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Published: Oct, 2016 | Pages:
86 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis Timetric's 'Life Insurance in Kuwait Key Trends and Opportunities to 2019' 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 (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, 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 'Life Insurance in Kuwait Key Trends and Opportunities to 2019' 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 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 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 life insurance segment, and market forecasts to 2019. • 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 Highlights • The Kuwaiti life insurance segment posted a review-period compound annual growth rate (CAGR) of 44.5%, driven by the country's economic expansion, elderly population, rising life expectancy and the dominance of the term life category. • The term life category accounted for 52.4% of the segment's gross written premium in 2014. • 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 the areas of insurance, infrastructure, housing, hospital, entertainment and tourism. • The life segment is highly competitive, with the presence of domestic and foreign insurers. • Kuwait's aging population was a significant growth driver for the life insurance segment during the review period, a trend which is expected to persist over the forecast period.
Table of Contents 1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Segment Outlook 4.1 Regional Comparison 4.2 Life Insurance Growth Prospects by Category 4.3 Individual Life Insurance 5 Analysis by Distribution Channel 6 Competitive Landscape and Strategic Insights 6.1 Overview 6.2 Leading Companies in the Kuwaiti Life Insurance Segment 6.2.1 Gulf Insurance and Reinsurance Company - company overview 6.2.2 Al Ahleia Insurance Company SAK - company overview 6.2.3 Kuwait Insurance Company SAK company overview 6.2.4 Enaya Insurance Company company overview 6.2.5 Warba Insurance Company company overview 7 Governance, Risk and Compliance 7.1 Legislation Overview and Historical Evolution 7.2 Latest Changes in Regulations 7.3 Legislation and Market Practice by Type of Insurance 7.3.1 Life insurance 7.3.2 Property insurance 7.3.3 Motor insurance 7.3.4 Liability insurance 7.3.5 Marine, aviation and transit insurance 7.3.6 Personal accident and health insurance 7.4 Compulsory Insurance 7.5 Supervision and Control 7.5.1 Ministry of Commerce and Industry (MoCI) 7.6 Non-Admitted Insurance Regulations 7.6.1 Overview 7.6.2 Intermediaries 7.6.3 Market practices 7.6.4 Fines and penalties 7.7 Company Registration and Operations 7.7.1 Types of insurance organization 7.7.2 Establishing a local company 7.7.3 Foreign ownership 7.7.4 Types of license 7.7.5 Capital requirements 7.7.6 Solvency margins 7.7.7 Reserve requirements 7.7.8 Investment regulations 7.7.9 Statutory return requirements 7.7.10 Fee structure 7.8 Taxation 7.8.1 Insurance premium or policy taxation 7.8.2 Withholding taxes on premium paid overseas 7.8.3 Corporate tax 7.8.4 VAT 7.8.5 Captives 7.9 Legal System 7.9.1 Introduction 7.9.2 Access to court 7.9.3 Alternative dispute resolution (ADR) 8 Definitions and Methodology 8.1 Definitions 8.2 Methodology 9 About Timetric 9.1 Contact Timetric 9.2 About Timetric 9.3 Timetrics Services 9.4 Disclaimer
List of Tables Table 1: Kuwaiti Life Insurance Key Facts, 2014 Table 2: List of Key Insurers in the Kuwaiti Life Insurance Segment, 2014 Table 3: Kuwaiti Government Credit Ratings Table 4: Kuwaiti Life Insurance Gross Written Premium by Category (KWD Million), 20102014 Table 5: Kuwaiti Life Insurance Gross Written Premium by Category (US$ Million), 20102014 Table 6: Kuwaiti Life Insurance Gross Written Premium by Category (KWD Million), 20142019 Table 7: Kuwaiti Life Insurance Gross Written Premium by Category (US$ Million), 20142019 Table 8: Kuwaiti Life Insurance Paid Claims (KWD Million), 20102014 Table 9: Kuwaiti Life Insurance Paid Claims (KWD Million), 20142019 Table 10: Kuwaiti Life Insurance Incurred Loss (KWD Million), 20102014 Table 11: Kuwaiti Life Insurance Incurred Loss (KWD Million), 20142019 Table 12: Kuwaiti Life Insurance Net Written Premium (Percentage of Gross Written Premium), 20102014 Table 13: Kuwaiti Life Insurance Net Written Premium (Percentage of Gross Written Premium), 20142019 Table 14: Kuwaiti Life Insurance Total Assets (KWD Million), 20102014 Table 15: Kuwaiti Life Insurance Total Assets (KWD Million), 20142019 Table 16: Kuwaiti Life Insurance Total Investment Income (KWD Million), 20102014 Table 17: Kuwaiti Life Insurance Total Investment Income (KWD Million), 20142019 Table 18: Kuwaiti Life Insurance Net Written Premium (KWD Million), 20102014 Table 19: Kuwaiti Life Insurance Net Written Premium (KWD Million), 20142019 Table 20: Kuwaiti Individual Life Insurance Gross Written Premium by Category (KWD Million), 20102014 Table 21: Kuwaiti Individual Life Insurance Gross Written Premium by Category (US$ Million), 20102014 Table 22: Kuwaiti Individual Life Insurance Gross Written Premium by Category (KWD Million), 20142019 Table 23: Kuwaiti Individual Life Insurance Gross Written Premium by Category (US$ Million), 20142019 Table 24: Kuwaiti Individual Life Insurance Direct Written Premium by Category (KWD Million), 20102014 Table 25: Kuwaiti Individual Life Insurance Direct Written Premium by Category (US$ Million), 20102014 Table 26: Kuwaiti Individual Life Insurance Direct Written Premium by Category (KWD Million), 20142019 Table 27: Kuwaiti Individual Life Insurance Direct Written Premium by Category (US$ Million), 20142019 Table 28: Kuwaiti Individual Endowment Insurance Direct Written Premium (KWD Million), 20102014 Table 29: Kuwaiti Individual Endowment Insurance Direct Written Premium (KWD Million), 20142019 Table 30: Kuwaiti Individual Term Life Insurance Direct Written Premium (KWD Million), 20102014 Table 31: Kuwaiti Individual Term Life Insurance Direct Written Premium (KWD Million), 20142019 Table 32: Kuwaiti Other Individual Life Insurance Direct Written Premium (KWD Million), 20102014 Table 33: Kuwaiti Other Individual Life Insurance Direct Written Premium (KWD Million), 20142019 Table 34: List of Key Insurers in the Kuwait Life Insurance Segment, 2014 Table 35: Gulf Insurance and Reinsurance Company Key Facts Table 36: Gulf Insurance and Reinsurance Company Key Financials (KWD Million), 20102014 Table 37:Al Ahleia Insurance Company SAK Key Facts Table 38: Al Ahleia Insurance Company SAK Key Financials (KWD Million), 20102014 Table 39: Kuwait Insurance Company SAK Key Facts Table 40:Enaya Insurance Company Key Facts Table 41: Warba Insurance Company Key Facts Table 42: Kuwait Insurance Regulatory Framework Key Features Table 43: Kuwait Life Insurance Regulatory Framework Table 44: Kuwait Property Insurance Regulatory Framework Table 45: Kuwait Motor Insurance Regulatory Framework Table 46: Kuwait Liability Insurance Regulatory Framework Table 47: Kuwait Corporate Tax Rates for the Financial Year 2016 Table 48: Insurance Industry Definitions
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