Kuwait Insurance Industry – Key Trends and Opportunities to 2027
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Kuwait Insurance Market Report Overview
The direct written premium of the Kuwait insurance market was KWD602.3 billion ($2.0 billion) in 2022. The market is expected to achieve a CAGR of more than 5% during 2023-2027.
Kuwait Insurance Market Outlook, 2022-2027 (KWD Billion)
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The Kuwait insurance market research report provides in-depth market analysis, information, and insights into the Kuwait insurance industry. It provides values for key performance indicators such as direct written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Kuwait economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives 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.
Market Size (2022) | KWD602.3 billion ($2.0 billion) (DWP) |
CAGR (2023-2027) | >5% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | · Life Insurance
· General Insurance |
Leading Players | · Gulf Insurance Group
· Al Ahleia Insurance · Warba Insurance · Kuwait Insurance · Others |
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Kuwait Insurance Market Trends
Motor insurance and regulatory reforms are some of the key trends impacting the Kuwait insurance market. For instance, the Kuwaiti Government has drafted a contract that protects the customers of rental cars from paying damages to the insured vehicles in case of an accident. This is expected to bring an end to the practice of rental owners collecting money from customers for damages of rented vehicles.
In addition, in April 2023, the Supreme Committee of the IRU decided to increase the premium of motor insurance for private vehicles. The mandate also specified that the payments of premiums should be only processed through electronic and cashless means. However, these decisions were postponed owing to pending coordination with the Ministry of Interior.
Kuwait Insurance Market by Segments
The key segments in the Kuwait insurance market are life insurance and general insurance. The life insurance segment dominated the market in 2022.
Life Insurance: Economic growth, aided by infrastructure investment and positive developments in the labor market, will support life insurance growth over 2023–27. Life PA&H accounted for most of the life insurance DWP in 2022.
General Insurance: Motor insurance, with more than 40% share in general insurance DWP, was the largest general insurance line in 2022. Leading commercial lines were property and MAT in 2022.
Kuwait Insurance Market Analysis by Segments, 2022 (%)
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Kuwait Insurance Market – Competitive Landscape
The key companies in the Kuwait insurance market are Gulf Insurance Group, Al Ahleia Insurance, Warba Insurance, Kuwait Insurance, and others. Gulf Insurance Group was the largest insurer in 2021. It was followed by Kuwait Insurance and Al Ahleia Insurance.
Kuwait Insurance Market Analysis by Players, 2021 (%)
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Segments Covered in the Report
Kuwait Insurance Market Segments Outlook (Value, KWD Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Kuwait insurance industry –
- It provides historical values for the Kuwait insurance industry for the report’s 2018–22 review period and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Kuwait insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Kuwait and outlines the key regulations affecting them.
Key Highlights
• Key insights and dynamics of the Kuwait insurance industry.
• A comprehensive overview of the Kuwait economy, government initiatives, and investment opportunities.
• The Kuwait insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• The Kuwait insurance industry’s market structure giving details of lines of business.
• Kuwait reinsurance business’s market structure giving details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Kuwait insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Kuwait insurance industry.
- Assess the competitive dynamics in the Kuwait insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Arabia Insurance (Kuwait)
Warba Insurance
Al Ahleia Insurance
Kuwait Insurance
Table of Contents
Frequently asked questions
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What was the Kuwait insurance market direct written premium in 2022?
The direct written premium of the Kuwait insurance market was KWD602.3 billion ($2.0 billion) in 2022.
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What is the growth rate of the Kuwait insurance market?
The insurance market in Kuwait is expected to achieve a CAGR of more than 5% during 2023-2027.
-
Which segment dominated the Kuwait insurance market in 2022?
The life insurance segment dominated the Kuwait insurance market in 2022.
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Who are the major players operating in the Kuwait insurance market?
The key companies in the Kuwait insurance market are Gulf Insurance Group, Al Ahleia Insurance, Warba Insurance, Kuwait Insurance, and others.
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