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

Published: Oct, 2016 | Pages: 91 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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.

 Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Assets and investments

5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Claims
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Claims

6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel

7 Natural Hazards
7.1 Sandstorms
7.2 Cloudbursts/Floods
7.3 Droughts
7.4 Earthquakes
7.5 Climate Change
7.6 Exposure

8 Competitive Landscape
8.1 Leading Companies in the Kuwaiti Non-Life Insurance Segment
8.2 Company Profiles
8.2.1 Gulf Insurance and Reinsurance Company - company overview
8.2.2 Kuwait Insurance Company SAK - company overview
8.2.3 Al Ahleia Insurance Company SAK - company overview
8.2.4 Bahrain Kuwait Insurance Company BSC - company overview
8.2.5 Kuwait Qatar Insurance Company - company overview

9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.5 Supervision and Control
9.5.1 Ministry of Commerce and Industry (MoCI)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)

10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Motor Insurance by Product
10.8 Liability Insurance
10.9 Marine, Aviation and Transit Insurance

11 Definitions and Methodology
11.1 Definitions
11.2 Methodology

12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables

Table 1: Kuwaiti Non-Life Insurance - Key Facts, 2014
Table 2: Key Insurers in the Kuwaiti Non-Life Insurance Segment, 2014
Table 3: Kuwaiti Government Credit Ratings
Table 4: Kuwaiti Non-Life Insurance - Gross Written Premium (KWD Million and US$ Million), 2010-2014
Table 5: Kuwaiti Non-Life Insurance - Penetration (%), 2010-2014
Table 6: Kuwaiti Non-Life Insurance - Gross Written Premium (KWD Million and US$ Million), 2014-2019
Table 7: Kuwaiti Non-Life Insurance - Penetration (%), 2014-2019
Table 8: Kuwaiti Non-Life Insurance - Premium per Capita (KWD and US$), 2010-2014
Table 9: Kuwaiti Non-Life Insurance - Premium per Capita (KWD and US$), 2014-2019
Table 10: Kuwaiti Non-Life Insurance - Paid Claims (KWD Million and US$ Million), 2010-2014
Table 11: Kuwaiti Non-Life Insurance - Paid Claims (KWD Million and US$ Million), 2014-2019
Table 12: Kuwaiti Non-Life Insurance - Total Assets (KWD Billion and US$ Billion), 2010-2014
Table 13: Kuwaiti Non-Life Insurance - Total Assets (KWD Billion and US$ Billion), 2014-2019
Table 14: Kuwaiti Non-Life Insurance - Total Investment Income (KWD Million and US$ Million), 2010-2014
Table 15: Kuwaiti Non-Life Insurance - Total Investment Income (KWD Million and US$ Million), 2014-2019
Table 16: Kuwaiti Non-Life Insurance - Gross Written Premium by Category (KWD Million), 2010-2014
Table 17: Kuwaiti Non-Life Insurance - Gross Written Premium by Category (KWD Million), 2014-2019
Table 18: Kuwaiti Property Insurance - Gross Written Premium by Sub-Category (KWD Million), 2010-2014
Table 19: Kuwaiti Property Insurance - Gross Written Premium by Sub-Category (KWD Million), 2014-2019
Table 20: Kuwaiti Property Insurance - Paid Claims (KWD Million and US$ Million), 2010-2014
Table 21: Kuwaiti Property Insurance - Paid Claims (KWD Million and US$ Million), 2014-2019
Table 22: Kuwaiti Motor Insurance - Gross Written Premium by Sub-Category (KWD Million), 2010-2014
Table 23: Kuwaiti Motor Insurance - Gross Written Premium by Sub-Category (KWD Million), 2014-2019
Table 24: Kuwaiti Motor Insurance - Paid Claims (KWD Million and US$ Million), 2010-2014
Table 25: Kuwaiti Motor Insurance - Paid Claims (KWD Million and US$ Million), 2014-2019
Table 26: Kuwaiti Liability Insurance - Gross Written Premium (KWD Million), 2010-2014
Table 27: Kuwaiti Liability Insurance - Gross Written Premium (KWD Million), 2014-2019
Table 28: Kuwaiti Liability Insurance - Paid Claims (KWD Million and US$ Million), 2010-2014
Table 29: Kuwaiti Liability Insurance - Paid Claims (KWD Million and US$ Million), 2014-2019
Table 30: Kuwaiti Marine, Aviation and Transit Insurance - Gross Written Premium (KWD Million), 2010-2014
Table 31: Kuwaiti Marine, Aviation and Transit Insurance - Gross Written Premium (KWD Million), 2014-2019
Table 32: Kuwaiti Marine, Aviation and Transit Insurance - Paid Claims (KWD Million and US$ Million), 2010-2014
Table 33: Kuwaiti Marine, Aviation and Transit Insurance - Paid Claims (KWD Million and US$ Million), 2014-2019
Table 34: List of Insurance Brokers, 2014
Table 35: Kuwaiti Average Annual Loss by Hazard, 1990-2014
Table 36: List of Key Insurers in the Kuwait Non-Life Insurance Segment, 2014
Table 37: Gulf Insurance and Reinsurance Company - Key Facts
Table 38: Gulf Insurance and Reinsurance Company - Key Financials (KWD Million), 2010-2014
Table 39: Kuwait Insurance Company SAK - Key Facts
Table 40: Kuwait Insurance Company SAK - Key Financials (KWD Million), 2010-2014
Table 41: Al Ahleia Insurance Company SAK - Key Facts
Table 42: Al Ahleia Insurance Company SAK - Key Financials (KWD Million), 2010-2014
Table 43: Bahrain Kuwait Insurance Company BSC- Key Facts
Table 44: Bahrain Kuwait Insurance Company BSC- Key Financials (KWD Million), 2010-2014
Table 45: Kuwait Qatar Insurance Company - Key Facts
Table 46: Kuwait Qatar Insurance Company - Key Financials (KWD Million), 2010-2014
Table 47: Kuwait - Insurance Regulatory Framework Key Features
Table 48: Kuwait - Life Insurance Regulatory Framework
Table 49: Kuwait - Property Insurance Regulatory Framework
Table 50: Kuwait - Motor Insurance Regulatory Framework
Table 51: Kuwait - Liability Insurance Regulatory Framework
Table 52: Kuwait - Corporate Tax Rates for the Financial Year 2016
Table 53: Kuwaiti Insurance Industry - Policies and Premium, 2010-2014
Table 54: Kuwaiti Insurance Industry - Policies and Premium, 2014-2019
Table 55: Kuwaiti Non-Life Insurance - Claims and Expenses, 2010-2014
Table 56: Kuwaiti Non-Life Insurance - Claims and Expenses, 2014-2019
Table 57: Kuwaiti Non-Life Insurance - Assets and Investments, 2010-2014
Table 58: Kuwaiti Non-Life Insurance - Assets and Investments, 2014-2019
Table 59: Kuwaiti Non-Life Insurance - Property Insurance, 2010-2014
Table 60: Kuwaiti Non-Life Insurance - Property Insurance, 2014-2019
Table 61: Kuwaiti Non-Life Insurance - Property Insurance by Product, 2010-2014
Table 62: Kuwaiti Non-Life Insurance - Property Insurance by Product, 2014-2019
Table 63: Kuwaiti Non-Life Insurance - Motor Insurance, 2010-2014
Table 64: Kuwaiti Non-Life Insurance - Motor Insurance, 2014-2019
Table 65: Kuwaiti Non-Life Insurance - Motor Insurance by Product, 2010-2014
Table 66: Kuwaiti Non-Life Insurance - Motor Insurance by Product, 2014-2019
Table 67: Kuwaiti Non-Life Insurance - Liability Insurance, 2010-2014
Table 68: Kuwaiti Non-Life Insurance - Liability Insurance, 2014-2019
Table 69: Kuwaiti Non-Life Insurance - Marine, Aviation and Transit Insurance, 2010-2014
Table 70: Kuwaiti Non-Life Insurance - Marine, Aviation and Transit Insurance, 2014-2019
Table 71: Insurance Industry Definitions