Recently published research from Timetric, "The Insurance Industry in Kuwait, Key Trends and Opportunities to 2017", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 06/27/2013 --Rises in oil revenues, increased government investment on infrastructure projects and a steadily increasing population are supporting the growth of the insurance industry in the country. The Kuwaiti insurance industry has the lowest insurance penetration rate in the Gulf Cooperation Council (GCC) region. The industry is highly competitive with 34 insurance companies providing insurance services to a population of 3.8 million people. Like other countries in the GCC region, the non-life segment dominates the insurance industry. The majority of Kuwaiti insurance company operations are concentrated in the domestic market with no major geographic diversification. In Kuwait, insurance companies cede a larger percentage of their gross written premium to reinsurers than other companies in the international market.

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Key Highlights

- The Kuwaiti insurance industry has the lowest penetration rate out of the six Gulf Cooperation Council (GCC) countries
- Low penetration, coupled with sound economic fundamentals, has attracted several new companies to the Kuwaiti market during the past decade which in turn has intensified competition
- In order to strengthen the regulatory mechanism, the Ministry of Commerce and Industry (MOCI), raised the minimum capital requirements for composite insurers and reinsurers in 2011
- The distribution network is dominated by conventional distribution channels such as agencies, brokers and direct marketing
- The growing demand for Takaful insurance products is posing a challenge to the conventional insurance industry

Scope

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

- It provides historical values for the Kuwaiti 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 categories in the Kuwaiti insurance industry, along with industry 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 Kuwait 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 Kuwaiti insurance industry and each segment within it
- Assess the competitive dynamics in the Kuwaiti insurance industry
- Understand the demand-side dynamics, key market trends and growth opportunities within the Kuwaiti insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Kuwaiti insurance industry and its impact on companies and the industry's future

Companies Mentioned in this Report: Gulf Insurance Company, Kuwait Insurance Company, Al-Ahleia Insurance Company, Warba Insurance Company "

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