Middle East Insurance Market Forecast to 2012

Date: May 22, 2010
Pages: 80
Price:
US$ 1,500.00
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Publisher: RNCOS E-Services Pvt. Ltd.
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Hard Copy Mail Delivery, CD-ROM Mail Delivery
ID: MC62EC9EB8AEN
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Middle East Insurance Market Forecast to 2012
The Middle East insurance market is growing and changing rapidly. Although in comparison to other parts of the world, this market is relatively small, the scope for further expansion is huge. The insurance market in the region is expected to grow at a CAGR of around 25% during our forecast period (2010-2013) mainly due to the highly untapped market, rising awareness level, health consciousness and initiatives taken by governments of various countries in the region, says “Middle East Insurance Market Forecast to 2012”.

The report covers GCC nations including Kuwait, Bahrain, Saudi Arabia, Qatar, United Arab Emirates and Oman. In addition to these, the insurance industry of Turkey, Iran, Israel and Jordan have also been analyzed. The report details the market size of all these countries and states that Israel was the largest market in the region for insurance premium, followed by Turkey and UAE. Also, the report forecasts the future growth rates of the insurance markets in all these countries. Saudi Arabia will witness the highest CAGR of around 36%, followed by Bahrain and UAE during the forecast period.

Evaluation of Life and Non-life insurance segments has also been provided in the report. Non-life insurance segments like health, motor, marine, fire insurance have been thoroughly discussed. Islamic Insurance is another growing area in Middle East and the report covers takaful share in different countries as well. Key drivers of the Middle East insurance industry like low penetration, young educated population, and Government initiatives have been critically evaluated in the report.

The report provides extensive research and in-depth analysis of the insurance sector in the Middle East. It will help clients to analyze the leading-edge opportunities critical to the success of the insurance industry in the region. Detailed data and analysis will help clients to navigate through the evolving insurance markets in the region.

The forecast given in this report is not based on a complex economic model, but is intended as a rough guide to the direction in which the market is likely to move. This forecast is based on a correlation between past market growth and growth of base drivers.
1. ANALYST VIEW

2. MIDDLE EAST INSURANCE INDUSTRY - AN OVERVIEW

3. WHY MIDDLE EAST SO ATTRACTIVE FOR INSURERS?

3.1 Low Penetration
3.2 Young and Educated Population
3.3 Government Initiatives
3.4 Rising Accidents and Death Rate
3.5 Health Consciousness

4. MARKET PERFORMANCE - BY COUNTRY

4.1 UAE
4.2 Saudi Arabia
4.3 Kuwait
4.4 Bahrain
4.5 Iran
4.6 Israel
4.7 Jordan
4.8 Turkey
4.9 Qatar
4.10 Oman

5. INDUSTRY ANALYSIS

5.1 Growth Prospects
  5.1.1 Health and Accidental Insurance
  5.1.2 Takaful Insurance
  5.1.3 Bancassurance
  5.1.4 Car Insurance
  5.1.5 Motor and Fire Insurance
5.2 Growth Hurdles
  5.2.1 Lack of Skills and Training
  5.2.2 Variability in Legal Frameworks
  5.2.3 Lack of Transparency
  5.2.4 Low Employment Ratio

LIST OF FIGURES:

Figure 2-1: Middle East - Insurance Premium (Billion US$), 2007-2013
Figure 3-1: Per Head Healthcare Spending of Israel, Saudi Arabia and Iran (US$), 2009-2013
Figure 4-1: UAE - Insurance Premium by City (%), 2009
Figure 4-2: UAE - Non-life Insurance Premium by Sub-category (%), 2008
Figure 4-3: UAE - Forecast for Non-life Insurance Premium by Sub-category (%), 2010
Figure 4-4: UAE - Insurance Premium (Billion AED), 2005-2013
Figure 4-5: UAE - Share of Life and Non-life Insurance Premium (2008 & 2013)
Figure 4-6: UAE - Life Insurance Premium (Billion AED), 2005-2008
Figure 4-7: UAE - Share of Local and Foreign Firms in Life Insurance Premium (2008)
Figure 4-8: UAE - Non-life Insurance Premium (Billion AED), 2005-2008
Figure 4-9: UAE - Share of Local Non-life Insurance Firms in Retention of Premium by Sub-category (2008)
Figure 4-10: Saudi Arabia - Insurance Premium (Billion SAR), 2005-2013
Figure 4-11: Saudi Arabia - Insurance Premium by Category (%), 2008
Figure 4-12: Saudi Arabia - Health Insurance Premium (Billion SAR), 2006-2008
Figure 4-13: Saudi Arabia - Protection and Savings Insurance Premium (Billion SAR), 2006-2008
Figure 4-14: Saudi Arabia - General Insurance Premium (Billion SAR), 2006-2008
Figure 4-15: Saudi Arabia - General Insurance Premium by Sub-category (%), 2008
Figure 4-16: Saudi Arabia - Forecast for General Insurance Premium by Sub-category (%), 2010
Figure 4-17: Saudi Arabia - Claims Paid (Billion SAR), 2007 & 2008
Figure 4-18: Kuwait - Insurance Market by Type of Company (%), 2006
Figure 4-19: Kuwait - Insurance Premium (Million US$), 2007-2013
Figure 4-20: Kuwait - Share of Life and Non-life Insurance Premium (2008)
Figure 4-21: Kuwait - Life Insurance Premium (Million US$), 2007 & 2008
Figure 4-22: Kuwait - Non-life Insurance Premium (Million US$), 2007 & 2008
Figure 4-23: Kuwait - Non-life Insurance Premium by Sub-category (%), 2008
Figure 4-24: Bahrain - Insurance Premium (Million BHD), 2005-2013
Figure 4-25: Bahrain - Share of Life and Non-life Insurance Premium (2008)
Figure 4-26: Bahrain - Life Insurance Premium (Million BHD), 2007 & 2008
Figure 4-27: Bahrain - Life Insurance Claims Paid (Million BHD), 2007 & 2008
Figure 4-28: Bahrain - Non-life Insurance Premium (Million BHD), 2007 & 2008
Figure 4-29: Bahrain - Non-life Insurance Premium by Sub-category (%), 2008
Figure 4-30: Bahrain - Non-life Insurance Claims Paid (Million BHD), 2007 & 2008
Figure 4-31: Iran - Insurance Premium (Trillion IRR), 2005-2013
Figure 4-32: Iran - Insurance Premium by Sub-category (%), 2008
Figure 4-33: Iran - Insurance Claims Paid (Trillion IRR), 2007 & 2008
Figure 4-34: Iran - Insurance Claims Paid by Sub-category (%), 2008
Figure 4-35: Israel - Insurance Premium (Billion NIS), 2005-2013
Figure 4-36: Israel - Share of Life and Non-life Insurance Premium (2008)
Figure 4-37: Israel - Life Insurance Premium (Billion NIS), 2007 & 2008
Figure 4-38: Israel - Non-life Insurance Premium (Billion NIS), 2007 & 2008
Figure 4-39: Israel - Non-life Insurance Premium by Sub-category (%), 2008
Figure 4-40: Jordan - Insurance Premium (Million JOD), 2007-2013
Figure 4-41: Jordan - Share of Life and Non-life Insurance Premium (2009)
Figure 4-42: Jordan - Life Insurance Premium (Million JOD), 2007-2009
Figure 4-43: Jordan - Non-life Insurance Premium (Million JOD), 2007-2009
Figure 4-44: Jordan - Non-life Insurance Premium by Sub-category (%), 2008
Figure 4-45: Jordan - Non-life Insurance Claims Paid by Sub-category (%), 2008
Figure 4-46: Turkey - Insurance Premium (Billion TR), 2005-2013
Figure 4-47: Turkey - Insurance Premium by Sub-category (%), 2009
Figure 4-48: Turkey - Life and Non-life Insurance Premium (Billion TR), 2007-2009
Figure 4-49: Qatar - Insurance Premium (Million US$), 2006-2013
Figure 4-50: Qatar - Share of Life and Non-life Insurance Premium (2008)
Figure 4-51: Qatar - Life Insurance Premium (Million US$), 2006-2008
Figure 4-52: Qatar - Non-life Insurance Premium (Million US$), 2006-2008
Figure 4-53: Oman - Insurance Premium (Million OMR), 2007-2013
Figure 4-54: Oman - Insurance Premium by Sub-category (%), 2009
Figure 4-55: Oman - Life and Non-life Insurance Premium (Million OMR), 2007-2009
Figure 5-1: Global - Islamic Finance Market by Region
Figure 5-2: New Cars Registration in Iran, Israel and Turkey (‘000), 2009-2012

LIST OF TABLES:

Table 4-1: Middle East - Insurance Premium by Country (Million US$), 2009
Table 4-2: UAE - Number of Insurance Companies (2008)
Table 4-3: Kuwait - Major Insurance Companies by Market Capitalization (KWD)
Table 4-4: Iran - Sales Network of Insurance Market (2006-2008)
Table 4-5: Israel - Market Share of Key Insurance Companies (2008)
Table 4-6: Jordan - Number of Insurance Companies (2008)
Table 4-7: Turkey - Number of Insurance Companies (2008)
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