2012-09-06 07:57:09 - Kuwait Insurance Report Q1 2012 - a new market research report on companiesandmarkets.com

In theory, Kuwait should be home to one of the Middle Eas4 s leading insurance sectors. Thanks to energy exports, the economy has consistently performed well over the long-term. The local insurance companies are well established. Kuwait is also the base for very substantial and innovative shar? a-compliant financial institutions. The Kuwait Investment Authority is one of the major shareholders in ARIG, the leading regional reinsurance company.

In practice, the general picture of the sector as at the end of 2011 is a profoundly depressing one of ongoing stagnation. Non-life penetration remains stuck at a level that is low even by the standards of the Middle East. As is not the case in other Gulf Cooperation Council (GCC) countries, there is

 

 

no obvious catalyst – such as the arrival of compulsory and universal health insurance – why this should change. In a country with a very comprehensive – and generous – social security system, life density remains minimal.

Unlike its counterparts in Bahrain, Qatar and the UAE, the government is not actively seeking to promote the development of financial services – although the Minister of Commerce and Industry announced in October 2011 that she would, in the near future, issue a directive in relation to the regulation of the (re)insurance companies and the insurance brokers operating in Kuwait. As far as we can see, though, the new law – to replace the outdated legislation that has governed the sector since the early – has yet to be passed by Kuwaits parliament.

Meanwhile, the insurance companies are small even by the standards of the Middle East. Kuwaits 12 or so takaful operators, which account for about one fifth of the activity in the sector (in terms of premiums/contributions) are tiny. Gulf Insurance, by far the largest insurance company in Kuwait, has long been pursuing opportunities in other countries in the Middle East and North Africa rather than at home. The price of this market report covers 4 quarterly reports on this sector. This quarterly report will be downloadable instantly as a PDF document, with the 3 remaining reports delivered at regular intervals throughout the year.

Click for report details: www.companiesandmarkets.com/Market/Finance-and-Banking/Market-Re ..

Browse all Finance and Banking Market Research Reports www.companiesandmarkets.com/Market/Finance-and-Banking/Market-Re ..

Browse all Finance and Banking Company Profile Reports www.companiesandmarkets.com/Market/Finance-and-Banking/Company-P ..

Browse all Latest Market Research Reports www.companiesandmarkets.com/Market/All/Market-Research?aCode=f3f ..

About Us
Companiesandmarkets.com is a leading online business information aggregator with over 300,000 market reports and company profiles available to our clients. Our extensive range of reports are sourced from the leading publishers of business information and provide clients with the widest range of information available. In terms of company profiles, Companiesandmarkets.com’s online database allows clients access to market and corporate information to over 100,000 different companies. We provide clients with a fully indexed database of information where clients can find specific market reports on their niche industry sectors of interest.