Fast Market Research

New Market Report Now Available: Kuwait Insurance Report Q2 2013

New Financial Services research report from Business Monitor International is now available from Fast Market Research


Boston, MA -- (SBWIRE) -- 06/07/2013 -- In theory, Kuwait should be home to one of the Middle East's leading insurance sectors. Thanks to energy exports, the economy has consistently performed well and local insurance companies are well established. Kuwait is also the base for very substantial and innovative shari'a-compliant financial institutions. The Kuwait Investment Authority is one of the major shareholders in Arig, one of the leading regional reinsurance companies.

In reality, though, the general picture of the sector in early 2013 remains a very depressing one of continuing stagnation. Even by the depressed standards of the Middle East and North Africa (MENA) region, non-life penetration is low and, indeed, appears to have fallen quite sharply in 2011 and H112. In their latest results, some companies have reported stable premiums, while others suggest that their business has actually shrunk. In November 2012, Gulf Insurance, which accounts for roughly half of all activity in the entire insurance sector, reported that gross written premiums had risen by just under 10% in the first three quarters of 2012 (relative to the previous corresponding period). Net underwriting profit fell relative to the first nine months of 2011. For a long time, Gulf Insurance has been focusing on opportunities outside Kuwait. Whether it signs a major regional bancassurance deal remains to be seen.

View Full Report Details and Table of Contents

We are presently unable to see an obvious catalyst - such as new laws that make private health insurance compulsory - which could cause the growth rate to increase significantly. This is an important way in which Kuwait's insurance sector differs from its counterparts in other Gulf Cooperation Council (GCC) countries. Life insurance does exist in Kuwait: however, in a country that has a very comprehensive and generous social security system, life density, too, remains at extremely low levels.

Unlike its counterparts in Bahrain, Qatar and the UAE, the government is not actively seeking to promote the development of financial services.

About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at or call us at 1.800.844.8156.

Browse all Financial Services research reports at Fast Market Research

You may also be interested in these related reports:

- Singapore Insurance Report Q2 2013
- Iran Insurance Report Q2 2013
- Slovakia Insurance Report Q2 2013
- Romania Insurance Report Q2 2013
- United States Insurance Report Q3 2013
- Russia Insurance Report Q2 2013
- Taiwan Insurance Report Q2 2013
- Brazil Insurance Report Q3 2013
- Mexico Insurance Report Q3 2013
- Thailand Insurance Report Q2 2013