Kuwait Insurance Report Q4 2016

Date: August 31, 2016
Pages: 48
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Includes 3 FREE quarterly updates

BMI View: Kuwait is one of the smaller insurance markets we monitor in the Gulf region, with the expansion life segment in particular having been constrained by the strength of the country's social welfare system and hence a lack of demand for private insurance coverage. As such, underwriting activity is dominated by compulsory lines such as motor insurance, though we also note the steady expansion of the health insurance segment. We forecast premiums to grow at a steady rate over the next fear years, against a backdrop of relatively muted economic growth; however, rising inflation threatens to erode the spending power of households and hence demand for discretionary insurance products.

Key Updates And Forecasts
  • In July 2016, MPs voted to support a proposal to introduce compulsory health insurance coverage for expats holding visitor visas. The measure aims to reduce the costs to the state of providing health services to uninsured expats visiting the country. Companies sponsoring visitor visas for expats will need to provide proof of private health insurance coverage.
  • The decision is expected to provide a fillip to Kuwait's health insurance sector; however, we have revised our forecast for the wider non-life sector downwards this quarter, partly as a result of rising inflation and falling household spending. Non-life premiums will expand by 6.2% in local currency terms in 2016 to KWD322bn (USD1bn); premiums are forecast to reach KWD400bn by 2020 (USD1.2bn).
  • Life premiums will grow at a slower pace though the forecast period, increasing by 5.0% in 2016 to KWD184mn in local currency terms, and by 3% to USD600mn in USD terms. Premiums will reach KWD212mn (USD663mn) in 2020.
BMI Industry View
  Table: Headline Insurance Forecasts (Kuwait 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Kuwait 2013-2020)
  Table: Life Insurance Claims (Kuwait 2008-2015)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Kuwait 2013-2020)
  Table: Non-Life Insurance Claims (Kuwait 2009-2015)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums by Product Line (Kuwait 2013-2020)
Industry Risk Reward Ratings
MENA Insurance Risk/Reward Index
  Table: MENA Insurance Risk/Reward Index - Q416
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Company Profile
Al-Ahleia Insurance Company
Bahrain Kuwait Insurance Co (BKIC)
Gulf Insurance Group (GIG)
Kuwait Reinsurance Company
Warba Insurance
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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