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BMI's Executive Summary for the Kuwait Insurance Report[TOP] This report differs from its predecessors in that it includes BMI's Insurance Business Environment Rating (IBER). The rating brings together a number of pieces of relevant quantitative data, together with BMI's Country Risk Rating (CRR). It is now much easier to consider the business environment for the insurance sector in any one country relative to the business environment for other industries in that country that are surveyed by BMI, and the business environment for the insurance sector in other countries. Kuwait's IBER is 45.3. Relative to other countries in Middle East and Africa, it is a moderately attractive insurance market for foreign insurers. Within the region, Kuwait stands out for the country structure score on the IBER, this is the result of high scores for financial risk, external risk and policy continuity. However, the IBER is held back by the underdevelopment of the life segment and non-life segment as well as GDP volatility. Over the forecast period, we anticipate that non-life premiums will grow by 15% annually in local currency terms and by 15% in US dollar terms. Life premiums are expected to increase by 10% annually in local currency terms and by 11% in US dollar terms. The key drivers of growth in the non-life segment in 2007-2012 are the anticipated rise in nominal GDP from around US$103bn to US$130bn and an expected increase in non-life penetration from 0.53% of GDP to 1.00%. The key driver of growth in the life segment is the envisaged rise in life density from a miniscule US$65.06 per capita in 2007 to US$90 per capita in 2012, and the rise in population from 2.99mn to 3.62mn. Although Kuwait's life segment is growing very rapidly from a very low base, its small absolute size, and the entrenched positions of the local firms mean that other cross-border firms are unlikely to enter the market. In both life and non-life segments, takaful insurance appears to be better developed in Kuwait than in other markets in the region. Kuwait may emerge as a significant centre for takaful. However, in this respect, it faces competition from the UAE and Bahrain. The bulk of exports – namely oil – are denominated in US dollars, and since January 2003 the country has maintained an explicit peg against the US dollar, limiting any convertibility risk. This contributes increasing the IBER for country structure. However, oil accounts for almost 50% of GDP, more than 80% of government revenues, and over 90% of total export earnings, with the non-oil economy still relatively under-developed. This makes Kuwait highly vulnerable to exogenous shocks, especially in relation to world oil prices. Similarly, the extreme volatility of has a negative impact on Kuwait's IBER. |
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Contents of the Kuwait Insurance Report[TOP] Chapter 1 - The Sector At A GlanceTable: Overview Key Features Of This Report & Likely Future Changes Chapter 2 - Latest NewsRecent Developments Chapter 3 - Evolution Since The Mid-1990sTable: Evolution Of The Insurance Sector (In Millions Of Currency Specified) Evolution Chapter 4 - Projections And ForecastsTable: BMI Projections (In Millions Of Currency Specified) Projections And Drivers Of Growth Table: Drivers Of Growth Chapter 5 - Macroeconomic OutlookTable: Kuwait - Economic Activity Chapter 6 - Country UpdatePolitical Risk Reformist Majority To Test Emir Economic Risk Fiscal Policy Inflation Threat Business Environment Taxing Questions Chapter 7 - Analysis of Competitive ConditionsTable: Non-Life Segment Rankings Of Markets Table: Presence Of Cross-Border Insurers Non-Life Table: Selected Local Non-Life Insurers Country Overview Kuwait - Life Segment Table: Non-Life Segment Rankings Of Markets Table: Presence Of Cross-Border Insurers Non-Life Table: Selected Local Non-Life Insurers Whos Who In The Middle East And Africa Region? Chapter 8 - Regional ContextTable: Regional Context - Premiums Table: Regional Context Total Premiums Chapter 9 - Methodology And ObjectivesIntroduction Background Forecasts Chapter 10 - AppendixTable: Latest Estimates / Actual Figures For 2005 Table: Latest Estimates For 2010 Table: Latest Estimates For 2005-2010
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Competitive Landscape for The Middle East and Africa Insurance
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* ACE * AIG * Allianz * AXA * Bahrain National * BUPA * CAAR * CAAT * CNMA * Euler Hermes * Generali * Gerling |
* Gulf Union |
[TOP]
BMI's Middle Eastern and African Insurance Reports are based on an extensive network of multilateral organisations, government departments, insurance industry associations, chambers of commerce and company reports. Information sources include:
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* Bahrain Monetary Agency * Central Bank of Iraq * Central Bank of Kuwait * Central Bank of Oman * Central Bank of the Islamic Republic of Iran * Central Bank of the United Arab Emirates * Central Bank of Yemen * Central Bureau of Statistics, Israel * Central Department of Statistics, Saudi Arabia * Emirates Insurance Association * Financial Services Board, South Africa * International Monetary Fund (IMF) * Ministry of Commerce, UAE |
* Ministry of Economy and Commerce, Qatar * Ministry of Economy and Finance Affairs, Iran * Ministry of Finance, Egypt * Ministry of Economy, UAE * Ministry of Finance and National Economy, Saudi Arabia * Ministry of Finance, Bahrain * Ministry of Finance, Iraq * Ministry of Finance, Kuwait * Ministry of Industry and Trade, Yemen * Ministry of National Economy, Oman * Saudi Arabian Monetary Agency * South Africa Insurance Association * State Information Service, Egypt * Statistics South Africa |
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