Fast Market Research recommends "Kuwait Insurance Report Q4 2014" from Business Monitor International, now available
[USPRwire, Mon Oct 20 2014] As of late 2014, it appears that premiums in Kuwait's insurance sector are rising at low double-digit rates. This is an unexciting outcome, but one that it is better than we had been expecting and one that is better than past experience. Interestingly, the early indications are that the growth is broadly based and not being driven by health insurance, as we had anticipated previously. Much of the newsflow through Q214 and Q314 has been positive. However, we remain of the view that the insurance sector (and the life segment in particular) will remain very underdeveloped by most metrics at the end of the forecast period.
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. Gulf Insurance Group (GIG), one of the leading regional direct (and composite) insurers, is based in Kuwait and has a dominant position within the market.
In reality, though, the general picture of the sector in late 2014 is mixed.. Even by the undemanding standards of the Middle East and North Africa (MENA) region, non-life penetration is low and barely rising. Nevertheless, the results that have been published by the major companies in relation to H114 suggest that we are right to look for low double-digit growth in non-life and total premiums for the calendar year as a whole.
Previously, we had been looking for the expansion to be driven by a 30% rise in health insurance premiums. The latest data suggests that this sub-sector is achieving low double-digit growth in 2014. Conversely, other sub-sectors are almost certainly expanding more rapidly than we been expecting.
Much of the newsflow has been...
The Kuwait Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Kuwait Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Kuwaiti insurance industry.
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