Boston, MA -- (SBWIRE) -- 06/03/2014 -- Non-life insurance was the largest segment in the Kuwaiti insurance industry in 2012, accounting for 61.0% of total industry premiums. The segment's value increased during the review period (2008-2012) at a compound annual growth rate (CAGR) of 6.6% . Non-life insurance is expected to retain its position as the largest segment over the forecast period (2012-2017). Motor insurance was the largest category within the segment in terms of written premium during the review period. The category accounted for 39.7% of the overall non-life insurance written premium. Agencies and direct marketing were the main channels of distribution for non-life products in Kuwait, accounting for 40.1% and 25.6% of the new business written premium respectively in 2012. The growth in non-life insurance can be attributed to increased construction activity and mandatory motor insurance.
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- Non-life insurance was the largest segment in the Kuwaiti insurance industry in 2012, accounting for 61.0% of its total gross written premium
- The Kuwaiti non-life segment is highly dependent on reinsurance, largely as a result of a shortage of in-house underwriting skills, and also due to the high minimum capital requirement imposed by the MoCI
- The industry's liberal regulatory environment is expected to drive non-life insurance over the forecast period
- Agencies are the key distribution channel for the Kuwaiti non-life insurance segment in terms of written premium new business generated; they accounted for 41.7% of the total written premium new business in 2012
- In 2013, there were 34 insurance companies in Kuwait, of which 23 were domestic and 11 were foreign
This report provides a comprehensive analysis of the non-life insurance segment in Kuwait:
- It provides historical values for Kuwait's non-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 categiories in Kuwait's non-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 non-life insurance products in Kuwait.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Kuwait for the non-life insurance segment.
- It provides a detailed analysis of the reinsurance segment in Kuwait and its growth prospects.
- It profiles the top non-life insurance companies in Kuwait and outlines the key regulations affecting them.
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Companies Mentioned in this Report: Gulf Insurance Company, Kuwait Insurance Company SAK, Warba Insurance Company, Al Ahleia Insurance Company SAK, Bahrain Kuwait Insurance Company BSC, Enaya Insurance Company, Kuwait Qatar Insurance Company, Oriental Insurance Co. Ltd
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