Personal Accident and Health Insurance in Kuwait, Key Trends and Opportunities to 2017

Published: May, 2014 | Pages: 184 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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

Summary
The personal accident and health insurance segment was the second-largest segment in the Kuwaiti insurance industry in 2012, accounting for 19.7% of total industry premiums. The segment's value increased during the review period (2008-2012) at a compound annual growth rate (CAGR) of 17.9% . Health insurance accounted for the largest share of the segment's written premiums in 2012 with 74.4%. Insurance brokers and agencies were the main channels of distribution in 2012, accounting for 51.5% and 39.0% of the written premium new business respectively. The segment is expected to retain its position as the second-largest segment over the forecast period (2012-2017). It will be supported by the country's rising healthcare expenditure and improving consumer awareness regarding the benefits of personal accident and health insurance. 
Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Kuwait:
It provides historical values for the Kuwaiti personal accident and health 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 sub-segments in Kuwaiti personal accident and health 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 personal accident and health insurance products in Kuwait.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Kuwait for the personal accident and health insurance segment.
It provides a detailed analysis of the reinsurance segment in Kuwait and its growth prospects.
It profiles the top personal accident and health 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 personal accident and health insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Kuwaiti personal accident and health insurance segment
Assess the competitive dynamics in the personal accident and health 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 segment and its impact on companies and the market's future 
Key Highlights
 The personal accident and health insurance segment was the second-largest segment in the Kuwaiti insurance industry in 2012, accounting for 19.7% of total industry premiums
Low penetration provides opportunities for insurers to access the untapped personal accident and health segment
The segment ceded 55.2% of its gross written premium to reinsurers in 2012, the highest percentage ceded among the three segments
The personal accident and health insurance segment contains both domestic and foreign insurers
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 Persol Accident and Health 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 Persol accident and health 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 Incurred losses per capita
4.3.3 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 Persol Accident and Health Insurance Segment Outlook
6.1 Persol Accident and Health Insurance Growth Prospects by Category
6.1.1 Persol accident
6.1.2 Travel insurance
6.1.3 Health insurance
7 Alysis by Distribution Channels
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-commerce
7.5 Brokers
8 Porter's Five Forces Alysis - Kuwaiti Persol Accident and Health Insurance
8.1 Bargaining Power of Supplier: Medium to High
8.2 Bargaining Power of Buyer: Medium to high
8.3 Barriers to Entry: Low to Medium
8.4 Intensity of Rivalry: High
8.5 Threat of Substitutes: Low
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 List of Companies in the Persol Accident and Health Insurance Segment
11.3 Gulf Insurance Company - Company Overview
11.3.1 Gulf Insurance Company - key facts
11.4 Kuwait Insurance Company�SAK - Company Overview
11.4.1 Kuwait Insurance Company SAK - key facts
11.5 Warba Insurance Company - Company Overview
11.5.1 Warba Insurance Company - key facts
11.6 Al Ahleia Insurance Company SAK - Company Overview
11.6.1 Al Ahleia Insurance Company SAK - key facts
11.7 Eya Insurance Company - Company Overview
11.7.1 Eya Insurance Company - key facts
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 Persol Accident and Health Insurance - Written Premium by Category (KWD Million), 2008-2012
Table 10: Kuwaiti Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 11: Kuwaiti Persol Accident and Health Insurance - Written Premium by Category (KWD Million), 2012-2017
Table 12: Kuwaiti Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 13: Kuwaiti Persol Accident and Health Insurance - Earned Premium (KWD Million), 2008-2012
Table 14: Kuwaiti Persol Accident and Health Insurance - Earned Premium (KWD Million), 2012-2017
Table 15: Kuwaiti Persol Accident and Health Insurance - Paid Claims by Category (KWD Million), 2008-2012
Table 16: Kuwaiti Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2008-2012
Table 17: Kuwaiti Persol Accident and Health Insurance - Paid Claims by Category (KWD Million), 2012-2017
Table 18: Kuwaiti Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2012-2017
Table 19: Kuwaiti Persol Accident and Health Insurance - Incurred Loss by Category (KWD Million), 2008-2012
Table 20: Kuwaiti Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2008-2012
Table 21: Kuwaiti Persol Accident and Health Insurance - Incurred Loss by Category (KWD Million), 2012-2017
Table 22: Kuwaiti Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2012-2017
Table 23: Kuwaiti Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 24: Kuwaiti Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 25: Kuwaiti Persol Accident and Health Insurance - Commissions and Expenses (KWD Million), 2008-2012
Table 26: Kuwaiti Persol Accident and Health Insurance - Commissions and Expenses (KWD Million), 2012-2017
Table 27: Kuwaiti Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 28: Kuwaiti Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 29: Kuwaiti Persol Accident and Health Insurance - Total Assets (KWD Million), 2008-2012
Table 30: Kuwaiti Persol Accident and Health Insurance - Total Assets (KWD Million), 2012-2017
Table 31: Kuwaiti Persol Accident and Health Insurance - Retentions (KWD Million), 2008-2012
Table 32: Kuwaiti Persol Accident and Health Insurance - Retentions (KWD Million), 2012-2017
Table 33: Kuwaiti Persol Accident Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 34: Kuwaiti Persol Accident Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 35: Kuwaiti Persol Accident Insurance - Written Premium (KWD Million), 2008-2012
Table 36: Kuwaiti Persol Accident Insurance - Written Premium (KWD Million), 2012-2017
Table 37: Kuwaiti Persol Accident Insurance - Loss Ratio (%), 2008-2012
Table 38: Kuwaiti Persol Accident Insurance - Loss Ratio (%), 2012-2017
Table 39: Kuwaiti Travel Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 40: Kuwaiti Travel Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 41: Kuwaiti Travel Insurance - Written Premium (KWD Million), 2008-2012
Table 42: Kuwaiti Travel Insurance - Written Premium (KWD Million), 2012-2017
Table 43: Kuwaiti Travel Insurance - Loss Ratio (%), 2008-2012
Table 44: Kuwaiti Travel Insurance - Loss Ratio (%), 2012-2017
Table 45: Kuwaiti Health Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 46: Kuwaiti Health Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 47: Kuwaiti Health Insurance - Written Premium (KWD Million), 2008-2012
Table 48: Kuwaiti Health Insurance - Written Premium (KWD Million), 2012-2017
Table 49: Kuwaiti Health Insurance - Loss Ratio (%), 2008-2012
Table 50: Kuwaiti Health Insurance - Loss Ratio (%), 2012-2017
Table 51: Kuwaiti Persol Accident and Health Insurance - Direct Marketing Commission Paid (KWD Million), 2008-2012
Table 52: Kuwaiti Persol Accident and Health Insurance - Direct Marketing Commission Paid (KWD Million), 2012-2017
Table 53: Kuwaiti Persol Accident and Health Insurance - Written Premium Through Direct Marketing (KWD Million), 2008-2012
Table 54: Kuwaiti Persol Accident and Health Insurance - Written Premium Through Direct Marketing (KWD Million), 2012-2017
Table 55: Kuwaiti Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 56: Kuwaiti Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 57: Kuwaiti Persol Accident and Health Insurance - Bancassurance Commission Paid (KWD), 2008-2012
Table 58: Kuwaiti Persol Accident and Health Insurance - Bancassurance Commission Paid (KWD), 2012-2017
Table 59: Kuwaiti Persol Accident and Health Insurance - Written Premium Through Bancassurance (KWD Million), 2008-2012
Table 60: Kuwaiti Persol Accident and Health Insurance - Written Premium Through Bancassurance (KWD Million), 2012-2017
Table 61: Kuwaiti Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 62: Kuwaiti Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 63: Kuwaiti Persol Accident and Health Insurance - Commission Paid to Agencies (KWD Million), 2008-2012
Table 64: Kuwaiti Persol Accident and Health Insurance - Commission Paid to Agencies (KWD Million), 2012-2017
Table 65: Kuwaiti Persol Accident and Health Insurance - Written Premium Through Agencies (KWD Million), 2008-2012
Table 66: Kuwaiti Persol Accident and Health Insurance - Written Premium Through Agencies (KWD Million), 2012-2017
Table 67: Kuwaiti Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2008-2012
Table 68: Kuwaiti Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2012-2017
Table 69: Kuwaiti Persol Accident and Health Insurance - E-Commerce Commission Paid (KWD), 2008-2012
Table 70: Kuwaiti Persol Accident and Health Insurance - E-Commerce Commission Paid (KWD), 2012-2017
Table 71: Kuwaiti Persol Accident and Health Insurance - Written Premium Through E-Commerce (KWD Million), 2008-2012
Table 72: Kuwaiti Persol Accident and Health Insurance - Written Premium Through E-Commerce (KWD Million), 2012-2017
Table 73: Kuwaiti Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 74: Kuwaiti Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 75: Kuwaiti Persol Accident and Health Insurance - Commission Paid to Brokers (KWD Million), 2008-2012
Table 76: Kuwaiti Persol Accident and Health Insurance - Commission Paid to Brokers (KWD Million), 2012-2017
Table 77: Kuwaiti Persol Accident and Health Insurance - Written Premium Through Brokers (KWD Million), 2008-2012
Table 78: Kuwaiti Persol Accident and Health Insurance - Written Premium Through Brokers (KWD Million), 2012-2017
Table 79: Kuwaiti Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2008-2012
Table 80: Kuwaiti Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2012-2017
Table 81: Reinsurance in Kuwait by Category (KWD Million), 2008-2012
Table 82: Reinsurance in Kuwait by Category (US$ Million), 2008-2012
Table 83: Reinsurance in Kuwait by Category (KWD Million), 2012-2017
Table 84: Reinsurance in Kuwait by Category (US$ Million), 2012-2017
Table 85: Kuwaiti Premium Ceded to Reinsurance by Insurance Segment (KWD Million), 2008-2012
Table 86: Kuwaiti Premium Ceded to Reinsurance by Insurance Segment (US$ Million), 2008-2012
Table 87: Kuwaiti Premium Ceded to Reinsurance by Insurance Segment (KWD Million), 2012-2017
Table 88: Kuwaiti Premium Ceded to Reinsurance by Insurance Segment (US$ Million), 2012-2017
Table 89: Kuwaiti Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 90: Kuwaiti Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 91: Kuwait - Life Insurance Regulatory Framework
Table 92: Kuwait - Property Insurance Regulatory Framework
Table 93: Kuwait - Motor Insurance Regulatory Framework
Table 94: Kuwait - Corporate Tax Rates for the Fincial Year 2013
Table 95: List of Key Insurers in the Kuwait Persol Accident and Health Insurance Segment, 2012
Table 96: Gulf Insurance Company, Key Facts
Table 97: Kuwait Insurance Company SAK., Key Facts
Table 98: Warba Insurance Company, Key Facts
Table 99: Al Ahleia Insurance Company SAK, Key Facts
Table 100: Eya Insurance Company, Key Facts