General Insurance in Kuwait, Key Trends and Opportunities to 2021

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GlobalData’s 'General Insurance in Kuwait, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Kuwaiti general insurance segment, and a comparison of the Kuwaiti insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Kuwaiti insurance industry, 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 General insurance segment, including –
– The Kuwaiti general segment’s detailed outlook by product category
– A comprehensive overview of the Kuwaiti economy and demographics
– A comparison of the Kuwaiti general insurance segment with its regional counterparts
– The various distribution channels in the Kuwaiti general insurance segment
– Detailed analysis of natural hazards and their impact on the Kuwaiti insurance industry
– Details of the competitive landscape in the general 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. According to the draft law, the capital requirements for non-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).
– On February 5, 2018, the Ministry of Interior (MoI) announced the implementation of Article No. 41 of the Traffic Law, which permits the immediate settlement of minor traffic accident claims.
– On October 1, 2017, the Ministerial Decree pertaining to an increase in health fees for expatriate residents and visitors came into effect.
– In February 2016, the Kuwaiti government directed the Ministry of Health (MoH) to make liability cover for medical errors mandatory for health practitioners, including medical and dental professionals.
– According to the Ministerial Decree issued on April 19, 2015, foreign insurers are no longer required to establish a stockholding company with a minimum capital of KWD5.0 million (US$16.6 million) to operate insurance business respectively in Kuwait.

Scope

– This report provides a comprehensive analysis of the General insurance segment in Kuwait.

– It provides historical values for the Kuwaiti general 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 general insurance segment, and market forecasts to 2021.

– It provides a comparison of the Kuwaiti general insurance segment with its regional counterparts

– It analyzes the various distribution channels for general insurance products in Kuwait.

– It analyzes various natural hazards and their impact on the Kuwaiti insurance industry

– It profiles the top general 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 general insurance segment, and each category within it.

– Understand the demand-side dynamics, key market trends and growth opportunities in the Kuwaiti general insurance segment.

– Assess the competitive dynamics in the general 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.

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

4.2.3 Profitability

5 Outlook By Sub-Segment

5.1 Property Insurance

5.1.1 Overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

5.5 Personal Accident and Health Insurance

5.5.1 Overview

5.5.2 Premium

5.5.3 Claims

5.5.4 Profitability

6 Distribution Channel Outlook

7 Natural and Man-Made Hazards

7.1 Sandstorms

7.2 Cloudbursts/Floods

7.3 Climate Change

7.4 Exposure

8 Competitive Landscape

8.1 Company Profiles 69

8.1.1 Gulf Insurance and Reinsurance Company – Company Overview

8.1.2 Al Ahleia Insurance Company Sakp – Company Overview

8.1.3 Kuwait Insurance Company Sak – Company Overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes In Regulation

9.3 Legislation and Market Practice By Type Of Insurance

9.3.1 Life Insurance

9.3.2 Property Insurance

9.3.3 Motor Insurance

9.3.4 Liability Insurance

9.3.5 Marine, Aviation and Transit Insurance

9.3.6 Personal Accident and Health Insurance

9.4 Compulsory Insurance

9.5 Supervision and Control

9.5.1 Ministry Of Commerce and Industry (Moci)

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market Practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type Of Insurance Organization

9.7.2 Establishing A Local Company

9.7.3 Foreign Ownership

9.7.4 Types Of License

9.7.5 Capital Requirements

9.7.6 Solvency Margin

9.7.7 Reserve Requirements

9.7.8 Investment Regulations

9.7.9 Statutory Return Requirements

9.7.10 Fee Structure

9.8 Taxation

9.8.1 Insurance Premium Or Policy Taxation

9.8.2 Withholding Taxes On Premium Paid Overseas

9.8.3 Corporate Tax

9.8.4 Vat

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access To Court

9.9.3 Alternative Dispute Resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Retail General Insurance By Product

10.4 Commercial General Insurance By Product

10.5 Property Insurance

10.6 Property Insurance By Product

10.7 Motor Insurance

10.8 Motor Insurance By Product

10.9 Liability Insurance

10.10 Marine, Aviation and Transit Insurance

10.11 Personal Accident and Health Insurance

10.12 Health Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’S Services

12.4 Disclaimer

Table

List of Tables

Table 1: Kuwaiti General Insurance – Key Facts, 2016

Table 2: Kuwaiti General Insurance – Leading insurers

Table 3: Comparison of GCC Countries

Table 4: Kuwaiti Government Credit Ratings

Table 5: Kuwaiti General Insurance – Gross Written Premium (KWD Million and US$ Billion), 2012-2016

Table 6: Kuwaiti General Insurance – Gross Written Premium by Consumer Segment (KWD Million), 2012-2016

Table 7: Kuwaiti General Insurance – Penetration (%), 2012-2016

Table 8: Kuwaiti General Insurance – Gross Written Premium (KWD Million and US$ Billion), 2016-2021

Table 9: Kuwaiti General Insurance – Gross Written Premium by Consumer Segment (KWD Million), 2016-2021

Table 10: Kuwaiti General Insurance – Penetration (%), 2016-2021

Table 11: Kuwaiti General Insurance – Premium per Capita (KWD and US$), 2012-2016

Table 12: Kuwaiti General Insurance – Premium per Capita (KWD and US$), 2016-2021

Table 13: Kuwaiti General Insurance – Paid Claims (KWD Million and US$ Million), 2012-2016

Table 14: Kuwaiti General Insurance – Paid Claims (KWD Million and US$ Million), 2016-2021

Table 15: Kuwaiti General Insurance – Loss Ratio (%), 2012-2016

Table 16: Kuwaiti General Insurance – Loss Ratio (%), 2016-2021

Table 17: Kuwaiti General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012-2016

Table 18: Kuwaiti General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2016-2021

Table 19: Kuwaiti Commercial General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012-2016

Table 20: Kuwaiti Commercial General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2016-2021

Table 21: Kuwaiti Retail General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012-2016

Table 22: Kuwaiti Retail General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2016-2021

Table 23: Kuwaiti Property Insurance – Direct Written Premium by Category (KWD Million), 2012-2016

Table 24: Kuwaiti Property Insurance – Direct Written Premium by Category (KWD Million), 2016-2021

Table 25: Kuwaiti Property Insurance – Paid Claims (KWD Million and US$ Million), 2012-2016

Table 26: Kuwaiti Property Insurance – Paid Claims (KWD Million and US$ Million), 2016-2021

Table 27: Kuwaiti Property Insurance – Loss Ratio (%), 2012-2016

Table 28: Kuwaiti Property Insurance – Loss Ratio (%), 2016-2021

Table 29: Kuwaiti Motor Insurance – Number of Vehicles by Type (Thousand), 2012-2016

Table 30: Kuwait Motor Insurance – Road Accident Numbers, 2012-2016

Table 31: Kuwaiti Motor Insurance – Direct Written Premium by Category (KWD Million), 2012-2016

Table 32: Kuwaiti Motor Insurance – Direct Written Premium by Category (KWD Million), 2016-2021

Table 33: Kuwaiti Motor Insurance – Paid Claims (KWD Million and US$ Million), 2012-2016

Table 34: Kuwaiti Motor Insurance – Paid Claims (KWD Million and US$ Million), 2016-2021

Table 35: Kuwaiti Motor Insurance – Loss Ratio (%), 2012-2016

Table 36: Kuwaiti Motor Insurance – Loss Ratio (%), 2016-2021

Table 37: Kuwaiti Liability Insurance – Direct Written Premium (KWD Million and US$ Million), 2012-2016

Table 38: Kuwaiti Liability Insurance – Direct Written Premium (KWD Million and US$ Million), 2016-2021

Table 39: Kuwaiti Liability Insurance – Paid Claims (KWD Million and US$ Million), 2012-2016

Table 40: Kuwaiti Liability Insurance – Paid Claims (KWD Million and US$ Million), 2016-2021

Table 41: Kuwaiti Liability Insurance – Loss Ratio (%), 2012-2016

Table 42: Kuwaiti Liability Insurance – Loss Ratio (%), 2016-2021

Table 43: Kuwaiti Transport Network – Global Rankings

Table 44: Kuwaiti Marine, Aviation and Transit Insurance – Direct Written Premium (KWD Million and US$ Million), 2012-2016

Table 45: Kuwaiti Marine, Aviation and Transit Insurance – Direct Written Premium (KWD Million and US$ Million), 2016-2021

Table 46: Kuwaiti Marine, Aviation and Transit Insurance – Paid Claims (KWD Million and US$ Million), 2012-2016

Table 47: Kuwaiti Marine, Aviation and Transit Insurance – Paid Claims (KWD Million and US$ Million), 2016-2021

Table 48: Kuwaiti Marine, Aviation and Transit Insurance – Loss Ratio (%), 2012-2016

Table 49: Kuwaiti Marine, Aviation and Transit Insurance – Loss Ratio (%), 2016-2021

Table 50: Kuwaiti Personal Accident and Health Insurance – Direct Written Premium by Category (KWD Million), 2012-2016

Table 51: Kuwaiti Personal Accident and Health Insurance – Direct Written Premium by Category (KWD Million), 2016-2021

Table 52: Kuwaiti Personal Accident and Health Insurance – Paid Claims (KWD Million and US$ Million), 2012-2016

Table 53: Kuwaiti Personal Accident and Health Insurance – Paid Claims (KWD Million and US$ Million), 2016-2021

Table 54: Kuwaiti Personal Accident and Health Insurance – Loss Ratio (%), 2016-2021

Table 55: Kuwaiti Personal Accident and Health Insurance – Loss Ratio (%), 2016-2021

Table 56: Kuwaiti General Insurance Industry – Leading Insurers

Table 57: Gulf Insurance and Reinsurance Company – Key Facts

Table 58: Gulf Insurance and Reinsurance Company – Key Financials (KWD Million), 2011-2015

Table 59: Al Ahleia Insurance Company SAK – Key Facts

Table 60: Al Ahleia Insurance Company SAK – Key Financials (KWD Million), 2011-2015

Table 61: Kuwait Insurance Company SAK – Key Facts

Table 62: Kuwait Insurance Company SAK- Key Financials (KWD Million), 2011-2015

Table 63: Kuwait – Insurance Regulatory Framework Key Features

Table 64: Kuwait – Life Insurance Regulatory Framework

Table 65: Kuwait – Property Insurance Regulatory Framework

Table 66: Kuwait – Motor Insurance Regulatory Framework

Table 67: Kuwait – Liability Insurance Regulatory Framework

Table 68: Kuwait – Corporate Tax Rates for the Financial Year 2018

Table 69: Kuwaiti General Insurance – Policies and Premium, 2012-2016

Table 70: Kuwaiti General Insurance – Policies and Premium, 2016-2021

Table 71: Kuwaiti General Insurance – Claims and Expenses, 2012-2016

Table 72: Kuwaiti General Insurance – Claims and Expenses, 2016-2021

Table 73: Kuwaiti Retail General Insurance by Product, 2012-2016

Table 74: Kuwaiti Retail General Insurance by Product, 2016-2021

Table 75: Kuwaiti Commercial General Insurance by Product, 2012-2016

Table 76: Kuwaiti Commercial General Insurance by Product, 2016-2021

Table 77: Kuwaiti General Insurance – Property Insurance, 2012-2016

Table 78: Kuwaiti General Insurance – Property Insurance, 2016-2021

Table 79: Kuwaiti General Insurance – Property Insurance by Product, 2012-2016

Table 80: Kuwaiti General Insurance – Property Insurance by Product, 2016-2021

Table 81: Kuwaiti General Insurance – Motor Insurance, 2012-2016

Table 82: Kuwaiti General Insurance – Motor Insurance, 2016-2021

Table 83: Kuwaiti General Insurance – Motor Insurance by Product, 2012-2016

Table 84: Kuwaiti General Insurance – Motor Insurance by Product, 2016-2021

Table 85: Kuwaiti General Insurance – Liability Insurance, 2012-2016

Table 86: Kuwaiti General Insurance – Liability Insurance, 2016-2021

Table 87: Kuwaiti General Insurance – Marine, Aviation and Transit Insurance, 2012-2016

Table 88: Kuwaiti General Insurance – Marine, Aviation and Transit Insurance, 2016-2021

Table 89: Kuwaiti General Insurance – Personal Accident and Health Insurance, 2012-2016

Table 90: Kuwaiti General Insurance – Personal Accident and Health Insurance, 2016-2021

Table 91: Kuwaiti General Insurance – Health Insurance, 2012-2016

Table 92: Kuwaiti General Insurance – Health Insurance, 2016-2021

Table 93: 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 General Insurance Penetration – Regional Comparison (%), 2016

Figure 8: Kuwaiti General Insurance Segment By Direct Written Premium Share (%) – Regional Comparison (%), 2016

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

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

Figure 11: Kuwaiti General Insurance – Gross Written Premium by Consumer Segment (KWD Million), 2012-2021

Figure 12: Kuwaiti General Insurance – Premium per Capita (KWD), 2012-2021

Figure 13: Kuwaiti General Insurance – Paid Claims (KWD Million), 2012-2021

Figure 14: Kuwaiti General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012-2021

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

Figure 16: Kuwaiti Commercial General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012-2021

Figure 17: Kuwaiti Commercial General Insurance – Direct Written Premium Dynamics by Sub-Segment, 2012-2021

Figure 18: Kuwaiti Retail General Insurance – Direct Written Premium by Sub-Segment (KWD Million), 2012-2021

Figure 19: Kuwaiti Retail General Insurance – Direct Written Premium Dynamics by Sub-Segment, 2012-2021

Figure 20: Kuwaiti Property Insurance – Construction Value Output by Category (KWD Million), 2011-2016

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

Figure 22: Kuwaiti Property Insurance – Direct Written Premium Dynamics by Category, 2012-2021

Figure 23: Kuwaiti Property Insurance – Paid Claims (KWD Million), 2012-2021

Figure 24: Kuwaiti Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012-2021

Figure 25: Kuwaiti Motor Insurance – Direct Written Premium by Category (KWD Million), 2012-2021

Figure 26: Kuwaiti Motor Insurance – Direct Written Premium Dynamics by Category, 2012-2021

Figure 27: Kuwaiti Motor Insurance – Paid Claims (KWD Million), 2012-2021

Figure 28: Kuwaiti Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012-2021

Figure 29: Kuwaiti Liability Insurance – Direct Written Premium (KWD Million), 2012-2021

Figure 30: Kuwaiti Liability Insurance – Paid Claims (KWD Million), 2012-2021

Figure 31: Kuwaiti Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012-2021

Figure 32: Kuwaiti Exports and Imports (KWD Billion), 2012-2016

Figure 33: Kuwaiti Marine, Aviation and Transit Insurance – Direct Written Premium (KWD Million), 2012-2021

Figure 34: Kuwaiti Marine, Aviation and Transit Insurance – Paid Claims (KWD Million), 2012-2021

Figure 35: Kuwaiti Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012-2021

Figure 36: Kuwaiti Personal Accident and Health Insurance – Paid Claims (KWD Million), 2012-2021

Figure 37: Kuwaiti Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (KWD Million and %), 2012-2021

Figure 38: Kuwait – Insurance Regulatory Frameworks for Company Registration and Operation

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