Kuwait Insurance Report - Business Monitor International - Industry Reports

Kuwait Insurance Report

Kuwait Insurance Report - Business Monitor International - Industry Reports
Kuwait Insurance Report
Published Aug 27, 2016
48 pages — Published Aug 27, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Abstract:

Relative to its peers in other comparable Gulf Cooperation Council countries, Kuwait s insurance sector is underdeveloped by most metrics. Life premiums account for just -.- of GDP, indicating one of the lowest levels of penetration in the Middle East insurance market. ...There is some scope for growth: increases in private financial expenditure, based on domestic economic growth, could provide a boost to the life sector. Legislative reform of the insurance industry could also improve confidence in the sector, as could a change in investment practices - at present many insurers concentrate on high-risk equity investments due to the lack of bonds and fixed income securities in the region. Reducing the risk of the asset base could improve the attractiveness of long-term savings products and later in life retirement products. Few products are currently available in the market, so an introduction of new and innovative products could also stimulate growth. One area that provides an opportunity for growth is the provision of takaful life insurance products, but overall it will be some time before Kuwait s life insurance market obtains premium growth.

...The generosity of the social security benefits that are available to nationals in Kuwait is a constraint on the development of life insurance and organised savings, as is the case across the Gulf Cooperation Council (GCC) countries where oil wealth has resulted in a strong network of health, disability and retirement benefits provided by the state. Much of the limited growth in premiums is based on Kuwait s large expatriate population, who are not eligible for many state provided benefits. ...Much of the limited growth in premiums is based on Kuwait s large expatriate population, who are not eligible for many state provided benefits. Looking forward, we see no obvious catalyst for growth in life insurance premiums in Kuwait (although the strengthening local currency will result in incremental growth in dollar terms - and envisage they will rise at a pedestrian rate through the forecast period. As is the case in other GCC countries, the growth potential for the life segment is severely hampered by the generosity of social security benefits that are available to nationals. ...Expatriates do in many cases understand the advantages of life insurance and can afford it. However, they are generally only planning on living in Kuwait for a limited time.

...In July ----, MPs voted to support a proposal to introduce compulsory health insurance coverage for expats holding visitor visas. The measure aims to reduce the costs to the state of providing health services to uninsured expats visiting the country. ...

  
Source:
Document ID
1752-8283
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Kuwait Insurance Report" Aug 27, 2016. Alacra Store. Dec 09, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Kuwait-Insurance-Report-2026-490>
  
APA:
Business Monitor International - Industry Reports. (2016). Kuwait Insurance Report Aug 27, 2016. New York, NY: Alacra Store. Retrieved Dec 09, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Kuwait-Insurance-Report-2026-490>
  
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