Kuwait Insurance Report Q4 2015 - New Market Study Published

Kuwait's insurance market is underdeveloped, in global and regional terms, with volumes of premiums written ahead only of Bahrain and Oman. The market is highly fragmented, with a large number of firms competing for a small premium base, and a lack of sufficient regulatory oversight has created an uncertain operating environment, which will deter investors. We do expect to see positive growth in the insurance industry by the end of the current forecast period in 2019, with the larger non-life sector continuously outpacing growth in the minute life insurance segment.

Currency fluctuations mean in the short term we expect life and non-life insurance premiums to contract, declining 2% and 1.2% respectively in 2015, while maintaining limited growth in local currency terms. The country's insurance market faces significant challenges. A disproportionate number of insurance providers are active in Kuwait considering the small size of the market (life premiums are expected to amount to USD310mn in 2015 with non-life more developed at USD820mn) and the intense competition in the market is limiting premium growth , while claims costs are escalating. The Takaful sector, while highly promising, is also struggling to generate growth and new regulatory requirements could result in consolidation among the smaller firms , which cannot meet capitalisation demands.

Full Report Details at
- http://www.fastmr.com/prod/1038805_kuwait_insurance_report_q4.aspx?afid=301

There are some positive growth prospects for the medium to long - term outlook . Kuwait's national development plan, Vision 2035, entails about USD100bn in public investments and provides considerable scope for expansion of non-life lines such as engineering and construction related cover. The growth of the expatriate community will also drive greater demand for life products, such as retirement savings plans, while general economic growth and rising rates of private financial consumption will support growth of non-life lines such as motor insurance.

The Kuwait Insurance Report has been researched at source and features BMI Research'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.

Key Benefits

* Benchmark BMI's independent insurance industry forecasts for Kuwait to test other views - a key input for successful budgeting and strategic business planning in Kuwait's insurance market.
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