General Insurance in Kuwait, Key Trends and Opportunities to 2021

General Insurance in Kuwait, Key Trends and Opportunities to 2021

  • April 2018 •
  • 120 pages •
  • Report ID: 5644293 •
  • Format: PDF
General Insurance in Kuwait, Key Trends and Opportunities to 2021

Summary
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.
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