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Life Insurance in Kuwait, Key Trends and Opportunities to 2021

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Life Insurance in Kuwait, Key Trends and Opportunities to 2021

Summary

GlobalData's 'Life Insurance in Kuwait, Key Trends and Opportunities to 2021' 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 (2012-2016) and forecast period (2016-2021).

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 GlobalData'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.

This 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

Key Highlights

- The government is in the process of implementing a new insurance law, replacing the Insurance Law 1961. A draft law was prepared in 2012, though it is yet to be approved and implemented. According to the draft insurance law, the capital requirements for life insurers will be increased from the current requirement of KWD5.0 million (USD 16.5 million) to KWD10.0 million (USD 33.1 million).

- In November 2017, National Life and General Insurance, an Oman-based insurer, obtained a license to establish a branch in Kuwait.

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 2012-2016 review period, and projected figures for the 2016-2021 forecast period.

- It offers a detailed analysis of the key categories in the Kuwaiti life insurance segment, and market forecasts to 2021.

- 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.

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Table Of Content

Scope

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

5 Outlook By Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Penetration

5.2 Group Life Insurance

5.2.1 Premium

5.2.2 Penetration

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Warba Insurance Company-Company Overview

7.1.2 Al Ahleia Insurance Company Sakp-Company Overview

7.1.3 Kuwait Insurance Company Sak-Company Overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes In Regulation

8.3 Legislation and Market Practice By Type Of Insurance

8.3.1 Life Insurance

8.3.2 Property Insurance

8.3.3 Motor Insurance

8.3.4 Liability Insurance

8.3.5 Marine, Aviation and Transit Insurance

8.3.6 Personal Accident and Health Insurance

8.4 Compulsory Insurance

8.5 Supervision and Control

8.5.1 Ministry Of Commerce and Industry (Moci)

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market Practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type Of Insurance Organization

8.7.2 Establishing A Local Company

8.7.3 Foreign Ownership

8.7.4 Types Of License

8.7.5 Capital Requirements

8.7.6 Solvency Margin

8.7.7 Reserve Requirements

8.7.8 Investment Regulations

8.7.9 Statutory Return Requirements

8.7.10 Fee Structure

8.8 Taxation

8.8.1 Insurance Premium Or Policy Taxation

8.8.2 Withholding Taxes On Premium Paid Overseas

8.8.3 Corporate Tax

8.8.4 Vat

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access To Court

8.9.3 Alternative Dispute Resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Individual Life Insurance

9.4 Individual Life Insurance By Category

9.5 Group Life Insurance

9.6 Group Life Insurance By Category

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData'S Services

11.4 Disclaimer


List Of Figure

List of Figures

Figure 1: Kuwaiti Real GDP (KWD Million), 2012-2021

Figure 2: Kuwaiti Exchange Rate (KWD-USD ), 2012-2021

Figure 3: Kuwaiti Inflation, Consumer Prices (%), 2012-2021

Figure 4: Kuwaiti Current Account Balance as Percentage of GDP (%), 2012-2016

Figure 5: Kuwaiti Unemployment Rate, 2012-2021

Figure 6: Kuwaiti Population by Age Group, 2000-2025

Figure 7: Kuwaiti Life Insurance Penetration-Regional Comparison (%), 2016

Figure 8: Kuwaiti Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2016

Figure 9: Kuwaiti Life Insurance-Gross Written Premium (KWD Million), 2012-2021

Figure 10: Kuwaiti Life Insurance-Penetration (%), 2012-2021

Figure 11: Kuwaiti Life Insurance-Premium per Capita (KWD), 2012-2021

Figure 12: Kuwaiti Life Insurance-Paid Claims (KWD Million), 2012-2021

Figure 13: Kuwaiti Life Insurance-Direct Written Premium by Sub-Segment (KWD Million), 2012-2021

Figure 14: Kuwaiti Life Insurance-Direct Written Premium Share by Sub-Segment, 2012-2021

Figure 15: Kuwaiti Life Insurance-Direct Written Premium Dynamics by Sub-Segment, 2012-2021

Figure 16: Kuwaiti Individual Life Insurance-Direct Written Premium by Category (KWD Million), 2012-2021

Figure 17: Kuwaiti Individual Life Insurance-Direct Written Premium Share by Category, 2012-2021

Figure 18: Kuwaiti Individual Life Insurance-Direct Written Premium Dynamics by Category, 2012-2021

Figure 19: Kuwaiti Individual Life Insurance-Penetration (%), 2012-2016

Figure 20: Kuwaiti Individual Life Insurance-Penetration (%), 2016-2021

Figure 21: Kuwaiti Group Life Insurance-Direct Written Premium by Category (KWD Million), 2012-2021

Figure 22: Kuwaiti Group Life Insurance-Penetration (%), 2012-2016

Figure 23: Kuwaiti Group Life Insurance-Penetration (%), 2016-2021

Figure 24: Kuwait-Insurance Regulatory Frameworks for Company Registration and Operation


List Of Table

List of Tables

Table 1: Kuwaiti Life Insurance-Key Facts, 2016

Table 2: Kuwaiti Life Insurance-Leading Insurers, 2016

Table 3: Comparison of GCC Countries

Table 4: Kuwaiti Government Credit Ratings

Table 5: Kuwaiti Life Insurance-Gross Written Premium (KWD Million and USD Million), 2012-2016

Table 6: Kuwaiti Life Insurance-Penetration (%), 2012-2016

Table 7: Kuwaiti Life Insurance-Gross Written Premium (KWD Million and USD Million), 2016-2021

Table 8: Kuwaiti Life Insurance-Penetration (%), 2016-2021

Table 9: Kuwaiti Life Insurance-Premium per Capita (KWD and USD ), 2012-2016

Table 10: Kuwaiti Life Insurance-Premium per Capita (KWD and USD ), 2016-2021

Table 11: Kuwaiti Life Insurance-Paid Claims (KWD Million and USD Million), 2012-2016

Table 12: Kuwaiti Life Insurance-Paid Claims (KWD Million and USD Million), 2016-2021

Table 13: Kuwaiti Life Insurance-Direct Written Premium by Sub-Segment (KWD Million), 2012-2016

Table 14: Kuwaiti Life Insurance-Direct Written Premium by Sub-Segment (KWD Million), 2016-2021

Table 15: Kuwaiti Individual Life Insurance-Direct Written Premium by Category (KWD Million), 2012-2016

Table 16: Kuwaiti Individual Life Insurance-Direct Written Premium by Category (KWD Million), 2016-2021

Table 17: Kuwaiti Group Life Insurance-Direct Written Premium by Category (KWD Million), 2012-2016

Table 18: Kuwaiti Group Life Insurance-Direct Written Premium by Category (KWD Million), 2016-2021

Table 19: Kuwaiti Life Insurance-Leading Life Insurers

Table 20: Warba Insurance Company-Key Facts

Table 21: Warba Insurance Company-Key Financials (KWD Million), 2011-2015

Table 22: Al Ahleia Insurance Company-Key Facts

Table 23: Al Ahleia Insurance Company-Key Financials (KWD Million), 2011-2015

Table 24: Kuwait Insurance Company-Key Facts

Table 25: Kuwait Insurance Company-Key Financials (KWD Million), 2011-2015

Table 26: Kuwait-Insurance Regulatory Framework Key Features

Table 27: Kuwait-Life Insurance Regulatory Framework

Table 28: Kuwait-Property Insurance Regulatory Framework

Table 29: Kuwait-Motor Insurance Regulatory Framework

Table 30: Kuwait-Liability Insurance Regulatory Framework

Table 31: Kuwait-Corporate Tax Rates for the Financial Year 2018

Table 32: Kuwaiti Life Insurance-Policies and Premium, 2012-2016

Table 33: Kuwaiti Life Insurance-Policies and Premium, 2016-2021

Table 34: Kuwaiti Life Insurance-Claims and Expenses, 2012-2016

Table 35: Kuwaiti Life Insurance-Claims and Expenses, 2016-2021

Table 36: Kuwaiti Life Insurance-Individual Life Insurance, 2012-2016

Table 37: Kuwaiti Life Insurance-Individual Life Insurance, 2016-2021

Table 38: Kuwaiti Life Insurance-Individual Life Insurance by Product, 2012-2016

Table 39: Kuwaiti Life Insurance-Individual Life Insurance by Product, 2016-2021

Table 40: Kuwaiti Life Insurance-Group Life Insurance, 2012-2016

Table 41: Kuwaiti Life Insurance-Group Life Insurance, 2016-2021

Table 42: Kuwaiti Life Insurance-Group Life Insurance by Product, 2012-2016

Table 43: Kuwaiti Life Insurance-Group Life Insurance by Product, 2016-2021

Table 44: Insurance Industry Definitions

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Products and Companies

Products

Life insurance, Economy and Demographics, Regional comparison, Individual life insurance, Group life insurance, Distribution channels, Bancassurance, Agencies, Direct marketing, Brokers, E-commerce, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization


Companies

Warba Insurance Company

Al Ahleia Insurance Company

Kuwait Insurance Company

Gulf Insurance and Reinsurance Company

Enaya Insurance Company