Boston, MA -- (SBWIRE) -- 05/24/2013 -- The Libyan insurance industry is very small when compared to other countries in the Middle East and North Africa (MENA) region. In terms of gross written premium, the insurance industry grew between 2008 and 2011 in spite of the global financial crisis. Political unrest in the form of the Arab Spring caused a 52% decline in the country's insurance industry in 2011. It is expected that the industry will grow at a CAGR of 6.1% over the forecast period. The low insurance density (premium per capita) and penetration of the insurance industry is expected to encourage foreign insurance companies to enter the Libyan insurance industry over the forecast period.

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Key Highlights

- The Libyan insurance industry is very small when compared to other countries in the MENA region.
- Libya is one of the top oil exporting countries in the world.
- Libya's oil and natural gas exports were badly affected by conflict in the country; the country's economy declined with GDP falling from LYD93.2 billion (US$74.6 billion) in 2010 to LYD43.7 (US$36.2 billion) in 2011.
- Restrictions on foreign investments are hindering the entrance of many investors. According to Libyan law, a foreign insurance company looking to operate in Libya is not allowed to hold more than 49% share of a local insurance company.
- Foreign insurance companies are not allowed to establish branches in Libya.

Scope

This report provides a comprehensive analysis of the insurance industry in Libya:

- It provides historical values for the Libyan insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key segments and sub-segments in the Libyan insurance industry, along with forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Libya, and outlines the key regulations affecting them

Reasons to Get This Report

- Make strategic business decisions using in depth historic and forecast industry data related to the Libyan insurance industry and each segment within it
- Understand the demand-side dynamics, key trends and growth opportunities within the Libyan insurance industry
- Assess the competitive dynamics in the Libyan insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Libyan insurance industry and its impact on companies and the industry's future

Companies Mentioned in this Report: African Insurance Company, Libya Insurance Company, Sahara Insurance Company, Trust Insurance Company, United Insurance Company, Takaful Insurance Company

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