Boston, MA -- (ReleaseWire) -- 05/16/2014 -- Life insurance was the smallest segment in the Kuwaiti insurance industry in 2012, accounting for 19.3% of the industry's total written premium. The segment's value increased during the review period (2008-2012) at a compound annual growth rate (CAGR) of 10.5% . It is expected to record a CAGR of 8.2% over the forecast period. Insurance brokers and agencies were the main channels of distribution for life insurance products in Kuwait in 2012, accounting for 48.0% and 39.6% of the new business written premium respectively. This growth can be attributed to an increase in awareness about life insurance, and rising disposable incomes.
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- Life insurance was the smallest segment in the Kuwaiti insurance industry in 2012, accounting for 19.3% of the industry's total written premium
- The growth was driven by rising consumer awareness of life insurance, and increases in the population and disposable income
- Low penetration provides a further opportunity for life insurers to access the untapped market
- The country has a strong pension system which poses a threat to private pension products in the life segment
- There are 34 companies in the country, of which 23 are national and 11 are foreign
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 2008-2012 review period and projected figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key categories in the Kuwaiti life insurance segment, along with market forecasts until 2017.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
- It analyses the various distribution channels for life insurance products in Kuwait.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Kuwait for the life insurance business.
- It provides a detailed analysis of the reinsurance segment in Kuwait and its growth prospects.
- It profiles the top life insurance companies in Kuwait and outlines the key regulations affecting them.
Reasons to Get this Report
- 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 within the Kuwaiti life insurance segment
- Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
- Identify the growth opportunities and market dynamics within key product categories
Companies Mentioned in this Report: Gulf Life Insurance Company, Al Ahleia Insurance Company SAK, MetLife Alico Kuwait, Kuwait Insurance Company SAK, Warba Insurance Company, Enaya Insurance Company
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