6.1 Kuwait Insurance Company SAK - key facts
11.6.2 Kuwait Insurance Company SAK - key fincials
11.7 Warba Insurance Company - Company Overview
11.7.1 Warba Insurance Company - key facts
11.7.2 Warba Insurance Company - key fincials
11.8 Eya Insurance Company - Company Overview
11.8.1 Eya Insurance Company - key facts
11.8.2 Eya Insurance Company - key fincials
12 Business Environment and Country Risk
12.1 Business Confidence
12.1.1 Market capitalization trend - Kuwait Stock Exchange, Kuwait
12.2 Economic Performance
12.2.1 GDP at constant prices (US$)
12.2.2 GDP per capita at constant prices (US$)
12.2.3 GDP at current prices (US$)
12.2.4 GDP per capita at current prices (US$)
12.2.5 GDP by key sectors
12.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
12.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
12.2.8 Manufacturing net output at current prices (US$)
12.2.9 Manufacturing net output at current prices as a percentage of GDP
12.2.10 Mining, manufacturing and utilities at current prices (US$)
12.2.11 Mining, manufacturing and utilities at current prices, as percentage of GDP
12.2.12 Construction net output at current prices, (US$)
12.2.13 Construction net output at current prices as a percentage of GDP
12.2.14 Inflation rate
12.2.15 Exports as a percentage of GDP
12.2.16 Imports as a percentage of GDP
12.2.17 Merchandise exports growth
12.2.18 Merchandise imports growth
12.2.19 Annual average exchange rate KWD-US$
12.3 Infrastructure
12.3.1 Commercial vehicle exports - total value
12.3.2 Commercial vehicle imports - total value
12.3.3 Automotive exports - total value
12.3.4 Automotive imports - total value
12.3.5 Total internet subscribers
12.4 Labor Force
12.4.1 Labor force
12.5 Demographics
12.5.1 Gross tiol disposable income (US$)
12.5.2 Total population
12.5.3 Urban and rural populations
12.5.4 Age distribution of the total population
13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric's Services
13.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Middle East Region - Insurance Penetration (% of GDP), 2011
Table 3: Middle East Region - Life Expectancy, 2000 and 2012
Table 4: Kuwaiti Insurance - Overall Written Premium by Segment (KWD Million), 2008-2012
Table 5: Kuwaiti Insurance - Overall Written Premium by Segment (US$ Million), 2008-2012
Table 6: Kuwaiti Insurance - Overall Written Premium by Segment (KWD Million), 2012-2017
Table 7: Kuwaiti Insurance - Overall Written Premium by Segment (US$ Million), 2012-2017
Table 8: Kuwaiti Insurance - Segmentation (% Share), 2008-2017
Table 9: Kuwaiti Life Insurance - Gross Written Premium (KWD Million), 2008-2012
Table 10: Kuwaiti Life Insurance - Gross Written Premium (KWD Million), 2012-2017
Table 11: Kuwaiti Life Insurance - Earned Premium (KWD Million), 2008-2012
Table 12: Kuwaiti Life Insurance - Earned Premium (KWD Million), 2012-2017
Table 13: Kuwaiti Life Insurance - Sum Assured (KWD Billion), 2008-2012
Table 14: Kuwaiti Life Insurance - Sum Assured (KWD Billion), 2012-2017
Table 15: Kuwaiti Life Insurance - Paid Claims (KWD Million), 2008-2012
Table 16: Kuwaiti Life Insurance - Paid Claims (KWD Million), 2012-2017
Table 17: Kuwaiti Life Insurance - Incurred Loss (KWD Million), 2008-2012
Table 18: Kuwaiti Life Insurance - Incurred Loss (KWD Million), 2012-2017
Table 19: Kuwaiti Life Insurance - Loss Ratio (%), 2008-2012
Table 20: Kuwaiti Life Insurance - Loss Ratio (%), 2012-2017
Table 21: Kuwaiti Life Insurance - Commissions and Expenses (KWD Million), 2008-2012
Table 22: Kuwaiti Life Insurance - Commissions and Expenses (KWD Million), 2012-2017
Table 23: Kuwaiti Life Insurance - Combined Ratio (%), 2008-2012
Table 24: Kuwaiti Life Insurance - Combined Ratio (%), 2012-2017
Table 25: Kuwaiti Life Insurance - Total Assets (KWD Million), 2008-2012
Table 26: Kuwaiti Life Insurance - Total Assets (KWD Million), 2012-2017
Table 27: Kuwaiti Life Insurance - Retentions (KWD Million), 2008-2012
Table 28: Kuwaiti Life Insurance - Retentions (KWD Million), 2012-2017
Table 29: Kuwaiti Life Insurance - Direct Marketing Commission Paid (KWD Million), 2008-2012
Table 30: Kuwaiti Life Insurance - Direct Marketing Commission Paid (KWD Million), 2012-2017
Table 31: Kuwaiti Life Insurance - New Business Written Premium Through Direct Marketing (KWD Million), 2008-2012
Table 32: Kuwaiti Life Insurance - New Business Written Premium Through Direct Marketing (KWD Million), 2012-2017
Table 33: Kuwaiti Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 34: Kuwaiti Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 35: Kuwaiti Life Insurance - Bancassurance Commission Paid (KWD), 2008-2012
Table 36: Kuwaiti Life Insurance - Bancassurance Commission Paid (KWD), 2012-2017
Table 37: Kuwaiti Life Insurance - New Business Written Premium Through Bancassurance (KWD Million), 2008-2012
Table 38: Kuwaiti Life Insurance - New Business Written Premium Through Bancassurance (KWD Million), 2012-2017
Table 39: Kuwaiti Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 40: Kuwaiti Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 41: Kuwaiti Life Insurance - Commission Paid to Agencies (KWD Million), 2008-2012
Table 42: Kuwaiti Life Insurance - Commission Paid to Agencies (KWD Million), 2012-2017
Table 43: Kuwaiti Life Insurance - New Business Written Premium Through Agencies (KWD Million), 2008-2012
Table 44: Kuwaiti Life Insurance - New Business Written Premium Through Agencies (KWD Million), 2012-2017
Table 45: Kuwaiti Life Insurance - New Policies Sold Through Agencies (Thousand), 2008-2012
Table 46: Kuwaiti Life Insurance - New Policies Sold Through Agencies (Thousand), 2012-2017
Table 47: Kuwaiti Life Insurance - E-Commerce Commission Paid (KWD Million), 2008-2012
Table 48: Kuwaiti Life Insurance - E-Commerce Commission Paid (KWD Million), 2012-2017
Table 49: Kuwaiti Life Insurance - New Business Written Premium Through E-Commerce (KWD Million), 2008-2012
Table 50: Kuwaiti Life Insurance - New Business Written Premium Through E-Commerce (KWD Million), 2012-2017
Table 51: Kuwaiti Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 52: Kuwaiti Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 53: Kuwaiti Life Insurance - Commission Paid to Brokers (KWD Million), 2008-2012
Table 54: Kuwaiti Life Insurance - Commission Paid to Brokers (KWD Million), 2012-2017
Table 55: Kuwaiti Life Insurance - New Business Written Premium Through Brokers (KWD Million), 2008-2012
Table 56: Kuwaiti Life Insurance - New Business Written Premium Through Brokers (KWD Million), 2012-2017
Table 57: Kuwaiti Life Insurance - New Policies Sold Through Brokers (Thousand), 2008-2012
Table 58: Kuwaiti Life Insurance - New Policies Sold Through Brokers (Thousand), 2012-2017
Table 59: Reinsurance in Kuwait by Category (KWD Million), 2008-2012
Table 60: Reinsurance in Kuwait by Category (US$ Million), 2008-2012
Table 61: Reinsurance in Kuwait by Category (KWD Million), 2012-2017
Table 62: Reinsurance in Kuwait by Category (US$ Million), 2012-2017
Table 63: Kuwaiti Premium Ceded to Reinsurance by Insurance Segment (KWD Million), 2008-2012
Table 64: Kuwaiti Premium Ceded to Reinsurance by Insurance Segment (US$ Million), 2008-2012
Table 65: Kuwaiti Premium Ceded to Reinsurance by Insurance Segment (KWD Million), 2012-2017
Table 66: Kuwaiti Premium Ceded to Reinsurance by Insurance Segment (US$ Million), 2012-2017
Table 67: Kuwaiti Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 68: Kuwaiti Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 69: Kuwait - Life Insurance Regulatory Framework
Table 70: Kuwait - Property Insurance Regulatory Framework
Table 71: Kuwait - Motor Insurance Regulatory Framework
Table 72: Kuwait - Corporate Tax Rates for the Fincial Year 2013
Table 73: List of Key Insurers in the Kuwait Life Insurance Segment, 2012
Table 74: Gulf Life Insurance Company, Key Facts
Table 75: Gulf Life Insurance Company, Key Fincials (KWD Million), 2008-2012
Table 76: Al Ahleia Insurance Company SAK, Key Facts
Table 77: Al Ahleia Insurance Company SAK, Key Fincials (KWD Million), 2008-2012
Table 78: MetLife Alico Kuwait, Key Facts
Table 79: Kuwait Insurance Company SAK, Key Facts
Table 80: Kuwait Insurance Company SAK, Key Fincials (KWD Million), 2008-2012
Table 81: Warba Insurance Company, Key Facts
Table 82: Warba Insurance Company, Key Fincials (KWD Million), 2009-2012
Table 83: Eya Insurance Company, Key Facts
Table 84: Eya Insurance Company, Key Fincials (KWD Million), 2009-2012