Life Insurance in Kuwait, Key Trends and Opportunities to 2021

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

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 (US$16.5 million) to KWD10.0 million (US$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.

Warba Insurance Company
Al Ahleia Insurance Company
Kuwait Insurance Company
Gulf Insurance and Reinsurance Company
Enaya Insurance Company

Table of Contents

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

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 US$ Million), 2012-2016

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

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

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

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

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

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

Table 12: Kuwaiti Life Insurance – Paid Claims (KWD Million and US$ 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

Figures

List of Figures

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

Figure 2: Kuwaiti Exchange Rate (KWD – US$), 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

Frequently asked questions

Life Insurance in Kuwait, Key Trends and Opportunities to 2021 thematic reports
Currency USD
$1,450

Can be used by individual purchaser only

$4,350

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Life Insurance in Kuwait, Key Trends and Opportunities to 2021 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Life Insurance in Kuwait, Key Trends and Opportunities to 2021 in real time.

  • Access a live Life Insurance in Kuwait, Key Trends and Opportunities to 2021 dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.