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Kuwait Insurance Report Q2 2011: New research report available at Fast Market Research

Recently published research from Business Monitor International, "Kuwait Insurance Report Q2 2011", is now available at Fast Market Research

 
PRLog - Mar. 24, 2011 - Key Insights On Kuwait's Insurance Sector

Kuwait's insurance sector is one in which much needs to change if the country is to shake its status as something of an industry backwater. As BMI's discussion on the economic and political outlook shows, progress towards economic reform and liberalisation continues at a slow pace, at a time when inwards investment has been constrained by a challenging political environment. It is evidently not a market in which foreign insurers have felt the need for a lowering of barriers to entry.

There is little evidence that this is changing. The larger listed Kuwaiti insurance companies have published their results for H110. The results point to growth in premiums in 2010 as a whole of 15.9%. This compares favourably with the 8.3% growth that was achieved by the same companies in 2009. However, in H110, most of the growth came from a surge in premiums written by Kuwait Re and Warba Insurance Company. Gulf Insurance, the local major that accounts for about half of all premiums written by the listed Kuwaiti companies, reported that its gross written premiums rose by just 4.2%. For al-Ahleia Insurance and Kuwait Insurance, growth in H110 was at 12-14%. Wethaq Takaful and First Takaful, the other listed companies, appeared not to report premiums for H110.

As is the case in several other Middle Eastern countries, the level of development of the life segment is embryonic. This may be because the government makes extensive social security benefits available to its citizens and it is not clear what will be a catalyst for this to change.

In this report, we continue to provide a breakdown of the insurance sector by line from the point of view of the companies. In Kuwait, comprehensive motor insurance (presumably compulsory motor third party liability) was the largest line in the non-life segment, accounting for just under half of gross written premiums. Other major lines included life and health, marine aviation and transport, and property and fire insurance. We emphasise, though, that in Kuwait, as in much of the Middle East and North Africa, the (overwhelmingly non-life) insurers lay off a lot of the risks with reinsurers. Net premiums are a lot lower than gross premiums.

At the time of writing, we have been able to ensure that the report includes actual data for 2009.Bearing in mind the results announced for H110 by the listed Kuwaiti companies, we forecast total premiums in 2010 of KWD228mn. This includes non-life premiums of KWD175mn and life premiums of KWD53mn. In 2015, the corresponding figures are forecast to be KWD358mn, KWD285mn and KWD72mn. In terms of the key drivers that underpin our forecasts, we expect non-life penetration to rise from 0.44% of GDP in 2010 to 0.54% in 2015, and for life density to increase from US$57 per capita to nearly US$72 over the same period. BMI's Insurance Business Environment Rating for Kuwait is 44.3

Issues To Watch

Islamic Finance

Despite the general underdevelopment of its insurance sector, Kuwait stands out for the significance (in a local context) of its takaful operators. In the event that official resources are mobilised to promote Islamic finance, this area could grow rapidly.

Expansion Abroad

The growth prospects of Kuwaiti insurers are constrained by the small actual and potential absolute size of the market. In many cases it is difficult for companies to increase their market shares within Kuwait. There is no sign of a catalyst for development of the life segment. The obvious solution is to underwrite risks outside Kuwait and/or to expand by way of acquisitions.

For more information or to purchase this report, go to:
-  http://www.fastmr.com/prod/127211_kuwait_insurance_report...


Partial Table of Contents:

Executive Summary
- Table: Overview Of Kuwait's Insurance Sector
- Key Insights On Kuwait's Insurance Sector
- Issues To Watch
SWOT Analysis
- Kuwait Insurance SWOT
- Kuwait Political SWOT
- Kuwait Economic SWOT
- Kuwait Business Environment SWOT
MetLife's Acquisition Of ALICO
- Table: ALICO At A Glance
- Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%)
- Table: ALICO - A Market Leader In Japan
- Table: MetLife's Acquisition Of ALICO
- Table: MetLife And ALICO Combined
Middle East And Africa Overview
- Table: Non-Life Segment Premiums, 2009-2010 (US$mn)
- Table: Life Segment Premiums, 2009-2010 (US$mn)
Islamic Insurance Overview
Projections And Forecasts
- Table: Insurance Premiums, 2008-2015
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2008-2015
Country Update
- Macroeconomic Outlook
- Table: Kuwait Economic Activity, 2008-2015
- Political Outlook
- Long-Term Political Outlook
Insurance Business Environment Ratings
- Table: Kuwait's Insurance Business Environment Rating
- Table: Middle East And Africa Insurance Business Environment Ratings
Regional Context
- Table: Non-Life Premiums In A Regional Context, 2009
- Table: Life Premiums In A Regional Context, 2009
Major Players In Kuwait's Insurance Sector
- Table: Gross Written Premiums Of Selected Listed Companies, 2009-H110 (KWDmn)
Analysis Of Regional Competitive Conditions
Selected Company Profiles
- Local Company Profiles
- Al-Ahleia
- First Takaful Insurance Company
- Gulf Insurance Company
- Kuwait Insurance Company
- Warba Insurance Company
- Regional Company Profiles
- Arab Insurance Group BSC (ARIG)
- Chartis
- Allianz
- Aviva
- AXA
- Generali
- HSBC Insurance
- MAPFRE
- MetLife ALICO
- RSA
- Zurich Financial Services
Country Snapshot: Kuwait Demographic Data
- Section 1: Population
- Table: Demographic Indicators, 2005-2030
- Table: Rural/Urban Breakdown, 2005-2030
- Section 2: Education And Healthcare
- Table: Education, 2002-2005
- Table: Vital Statistics, 2005-2030
- Section 3: Labour Market And Spending Power
-

Full Table of Contents is available at:
-- http://www.fastmr.com/catalog/product.aspx?productid=1272...

About Business Monitor International

Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets.  BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports.  Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports.  View more research from Business Monitor International at http://www.fastmr.com/catalog/publishers.aspx?pubid=1010

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

# # #

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

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Phone:1.800.844.8156
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State/Province:Massachusetts - United States
Industry:Finance, Research, Banking
Tags:insurance, premiums, h110, written, non-life, kuwaiti, takaful, motor, lot, insurers
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