Albany, NY -- (SBWIRE) -- 04/16/2014 -- The report titled Middle East Insurance Market Outlook to 2017 Motor and Health Segment to Channel the Growth provides a comprehensive analysis of the various aspects such as market size, segmentation, trends and developments and future projections of the life and various non-life insurance such as motor, health, accident and liability, fire, property, marine, cargo and others as key segments of the insurance markets of various countries which include Israel, Iran, UAE, Saudi Arabia, Bahrain and Jordan. The report provides the market shares in major segments and company profiles of major players in the market. It also covers brief snapshots of the insurance markets of Turkey, Egypt, Lebanon and Oman.
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The Middle East insurance industry has experienced a consistent positive growth over the past five years on account of high economic development, population growth, favorable regulatory environment and primarily increased awareness among the population in the region. The insurance industry of the region is dominated by Turkey, Israel, Iran, UAE and Kingdom of Saudi Arabia which together accounted for 90% of the gross premiums underwritten in the region in 2012. The various factors which have propelled the insurance industry in the Middle East region during 2007-2012 include various demographic factors such as, focus on economic diversification of various countries, compulsory health insurance schemes, favorable regulatory framework and increased consumer awareness level about insurance products and their benefits.
The insurance market in the region is increasingly becoming congested by a large number of local and foreign insurance companies. The growing competition is affecting the profitability especially those of the newly established and small insurance companies. The increasing fragmentation of the market is also affecting the underwriting capacities of the companies. The combined life and non-life gross written premiums (GWP) in the Middle East region amounted to USD ~ million in 2012 which increased at a CAGR of 13.2% since 2007 from USD 30,382.2 million of gross premiums.
Non-life segment in Middle East has consistently dominated the insurance market of the region with a contribution of 74.6% in 2007 and 75.8% in 2012. Middle East insurance market is segmented into ten countries which include Turkey, Israel, Iran, UAE, Saudi Arabia, Egypt, Lebanon, Oman, Jordan and Bahrain. Turkey is the largest insurance market in the region and accounts for ~% of the gross premiums underwritten in the region. This is closely followed by Israel which represents 22.5% of the premiums underwritten in Middle East region.
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KEY TOPICS COVERED IN THE REPORT
The market size of the Middle East insurance market by value in terms of gross written premiums.
The market segmentation of the Middle East insurance market by country and by life and non-life insurance.
The market size of Israel, Iran, UAE, Saudi Arabia, Bahrain, Jordan, Turkey, Egypt, Lebanon and Oman on the basis of gross written premiums.
Market segmentation of Israel, Iran, UAE, Saudi Arabia, Bahrain, Jordan, Turkey, Egypt, Lebanon and Oman insurance markets by life and non-life insurance....
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