The Insurance Industry in Kuwait, Key Trends and Opportunities to 2017 Market Intelligence Report Reference code: IS0238MR Published: March 2013

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EX ECUTIV E SUMMARY

1 Executive Summary

The Insurance Industry in Kuwait, Key Trends and Opportunities to 2017 © Timetric. This product is licensed and is not to be photocopied

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TABLE OF CONTENTS

TABLE OF CONTENTS 1 2

Executive Summary ..................................................................................................................... 2 Introduction..................................................................................................................................11 2.1 What is this Report About? .......................................................................................................... 11 2.2 Definitions .................................................................................................................................... 11 2.3 Methodology................................................................................................................................. 13

3

Kuwaiti Insurance Industry Overview ...................................................................................15 3.1 Insurance Industry ....................................................................................................................... 16 3.2 Key Industry Trends and Drivers ................................................................................................. 20 3.3 Challenges ................................................................................................................................... 22 3.4 Regulation .................................................................................................................................... 23

4

Kuwaiti Life Insurance Segment ............................................................................................25 4.1 Life Insurance Growth Prospects ................................................................................................ 25

5

Kuwaiti Non-Life Insurance Segment ...................................................................................45 5.1 Non-Life Insurance Growth Prospects ........................................................................................ 45 5.1.1

Property insurance category ................................................................................................... 69

5.1.2

Fire and allied perils insurance sub -category ............................................................................ 72

5.1.3

Engineering insurance sub-cat egory ........................................................................................ 74

5.1.4

Other property sub-category ................................................................................................... 76

5.2 Motor insurance category ............................................................................................................ 78 5.2.1

Motor hull sub-category .......................................................................................................... 81

5.2.2

Motor third party sub-category ................................................................................................. 83

5.3 General third party category ........................................................................................................ 85 5.4 Marine, aviation and transit category .......................................................................................... 87

6

5.4.1

Marine sub-c ategory ............................................................................................................... 90

5.4.2

A viation sub-category ............................................................................................................. 92

5.4.3

Transit sub-c ategory ............................................................................................................... 94

Kuwaiti Personal Accident and Health Insurance Segment ...........................................96 6.1 Personal Accident and Health Insurance Growth Prospects by Category ................................. 96

7

6.1.1

Personal accident category ....................................................................................................120

6.1.2

Healt h insurance category .....................................................................................................122

Kuwaiti Reinsurance Segment ............................................................................................ 124 7.1 Reinsurance Segment Size by Insurance Segment, 2007–2016 ............................................. 124 7.2 Reinsurance by type of insurance, 2008–2017 ......................................................................... 128

8

Analysis by Distribution Channel ....................................................................................... 137 8.1 Non-Life Insurance Segment ..................................................................................................... 137 8.1.1

Direct marketing channel .......................................................................................................137

8.1.2

Bancassurance channel .........................................................................................................139

8.1.3

Agencies channel ..................................................................................................................141

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TABLE OF CONTENTS 8.1.4

E-Commerc e channel ............................................................................................................143

8.1.5

Brokers channel ....................................................................................................................145

8.2 Personal Accident and Health Insurance Segment .................................................................. 147

9

8.2.1

Direct marketing channel .......................................................................................................147

8.2.2

Bancassurance channel .........................................................................................................149

8.2.3

Agencies channel ..................................................................................................................151

8.2.4

E-Commerc e channel ............................................................................................................153

8.2.5

Brokers channel ....................................................................................................................155

Competitive Landscape ......................................................................................................... 157 9.1 Overview .................................................................................................................................... 157 9.2 Leading Companies ................................................................................................................... 158 9.2.1

Insuranc e Company – Company overview ..............................................................................158

9.2.2

Kuwait Insurance Company – Company overview ...................................................................159

9.2.3

Al-Ahleia Insurance Company – Company overview ................................................................160

9.2.4

Warba Insuranc e Company – Company overview ...................................................................161

10 Macroeconomic Indicators ................................................................................................... 162 10.1 GDP at Constant Prices (US$) .................................................................................................. 162 10.2 GDP per Capita at Constant Prices (US$) ................................................................................ 163 10.3 GDP at Current Prices (US$)..................................................................................................... 164 10.4 Inflation rate ............................................................................................................................... 165 10.5 Exports as a Percentage of GDP .............................................................................................. 166 10.6 Construction Output (US$) ........................................................................................................ 167 10.7 Construction Output as percentage of GDP.............................................................................. 168 10.8 Value of Stock Traded as Percentage of GDP.......................................................................... 169 10.9 Life expectancy .......................................................................................................................... 170 10.10

Healthcare Expenditure per Capita.................................................................................... 171

10.11

Healthcare Expenditure Percentage of GDP..................................................................... 172

10.12

Annual Household Consumption Expenditure................................................................... 173

10.13

Total Population ................................................................................................................. 174

11 Appendix.................................................................................................................................... 175 11.1 Methodology............................................................................................................................... 175 11.2 Contact Us ................................................................................................................................. 175 11.3 About Timetric ............................................................................................................................ 175 11.4 Disclaimer................................................................................................................................... 176

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TABLE OF CONTENTS

LIST OF FIGURES Figure 1: Kuw aiti Insurance Overall Written Premium by Segment (KWD Million), 2008–2017 ..................................................................... 18 Figure 2: Kuw aiti Insurance Industry Dynamics by Segment, 2008–2017...................................................................................................... 19 Figure 3: Kuw aiti Life Insurance – Gross Written Premium (KWD Million), 2008–2012 ................................................................................. 25 Figure 4: Kuw aiti Life Insurance – Gross Written Premium (KWD Million), 2012–2017 ................................................................................. 26 Figure 5: Kuw aiti Life Insurance – Earned Premium (KWD Million), 2008–2012............................................................................................ 27 Figure 6: Kuw aiti Life Insurance – Earned Premium (KWD Million), 2012–2017............................................................................................ 28 Figure 7: Kuw aiti Life Insurance – Sum Assured (KWD Billion), 2008–2012.................................................................................................. 29 Figure 8: Kuw aiti Life Insurance – Sum Assured (KWD Billion), 2012–2017.................................................................................................. 30 Figure 9: Kuw aiti Life Insurance – Paid Claims (KWD Million), 2008–2012 ................................................................................................... 31 Figure 10: Kuw aiti Life Insurance – Paid Claims (KWD Million), 2012–2017 ................................................................................................. 32 Figure 11: Kuw aiti Life Insurance – Incurred Loss (KWD Million), 2008–2012............................................................................................... 33 Figure 12: Kuw aiti Life Insurance – Incurred Loss (KWD Million), 2012–2017............................................................................................... 34 Figure 13: Kuw aiti Life Insurance – Loss Ratio (%), 2008–2012.................................................................................................................... 35 Figure 14: Kuw aiti Life Insurance – Loss Ratio (%), 2012–2017.................................................................................................................... 36 Figure 15: Kuw aiti Life Insurance – Commissions and Expenses (KWD Million), 2008–2012........................................................................ 37 Figure 16: Kuw aiti Life Insurance – Commissions and Expenses (KWD Million), 2012–2017........................................................................ 38 Figure 17: Kuw aiti Life Insurance – Combined Ratio (%), 2008–2012........................................................................................................... 39 Figure 18: Kuw aiti Life Insurance – Combined Ratio (%), 2012–2017........................................................................................................... 40 Figure 19: Kuw aiti Life Insurance – Total Assets (KWD Million), 2008–2012................................................................................................. 41 Figure 20: Kuw aiti Life Insurance – Total Assets (KWD Million), 2012–2017................................................................................................. 42 Figure 21: Kuw aiti Life Insurance Penetration (% of GDP), 2008–2012......................................................................................................... 43 Figure 22: Kuw aiti Life Insurance – Premium per Capita (KWD), 2008–2012................................................................................................ 44 Figure 23: Kuw aiti Non-Life Insurance Written Premium by Category (KWD Million), 2008–2017 ............................................................... 47 Figure 24: Kuw aiti Non-Life Insurance Written Premium by Category (% Share), 2012 and 2017................................................................ 47 Figure 25: Kuw aiti Non-Life Insurance Segment Dynamics by Category, 2008–2017 ................................................................................... 48 Figure 26: Kuw aiti Non-Life Insurance – Earned Premium (KWD million), 2008–2012 .................................................................................. 49 Figure 27: Kuw aiti Non-Life Insurance – Earned Premium (KWD million), 2012–2017 .................................................................................. 50 Figure 28: Kuw aiti Non-Life Insurance – Paid Claims by Category (KWD million), 2008–2017...................................................................... 53 Figure 29: Kuw aiti Non-Life Insurance – Incurred Loss by Category (KWD million), 2008–2017 ................................................................... 56 Figure 30: Kuw aiti Non-Life Insurance – Loss Ratio (%), 2008–2012............................................................................................................ 57 Figure 31: Kuw aiti Non-Life Insurance – Loss Ratio (%), 2012–2017............................................................................................................ 58 Figure 32: Kuw aiti Non-Life Insurance – Commission and Expenses (KWD million), 2008–2012.................................................................. 59 Figure 33: Kuw aiti Non-Life Insurance – Commission and Expenses (KWD million), 2012–2017.................................................................. 60 Figure 34: Kuw aiti Non-Life Insurance – Combined Ratio (%), 2008–2012 ................................................................................................... 61 Figure 35: Kuw aiti Non-Life Insurance – Combined Ratio (%), 2012–2017 ................................................................................................... 62 Figure 36: Kuw aiti Non-Life Insurance – Total Assets (KWD million), 2008–2012 ......................................................................................... 63 Figure 37: Kuw aiti Non-Life Insurance – Total Assets (KWD million), 2012–2017 ......................................................................................... 64 Figure 38: Kuw aiti Non-Life Insurance – Retentions (KWD million), 2008–2012............................................................................................ 65 Figure 39: Kuw aiti Non-Life Insurance – Retentions (KWD million), 2012–2017............................................................................................ 66 Figure 40: Kuw aiti Non-Life Insurance Penetration (% of GDP), 2008–2012 ................................................................................................. 67 Figure 41: Kuw aiti Non-Life Insurance – Premium per Capita (KWD), 2008–2012 ........................................................................................ 68 Figure 42: Kuw aiti Property Insurance Written Premium (KWD million) by Sub-Category, 2008–2017 ......................................................... 71 Figure 43: Kuw aiti Fire and Allied Perils Insurance Sub-Category – Written Premium (KWD million), 2008–2012 ........................................ 72 Figure 44: Kuw aiti Fire and Allied Perils Insurance Sub-Category – Written Premium (KWD million), 2012–2017 ........................................ 73 Figure 45: Kuw aiti Engineering Insurance Sub-Category – Written Premium (KWD million), 2008–2012...................................................... 74 Figure 46: Kuw aiti Engineering Insurance Sub-Category – Written Premium (KWD million), 2012–2017...................................................... 75 Figure 47: Kuw aiti Other Property Insurance Sub-Category – Written Premium (KWD million), 2008–2012 ................................................. 76 Figure 48: Kuw aiti Other Property Insurance Sub-Category – Written Premium (KWD million), 2012–2017 ................................................. 77 Figure 49: Kuw aiti Motor Insurance Written Premium by Sub-Category (KWD million), 2008–2017.............................................................. 80 Figure 50: Kuw aiti Motor Insurance Dynamics by Sub-Category, 2008–2017 ............................................................................................... 80 Figure 51: Kuw aiti Motor Hull Insurance Sub-Category – Written Premium (KWD million), 2008–2012......................................................... 81 Figure 52: Kuw aiti Motor Hull Insurance Sub-Category – Written Premium (KWD million), 2012–2017......................................................... 82 Figure 53: Kuw aiti Motor Third Party Insurance Sub-Category – Written Premium (KWD million), 2008–2012 ............................................. 83 Figure 54: Kuw aiti Motor Third Party Insurance Sub-Category – Written Premium (KWD million), 2012–2017 ............................................. 84 Figure 55: Kuw aiti General Third-Party Insurance Category by Written Premium (KWD million), 2008–2012 ............................................... 85 Figure 56: Kuw aiti General Third-Party Insurance Category by Written Premium (KWD million), 2012–2017 ............................................... 86 Figure 57: Kuw aiti Marine, Aviation and Transit Insurance Written Premium by Sub-Category (KWD million), 2008–2017.......................... 89 Figure 58: Kuw aiti Marine, Aviation and Transit Insurance Dynamics by Sub-Category, 2008–2017 ............................................................ 89 Figure 59: Kuw aiti Marine Hull Insurance Category – Written Premium (KWD million), 2008–2012 .............................................................. 90 Figure 60: Kuw aiti Marine Hull Insurance Category – Written Premium (KWD million), 2012–2017 .............................................................. 91 Figure 61: Kuw aiti Aviation Insurance Sub-Category – Written Premium (KWD million), 2008–2012 ............................................................ 92 Figure 62: Kuw aiti Aviation Insurance Sub-Category – Written Premium (KWD million), 2012–2017 ............................................................ 93

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TABLE OF CONTENTS Figure 63: Kuw aiti Transit Insurance Sub-Category – Written Premium (KWD million), 2008–2012.............................................................. 94 Figure 64: Kuw aiti Transit Insurance Sub-Category – Written Premium (KWD million), 2012–2017.............................................................. 95 Figure 65: Kuw aiti Personal Accident and Health Insurance Written Premium by Category (KWD Million), 2008–2017................................ 98 Figure 66: Kuw aiti Personal Accident and Health Insurance Written Premium by Category (% Share), 2012 and 2017 .............................. 98 Figure 67: Kuw aiti Personal Accident and Health Insurance Dynamics by Category, 2008–2017 ................................................................. 99 Figure 68: Kuw aiti Personal Accident and Health Insurance – Earned Premium (KWD Million), 2008–2012............................................... 100 Figure 69: Kuw aiti Personal Accident and Health Insurance – Earned Premium (KWD Million), 2012–2017............................................... 101 Figure 70: Kuw aiti Personal Accident and Health Insurance – Paid Claims by Category (KWD Million), 2008–2017 .................................. 104 Figure 71: Kuw aiti Personal Accident and Health Insurance – Incurred Loss by Category (KWD Million), 2008–2017................................ 107 Figure 72: Kuw aiti Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012......................................................................... 108 Figure 73: Kuw aiti Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017......................................................................... 109 Figure 74: Kuw aiti Personal Accident and Health Insurance – Commission and Expenses (KWD Million), 2008–2012 .............................. 110 Figure 75: Kuw aiti Personal Accident and Health Insurance – Commission and Expenses (KWD Million), 2012–2017 .............................. 111 Figure 76: Kuw aiti Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012................................................................ 112 Figure 77: Kuw aiti Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017................................................................ 113 Figure 78: Kuw aiti Personal Accident and Health Insurance – Total Assets (KWD Million), 2008–2012...................................................... 114 Figure 79: Kuw aiti Personal Accident and Health Insurance – Total Assets (KWD Million), 2012–2017...................................................... 115 Figure 80: Kuw aiti Personal Accident and Health Insurance – Retentions (KWD Million), 2008–2012 ........................................................ 116 Figure 81: Kuw aiti Personal Accident and Health Insurance – Retentions (KWD Million), 2012–2017 ........................................................ 117 Figure 82: Kuw aiti Personal Accident and Health Insurance Penetration (% of GDP), 2008–2012.............................................................. 118 Figure 83: Kuw aiti Personal Accident and Health Insurance – Premium per Capita (KWD), 2008–2012..................................................... 119 Figure 84: Kuw aiti Personal Accident Insurance Category – Written Premium (KWD Million), 2008-2012 .................................................. 120 Figure 85: Personal Accident Insurance Category – Written Premium (KWD Million), 2012–2017 .............................................................. 121 Figure 86: Health Insurance Category – Written Premium (KWD Million), 2008–2012 ................................................................................ 122 Figure 87: Health Insurance Category – Written Premium (KWD Million), 2012–2017 ................................................................................ 123 Figure 88: Kuw aiti Premium Ceded to Reinsurance by Category (KWD Million), 2008–2017 ...................................................................... 126 Figure 89: Kuw aiti Premium Ceded to Reinsurance by Category (% Share), 2012 and 2017...................................................................... 126 Figure 90: Kuw aiti Reinsurance Segment Dynamics by Category, 2008–2017 ........................................................................................... 127 Figure 91: Kuw aiti Premium Ceded to Reinsurance by Insurance Segment (KWD Million), 2008–2017 ..................................................... 130 Figure 92: Kuw aiti Reinsurance Segment Dynamics by Insurance Segment , 2008–2017.......................................................................... 130 Figure 93: Kuw aiti Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012............................................................................ 131 Figure 94: Kuw aiti Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017............................................................................ 132 Figure 95: Kuw aiti Non-Life Insurance – Percentage of Reinsurance Ceded, 2008–2012.......................................................................... 133 Figure 96: Kuw aiti Non-Life Insurance – Percentage of Reinsurance Ceded, 2012–2017.......................................................................... 134 Figure 97: Kuw aiti Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012................................... 135 Figure 98: Kuw aiti Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017................................... 136 Figure 99: Non-Life Insurance – Written Premium through Direct Marketing (KWD million), 2008–2012..................................................... 137 Figure 100: Non-Life Insurance – Written Premium through Direct Marketing (KWD million), 2012–2017................................................... 138 Figure 101: Non-Life Insurance – Written Premium through Bancassurance (KWD million), 2008–2012 .................................................... 139 Figure 102: Non-Life Insurance – Written Premium through Bancassurance (KWD million), 2012–2017 .................................................... 140 Figure 103: Non-Life Insurance – Written Premium through Agencies (KWD million), 2008–2012 .............................................................. 141 Figure 104: Non-Life Insurance – Written Premium through Agencies (KWD million), 2012–2017 .............................................................. 142 Figure 105: Non-Life Insurance – Written Premium through E-Commerce (KWD million), 2008–2012........................................................ 143 Figure 106: Non-Life Insurance – Written Premium through E-Commerce (KWD million), 2012–2017........................................................ 144 Figure 107: Non-Life Insurance – Written Premium through Brokers (KWD million), 2008–2012 ................................................................ 145 Figure 108: Non-Life Insurance – Written Premium through Brokers (KWD million), 2012–2017 ................................................................ 146 Figure 109: Kuw aiti Personal Accident and Health Insurance – Written Premium through Direct Marketing (KWD Million), 2008–2012..... 147 Figure 110: Kuw aiti Personal Accident and Health Insurance – Written Premium through Direct Marketing (KWD Million), 2012–2017..... 148 Figure 111: Kuw aiti Personal Accident and Health Insurance – Written Premium through Bancassurance (KWD Million), 2008–2012 ...... 149 Figure 112: Kuw aiti Personal Accident and Health Insurance – Written Premium through Bancassurance (KWD Million), 2012–2017 ...... 150 Figure 113: Kuw aiti Personal Accident and Health Insurance – Written Premium through Agencies (KWD Million), 2008–2012 ................ 151 Figure 114: Kuw aiti Personal Accident and Health Insurance – Written Premium through Agencies (KWD Million), 2012–2017 ................ 152 Figure 115: Kuw aiti Personal Accident and Health Insurance – Written Premium through E- Commerce (KWD Million), 2008–2012.......... 153 Figure 116: Kuw aiti Personal Accident and Health Insurance – Written Premium through E- Commerce (KWD Million), 2012–2017.......... 154 Figure 117: Kuw aiti Personal Accident and Health Insurance – Written Premium through Brokers (KWD Million), 2008–2012................... 155 Figure 118: Kuw aiti Personal Accident and Health Insurance – Written Premium through Brokers (KWD Million), 2012–2017................... 156 Figure 119: Kuw aiti GDP at Constant Prices (US$ Billion), 2007–2011 ....................................................................................................... 162 Figure 120: Kuw aiti GDP per Capita at Constant Prices (US$’000), 2007–2011 ......................................................................................... 163 Figure 121: Kuw aiti GDP at Current Prices (US$ Billion), 2007–2011 ......................................................................................................... 164 Figure 122: Kuw aiti Inflation Rate (%), 2007–2011...................................................................................................................................... 165 Figure 123: Kuw aiti Exports as a Percentage of GDP (%), 2007–2011 ....................................................................................................... 166 Figure 124: Kuw aiti Construction Output (US$), 2007–2011........................................................................................................................ 167 Figure 125: Kuw aiti Construction Output as % of GDP 2007–2011 ............................................................................................................. 168 Figure 126: Kuw aiti Value of Stock Traded as a % of GDP, 2007-2011....................................................................................................... 169 Figure 127: Kuw aiti Life Expectancy (Years), 2007–2011........................................................................................................................... 170

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TABLE OF CONTENTS Figure 128: Kuw aiti Healthcare Expenditure per Capita (US$), 2007–2011................................................................................................. 171 Figure 129: Kuw aiti Healthcare as % of GDP, 2007–2011........................................................................................................................... 172 Figure 130: Kuw aiti Annual Household Consumption Expenditure (US$ Billion), 2007–2011...................................................................... 173 Figure 131: Kuw aiti Total Population (Million), 2007–2011 .......................................................................................................................... 174

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TABLE OF CONTENTS

LIST OF TABLES Table 1: Insurance Industry Definitions .......................................................................................................................................................... 11 Table 2: Kuw aiti Insurance Overall Written Premium by Segment (KWD Million), 2008–2012....................................................................... 16 Table 3: Kuw aiti Insurance Overall Written Premium by Segment (US$ Million), 2008–2012 ........................................................................ 16 Table 4: Kuw aiti Insurance Overall Written Premium by Segment (KWD Million), 2012–2017....................................................................... 17 Table 5: Kuw aiti Insurance Overall Written Premium by Segment (US$ Million), 2012–2017 ........................................................................ 17 Table 6: Kuw aiti Insurance Segmentation (% Share), 2008–2017................................................................................................................. 19 Table 7: Kuw aiti Life Insurance – Gross Written Premium (KWD Million), 2008–2012................................................................................... 25 Table 8: Kuw aiti Life Insurance – Gross Written Premium (KWD Million), 2012–2017................................................................................... 26 Table 9: Kuw aiti Life Insurance – Earned Premium (KWD Million), 2008–2012............................................................................................. 27 Table 10: Kuw aiti Life Insurance – Earned Premium (KWD Million), 2012–2017........................................................................................... 28 Table 11: Kuw aiti Life Insurance – Sum Assured (KWD Billion), 2008–2012................................................................................................. 29 Table 12: Kuw aiti Life Insurance – Sum Assured (KWD Billion), 2012–2017................................................................................................. 30 Table 13: Kuw aiti Life Insurance – Paid Claims (KWD Million), 2008–2012................................................................................................... 31 Table 14: Kuw aiti Life Insurance – Paid Claims (KWD Million), 2012–2017................................................................................................... 32 Table 15: Kuw aiti Life Insurance – Incurred Loss (KWD Million), 2008–2012 ................................................................................................ 33 Table 16: Kuw aiti Life Insurance – Incurred Loss (KWD Million), 2012–2017 ................................................................................................ 34 Table 17: Kuw aiti Life Insurance – Loss Ratio (%), 2008–2012..................................................................................................................... 35 Table 18: Kuw aiti Life Insurance – Loss Ratio (%), 2012–2017..................................................................................................................... 36 Table 19: Kuw aiti Life Insurance – Commissions and Expenses (KWD Million), 2008–2012......................................................................... 37 Table 20: Kuw aiti Life Insurance – Commissions and Expenses (KWD Million), 2012–2017......................................................................... 38 Table 21: Kuw aiti Life Insurance – Combined Ratio (%), 2008–2012 ............................................................................................................ 39 Table 22: Kuw aiti Life Insurance – Combined Ratio (%), 2012–2017 ............................................................................................................ 40 Table 23: Kuw aiti Life Insurance – Total Assets (KWD Million), 2008–2012 .................................................................................................. 41 Table 24: Kuw aiti Life Insurance – Total Assets (KWD Million), 2012–2017 .................................................................................................. 42 Table 25: Non-Life Insurance Written Premium by Category (KWD Million), 2008–2012............................................................................... 45 Table 26: Non-Life Insurance Written Premium by Category (US$ Million), 2008–2012 ................................................................................ 45 Table 27: Non-Life Insurance Written Premium by Category (KWD Million), 2012–2017............................................................................... 46 Table 28: Non-Life Insurance Written Premium by Category (US$ Million), 2012–2017 ................................................................................ 46 Table 29: Kuw aiti Non-Life Insurance – Earned Premium (KWD million), 2008–2012 ................................................................................... 49 Table 30: Kuw aiti Non-Life Insurance – Earned Premium (KWD million), 2012–2017 ................................................................................... 50 Table 31: Kuw aiti Non-Life Insurance – Paid Claims by Category (KWD million), 2008–2012....................................................................... 51 Table 32: Kuw aiti Non-Life Insurance – Paid Claims by Category (US$ million), 2008–2012 ........................................................................ 51 Table 33: Kuw aiti Non-Life Insurance – Paid Claims by Category (KWD million), 2012–2017....................................................................... 52 Table 34: Kuw aiti Non-Life Insurance – Paid Claims by Category (US$ million), 2012–2017 ........................................................................ 52 Table 35: Kuw aiti Non-Life Insurance – Incurred Loss by Category (KWD million), 2008–2012 .................................................................... 54 Table 36: Kuw aiti Non-Life Insurance – Incurred Loss by Category (US$ million), 2008–2012...................................................................... 54 Table 37: Kuw aiti Non-Life Insurance – Incurred Loss by Category (KWD million), 2012–2017 .................................................................... 55 Table 38: Kuw aiti Non-Life Insurance – Incurred Loss by Category (US$ million), 2012–2017...................................................................... 55 Table 39: Kuw aiti Non-Life Insurance – Loss Ratio (%), 2008–2012 ............................................................................................................. 57 Table 40: Kuw aiti Non-Life Insurance – Loss Ratio (%), 2012–2017 ............................................................................................................. 58 Table 41: Kuw aiti Non-Life Insurance – Commission and Expenses (KWD million), 2008–2012................................................................... 59 Table 42: Kuw aiti Non-Life Insurance – Commission and Expenses (KWD million), 2012–2017................................................................... 60 Table 43: Kuw aiti Non-Life Insurance – Combined Ratio (%), 2008–2012..................................................................................................... 61 Table 44: Kuw aiti Non-Life Insurance – Combined Ratio (%), 2012–2017..................................................................................................... 62 Table 45: Kuw aiti Non-Life Insurance – Total Assets (KWD million), 2008–2012 .......................................................................................... 63 Table 46: Kuw aiti Non-Life Insurance – Total Assets (KWD million), 2012–2017 .......................................................................................... 64 Table 47: Kuw aiti Non-Life Insurance – Retentions (KWD million), 2008–2012............................................................................................. 65 Table 48: Kuw aiti Non-Life Insurance – Retentions (KWD million), 2012–2017............................................................................................. 66 Table 49: Kuw aiti Property Insurance Written Premium by Sub-Category (KWD million), 2008–2012........................................................... 69 Table 50: Kuw aiti Property Insurance Written Premium by Sub-Category (US$ million), 2008–2012 ............................................................ 69 Table 51: Kuw aiti Property Insurance Written Premium by Sub-Category (KWD million), 2012–2017........................................................... 70 Table 52: Kuw aiti Property Insurance Written Premium by Sub-Category (US$ million), 2012–2017 ............................................................ 70 Table 53: Kuw aiti Fire and Allied Perils Insurance Sub-Category – Written Premium (KWD million), 2008–2012 ......................................... 72 Table 54: Kuw aiti Fire and Allied Perils Insurance Sub-Category – Written Premium (KWD million), 2012–2017 ......................................... 73 Table 55: Kuw aiti Engineering Insurance Sub-Category – Written Premium (KWD million), 2008–2012....................................................... 74 Table 56: Kuw aiti Engineering Insurance Sub-Category – Written Premium (KWD million), 2012–2017....................................................... 75 Table 57: Kuw aiti Other Property Insurance Sub-Category – Written Premium (KWD million), 2008–2012................................................... 76 Table 58: Kuw aiti Other Property Insurance Sub-Category – Written Premium (KWD million), 2012–2017................................................... 77 Table 59: Kuw aiti Motor Insurance Written Premium by Sub-Category (KWD million), 2008–2012 ............................................................... 78 Table 60: Kuw aiti Motor Insurance Written Premium by Sub-Category (US$ million), 2008–2012 ................................................................ 78 Table 61: Kuw aiti Motor Insurance Written Premium by Sub-Category (KWD million), 2012–2017 ............................................................... 79 Table 62: Kuw aiti Motor Insurance Written Premium by Sub-Category (US$ million), 2012–2017 ................................................................ 79

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TABLE OF CONTENTS Table 63: Kuw aiti Motor Hull Insurance Sub-Category – Written Premium (KWD million), 2008–2012.......................................................... 81 Table 64: Kuw aiti Motor Hull Insurance Sub-Category – Written Premium (KWD million), 2012–2017.......................................................... 82 Table 65: Kuw aiti Motor Third Party Insurance Sub-Category – Written Premium (KWD million), 2008–2012 .............................................. 83 Table 66: Kuw aiti Motor Third Party Insurance Sub-Category – Written Premium (KWD million), 2012–2017 .............................................. 84 Table 67: Kuw aiti General Third-Party Insurance Category by Written Premium (KWD million), 2008–2012 ................................................ 85 Table 68: Kuw aiti General Third-Party Insurance Category by Written Premium (KWD million), 2012–2017 ................................................ 86 Table 69: Kuw aiti Marine, Aviation and Transit Insurance Written Premium by Sub-Category (KWD million), 2008–2012............................ 87 Table 70: Kuw aiti Marine, Aviation and Transit Insurance Written Premium by Sub-Category (US$ million), 2008–2012 ............................. 87 Table 71: Kuw aiti Marine, Aviation and Transit Insurance Written Premium by Sub-Category (KWD million), 2012–2017............................ 88 Table 72: Kuw aiti Marine, Aviation and Transit Insurance Written Premium by Sub-Category (US$ million), 2012–2017 ............................. 88 Table 73: Kuw aiti Marine Hull Insurance Category – Written Premium (KWD million), 2008–2012 ............................................................... 90 Table 74: Kuw aiti Marine Hull Insurance Category – Written Premium (KWD million), 2012–2017 ............................................................... 91 Table 75: Kuw aiti Aviation Insurance Sub-Category – Written Premium (KWD million), 2008–2012 ............................................................. 92 Table 76: Kuw aiti Aviation Insurance Sub-Category – Written Premium (KWD million), 2012–2017 ............................................................. 93 Table 77: Kuw aiti Transit Insurance Sub-Category – Written Premium (KWD million), 2008–2012 ............................................................... 94 Table 78: Kuw aiti Transit Insurance Sub-Category – Written Premium (KWD million), 2012–2017 ............................................................... 95 Table 79: Kuw aiti Personal Accident and Health Insurance Written Premium by Category (KWD Million), 2008–2012................................. 96 Table 80: Kuw aiti Personal Accident and Health Insurance Written Premium by Category (US$ Million), 2008–2012 .................................. 96 Table 81: Kuw aiti Personal Accident and Health Insurance Written Premium by Category (KWD Million), 2012–2017................................. 97 Table 82: Kuw aiti Personal Accident and Health Insurance Written Premium by Category (US$ Million), 2012–2017 .................................. 97 Table 83: Kuw aiti Personal Accident and Health Insurance – Earned Premium (KWD Million), 2008–2012................................................ 100 Table 84: Kuw aiti Personal Accident and Health Insurance – Earned Premium (KWD Million), 2012–2017................................................ 101 Table 85: Kuw aiti Personal Accident and Health Insurance – Paid Claims by Category (KWD Million), 2008–2012 ................................... 102 Table 86: Kuw aiti Personal Accident and Health Insurance – Paid Claims by Category (US$ Million), 2008–2012..................................... 102 Table 87: Kuw aiti Personal Accident and Health Insurance – Paid Claims by Category (KWD Million), 2012–2017 ................................... 103 Table 88: Kuw aiti Personal Accident and Health Insurance – Paid Claims by Category (US$ Million), 2012–2017.................................... 103 Table 89: Kuw aiti Personal Accident and Health Insurance – Incurred Loss by Category (KWD Million), 2008–2012................................. 105 Table 90: Kuw aiti Personal Accident and Health Insurance – Incurred Loss by Category (US$ Million), 2008–2012 .................................. 105 Table 91: Kuw aiti Personal Accident and Health Insurance – Incurred Loss by Category (KWD Million), 2012–2017................................. 106 Table 92: Kuw aiti Personal Accident and Health Insurance – Incurred Loss by Category (US$ Million), 2012–2017 ................................. 106 Table 93: Kuw aiti Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012.......................................................................... 108 Table 94: Kuw aiti Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017.......................................................................... 109 Table 95: Kuw aiti Personal Accident and Health Insurance – Commission and Expenses (KWD Million), 2008–2012 ............................... 110 Table 96: Kuw aiti Personal Accident and Health Insurance – Commission and Expenses (KWD Million), 2012–2017 ............................... 111 Table 97: Kuw aiti Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012................................................................. 112 Table 98: Kuw aiti Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017................................................................. 113 Table 99: Kuw aiti Personal Accident and Health Insurance – Total Assets (KWD Million), 2008–2012....................................................... 114 Table 100: Kuw aiti Personal Accident and Health Insurance – Total Assets (KWD Million), 2012–2017..................................................... 115 Table 101: Kuw aiti Personal Accident and Health Insurance – Retentions (KWD Million), 2008–2012 ....................................................... 116 Table 102: Kuw aiti Personal Accident and Health Insurance – Retentions (KWD Million), 2012–2017 ....................................................... 117 Table 103: Kuw aiti Personal Accident Insurance Category – Written Premium (KWD Million), 2008–2012................................................. 120 Table 104: Personal Accident Insurance Category – Written Premium (KWD Million), 2012–2017 ............................................................. 121 Table 105: Health Insurance Category – Written Premium (KWD Million), 2008–2012................................................................................ 122 Table 106: Health Insurance Category – Written Premium (KWD Million), 2012–2017................................................................................ 123 Table 107: Reinsurance Segment in Kuw aiti by Category (KWD Million), 2008–2012................................................................................. 124 Table 108: Reinsurance Segment in Kuw aiti by Category (US$ Million), 2008–2012 .................................................................................. 124 Table 109: Reinsurance Segment in Kuw aiti by Category (KWD Million), 2012–2017................................................................................ 125 Table 110: Reinsurance Segment in Kuw aiti by Category (US$ Million), 2012–2017 .................................................................................. 125 Table 111: Kuw aiti Premium Ceded to Reinsurance by Insurance Segment (KWD Million), 2008–2012..................................................... 128 Table 112: Kuw aiti Premium Ceded to Reinsurance by Insurance Segment (US$ Million), 2008–2012 ..................................................... 128 Table 113: Kuw aiti Premium Ceded to Reinsurance by Insurance Segment (KWD Million), 2012–2017..................................................... 129 Table 114: Kuw aiti Premium Ceded to Reinsurance by Insurance Segment (US$ Million), 2012–2017 ...................................................... 129 Table 115: Kuw aiti Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012 ........................................................................... 131 Table 116: Kuw aiti Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017 ........................................................................... 132 Table 117: Kuw aiti Non-Life Insurance – Percentage of Reinsurance Ceded, 2008–2012......................................................................... 133 Table 118: Kuw aiti Non-Life Insurance – Percentage of Reinsurance Ceded, 2012–2017......................................................................... 134 Table 119: Kuw aiti Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012.................................. 135 Table 120: Kuw aiti Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017.................................. 136 Table 121: Non-Life Insurance – Written Premium through Direct Marketing (KWD million), 2008–2012 .................................................... 137 Table 122: Non-Life Insurance – Written Premium through Direct Marketing (KWD million), 2012–2017 .................................................... 138 Table 123: Non-Life Insurance – Written Premium through Bancassurance (KWD million), 2008–2012 ..................................................... 139 Table 124: Non-Life Insurance – Written Premium through Bancassurance (KWD million), 2012–2017 ..................................................... 140 Table 125: Non-Life Insurance – Written Premium through Agencies (KWD million), 2008–2012 ............................................................... 141 Table 126: Non-Life Insurance – Written Premium through Agencies (KWD million), 2012–2017 ............................................................... 142 Table 127: Non-Life Insurance – Written Premium through E-Commerce (KWD million), 2008–2012......................................................... 143

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TABLE OF CONTENTS Table 128: Non-Life Insurance – Written Premium through E-Commerce (KWD million), 2012–2017......................................................... 144 Table 129: Non-Life Insurance – Written Premium through Brokers (KWD million), 2008–2012.................................................................. 145 Table 130: Non-Life Insurance – Written Premium through Brokers (KWD million), 2012–2017.................................................................. 146 Table 131: Kuw aiti Personal Accident and Health Insurance – Written Premium through Direct Marketing (KWD Million), 2008–2012 ...... 147 Table 132: Kuw aiti Personal Accident and Health Insurance – Written Premium through Direct Marketing (KWD Million), 2012–2017 ...... 148 Table 133: Kuw aiti Personal Accident and Health Insurance – Written Premium through Bancassurance (KWD Million), 2008–2012 ....... 149 Table 134: Kuw aiti Personal Accident and Health Insurance – Written Premium through Bancassurance (KWD Million), 2012–2017 ....... 150 Table 135: Kuw aiti Personal Accident and Health Insurance – Written Premium through Agencies (KWD Million), 2008–2012 ................. 151 Table 136: Kuw aiti Personal Accident and Health Insurance – Written Premium through Agencies (KWD Million), 2012–2017 ................. 152 Table 137: Kuw aiti Personal Accident and Health Insurance – Written Premium through E-Commerce (KWD Million), 2008–2012 ........... 153 Table 138: Kuw aiti Personal Accident and Health Insurance – Written Premium through E-Commerce (KWD Million), 2012–2017 ........... 154 Table 139: Kuw aiti Personal Accident and Health Insurance – Written Premium through Brokers (KWD Million), 2008–2012.................... 155 Table 140: Kuw aiti Personal Accident and Health Insurance – Written Premium through Brokers (KWD Million), 2012–2017.................... 156 Table 141: List of Conventional Insurance Companies in Kuw ait – 2012..................................................................................................... 157 Table 142: Gulf Insurance Company, Main Products................................................................................................................................... 158 Table 143: Gulf Insurance Company, Key Employees................................................................................................................................. 158 Table 144: Kuw ait Insurance Company, Main Products............................................................................................................................... 159 Table 145: Kuw ait Insurance Company, Key Employees............................................................................................................................. 159 Table 146: Al-Ahleia Insurance Company, Main Products ........................................................................................................................... 160 Table 147: Al-Ahleia Insurance Company, Key Employees ......................................................................................................................... 160 Table 148: Warba Insurance Company, Main Products ............................................................................................................................... 161 Table 149: Warba Insurance Company, Key Employees ............................................................................................................................. 161

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INTRODUCTION

2 Introduction 2.1 What is this Report About? This report is the result of extensive research into the Kuwaiti insurance industry, covering its dynamics and competitive landscape. It provides insights and forecasts on the life, non-life and personal accident insurance and reinsurance segments and provides an overview of the leading companies in the insurance industry.

2.2 Definitions All data is collected in local currency. Conversions into US dollars (US$) of current and forecast data were made at the 2012 average annual conversion rate. Most values are displayed to one decimal place; as such growt h rates may appear inconsistent with absolut e values due to rounding. For the purposes of this report the review period is 2008–2012 and the forecast period is 2012–2017. The key insurance industry terms covered in the report are defined below:

Table 1: Insurance Industry Definitions Term

Definition

Ceding company

A primary insurer which transfers some of its insurance risk by ceding a proportion of its total written premium through a reinsurance contract.

Incurred loss

The sum of claims paid by an insurance company and the change in the provis ion for outstanding claims irrespective of whether or not they have been reported.

Claim ratio

Claims payable as a percentage of premium income.

Commission and expenses

The sum of acquisition cost and administrative cost. The acquisition cost is the percentage of a premium produced that is retained as compensation by insurance agents and brokers.

Comprehensive loss ratio

The ratio of claims incurred to net premium earned.

Earned premium

The amount of money considered to have been earned on a policy by an insurer. It is calculated by multiplying the original premium by the percentage of the policy’s term which has expired w ithout a claim being made.

Endow ment policy

A scheme in which the term of the policy is defined for a specified period, such as 15, 25 or 30 years. The insurer pays the claim to the family of the assured in an event of his or her death within the policy's term or in an event of the assured surviv ing the policy's term.

Facultative reinsurance

An arrangement for separate reinsurance for each risk that the primary insurer underwrites. The reinsurer can accept or reject any risk presented by the primary insurer seeking reinsurance.

Gross claim

The amount payable by an insurance company before allowances is made for credits that may be due in the form of reinsurance, subrogation or salvage.

Gross written premium

The total amount of premiums (before deduction of reinsurance costs) customers are required to pay for insurance policies written during the year.

Group annuity

A life insurance scheme providing annuities at retir ement to a group of people under a single contract. It is usually bought by an employer for the benefit of its employees.

Insurance density and penetration

The percentage of total written premium to the country’s GDP.

Insurance fraud

Any act committed w ith the intent to obtain payment from an insurer through fraudulent means.

Lapsed policy

A policy which is terminated due to the non-payment of the premium.

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INTRODUCTION

Table 1: Insurance Industry Definitions Term

Definition

Loss ratio

The ratio of total losses paid out in the form of claims plus adjustment expenses divided by the total earned premium.

Liability insurance

A type of insurance that covers legal claims by third parties against the insured.

Loss reserve

The estimated amount of claims incurred but not yet settled.

Maturity claim

The payment made to a policyholder at the end of the stipulated term of a term life insurance policy.

Per capita premium

The ratio of the total written premium to the country’s total population.

Premium ceded

The share of premiums transferred to a reinsurance company by a primary insurer.

Single-premium life insurance policy

A life insurance scheme in w hich a lump sum is paid into the policy in return for an assured sum of money in the event of the policyholder’s death.

Term insurance

A life insurance scheme that provides protection for a specif ied period, usually between fiv e and 20 years. The policy expires without value if the insured survives the stated period.

Treaty reinsurance

A reinsurance agreement applying to the reinsurance of a class or some classes of business, instead of an individual risk.

Direct marketing

Direct Marketing channels for insurance policies include insurance companies’ sales forces, telemarketing, postal mail, e-mail, call centers and mobile phones.

E-commerce

The distribution of insurance policies online through a company or third-party website.

Agencies

Individuals and corporate agencies whic h are licensed to sell insurance for one or more specific insurance companies.

Insurance brokers

Individuals or businesses which sell insurance policies, and advise and represent the policyholder. They differ from insurance agents, whic h act on the behalf of an insurance company.

Bancassurance

The partnership between a bank and an insurance company in which the insurance company uses the bank’s sales channel to sell insurance.

Other distribution channels

Other distribution channels include post offic es, convenience stores, multi-level marketing, any channel other than agencies, direct marketing, bancassurance and the above-mentioned channels.

Source: Timetric analysis

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INTRODUCTION

2.3 Methodology All Timetric insurance reports are created by following a comprehensive four -stage methodology. This includes market study, research, analysis and quality control. 1) Market Study A.

Standardization Definitions are specified using recognized industry classifications. The s ame definition is used for every country. Annual average currency exchange rates are used for the latest complet ed year. These are then applied across both the historical and forecast data to remove exchange rate fluctuations.

B.

Internal audit Review of in-house databases to gather existing data: - Historic market dat abas es and reports - Company database

C.

Trend monitoring Review of the latest insurance companies and industry trends

2) Research A.

Source s Collection of the latest market-specific data from a wide variety of industry sources: - Government statistics - Industry associations - Company filings - International organizations - Insuranc e regulatory agencies

B.

Expert opinion Collation of opinion taken from leading insurance industry experts Analysis of third-party opinion and forecasts: - Broker reports - Media - Official government sources

C.

Data consolidation and verification Cons olidation of data and opinion to create historical datasets Creation of models to benchmark data across sectors and regions

3) Analysi s A.

Market forecasts Feeding forecast data into market models: - Macroec onomic indicators - Industry-specific drivers Analysis of insurance industry database to identify trends: - Latest insurance trends - Key drivers of the insurance industry

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INTRODUCTION

B.

Report writing Analysis of market data Discussion of company and industry trends and issues Review of financial deals and insurance trends

4) Quality Control A.

Templates Detailed process manuals Standardized report templates and accompanying style guides Complex forecasting tool used to ensure forec ast methodologies are consistently applied Quality-cont rol checklists

B.

Quality control proce ss Peer review Senior-level QC Random spot checks on data integrity Benchmark checks across databases Market data cross-checked for consistency with accumulated data from: - Company filings - Government sources

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KUWAIT INS URANCE INDUSTRY OV ERVIEW

3 Kuwaiti Insurance Industry Overview The Kuwaiti insurance industry has the lowest penetration rat e out of the six Gulf Cooperation Council (GCC) count ries (Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait and Oman). Low penetration, coupled with sound economic fundamentals, has attracted several new companies to the Kuwaiti mark et during the past decade which in turn has intensified competition. At the end of 2012, the total number of insurance companies operating in Kuwait stood at 34, consisting of 23 national companies, seven Gulf region companies and four foreign companies. Furthermore, there are two reinsurance companies – Kuwait Re and Al Fajer Re, operating in the local insurance industry.

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KUWAIT INS URANCE INDUSTRY OV ERVIEW

3.1 Insurance Industry

Table 2: Kuwaiti Insurance Overall Written Premium by Segment (KWD Million), 2008 –2012 Segment

2008

2009

2010

2011

2012

CAGR 2008– 2012

Life Non-Life Personal Accident and Health Overall Source: Timetric analysis

© Timetric

Table 3: Kuwaiti Insurance Overall Written Premium by Segment (US$ Million), 2008–2012 Segment

2008

2009

2010

2011

2012

CAGR 2008– 2012

Life Non Life Personal Accident and Health Overall Source: Timetric analysis

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KUWAIT INS URANCE INDUSTRY OV ERVIEW

Table 4: Kuwaiti Insurance Overall Written Premium by Segment (KWD Million), 2012–2017 Segment

2012

2013

2014

2015

2016

2017

CAGR 2012–2017

Life Non Life Personal Accident and Health Overall Source: Timetric analysis

© Timetric

Table 5: Kuwaiti Insurance Overall Written Premium by Segment (US$ Million), 2012–2017 Segment

2012

2013

2014

2015

2016

2017

CAGR 2012–2017

Life Non Life Personal Accident and Health Overall Source: Timetric analysis

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KUWAIT INS URANCE INDUSTRY OV ERVIEW

Figure 1: Kuwaiti Insurance Overall Written Premium by Segment (KWD Million), 2008–2017

Source: Timetric analysis

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KUWAIT INS URANCE INDUSTRY OV ERVIEW

Table 6: Kuwaiti Insurance Segmentation (% Share), 2008–2017 Segment

2008

2012

2017

Life Non-Life Personal Accident and Health Overall Source: Timetric analysis

© Timetric

Figure 2: Kuwaiti Insurance Industry Dynamics by Segment, 2008–2017

Note: Bubble size represents 2012 Market Value (KWD Million) Source: Timetric analysis

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APPENDIX

4 Kuwaiti Life Insurance Segment 4.1 Life Insurance Growth Prospects

Table 7: Kuwaiti Life Insurance – Gross Written Premium (KWD Million), 2008–2012 Year

Earned Prem ium (KWD Million)

2008 2009 2010 2011 2012 Source: Timetric analysis

© Timetric

Figure 3: Kuwaiti Life Insurance – Gross Written Premium (KWD Million), 2008–2012

Source: Timetric analysis

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APPENDIX

Table 8: Kuwaiti Life Insurance – Gross Written Premium (KWD Million), 2012–2017 Year

Earned Prem ium (KWD Million)

2012 2013 2014 2015 2016 2017 Source: Timetric analysis

© Timetric

Figure 4: Kuwaiti Life Insurance – Gross Written Premium (KWD Million), 2012–2017

Source: Timetric analysis

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APPENDIX

Table 9: Kuwaiti Life Insurance – Earned Premium (KWD Million), 2008–2012 Year

Earned Prem ium (KWD Million)

2008 2009 2010 2011 2012 Source: Timetric analysis

© Timetric

Figure 5: Kuwaiti Life Insurance – Earned Premium (KWD Million), 2008–2012

Source: Timetric analysis

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