2014-02-24 20:57:02 - The Insurance Industry in Libya, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The Libyan insurance market is very small when compared to other countries in the Middle East and North Africa region. In terms of gross written premium, the insurance industry grew between 2008 and 2011 in spite of the global financial crisis. Political unrest in the form of the Arab Spring caused a 52% decline in the countrys insurance industry in 2011. It is expected that the industry will grow at a CAGR of 6.1% over the forecast period.
Libya is one of the top oil exporting countries in the world. The export of oil constitutes 95% of the countrys export earnings and 70% of its GDP in 2011. During the Arab Spring, the production of oil in the country declined and
the remaining oil production was diverted to domestic purposes. As a result, the countrys oil and natural gas exports were badly affected; the countrys economy declined with GDP falling from LYD93.2 billion (US$ 74.6 billion) in 2010 to LYD43.7 billion (US$36.2 billion) in 2011.
The economic decline can be attributed to the countrys excessive dependence on fossil fuel exports. To mitigate this issue in the future, Libyas government should diversify its economy by developing other sectors. Libya is quickly recovering from the 2011 downturn as one of the fastest growing economies in the world, with a real GDP growth rate of 121.9% in 2012. The resumption of oil production is the primary source of Libyas economic recovery.
The Libyan government expects a number of foreign investors to enter the country but, due to some restrictions on foreign investments, they are becoming hindered. According to Libyan law, a foreign insurance company looking to operate in Libya is not allowed to hold more than 49% share of a local insurance company. Furthermore, foreign insurance companies are not allowed to establish branches in Libya.
â¢ The Libyan insurance industry is very small when compared to other countries in the MENA region.
â¢ Libya is one of the top oil exporting countries in the world.
â¢ Libyas oil and natural gas exports were badly affected by conflict in the country; the countrys economy declined with GDP falling from LYD93.2 billion (US$74.6 billion) in 2010 to LYD43.7 (US$36.2 billion) in 2011.
â¢ Restrictions on foreign investments are hindering the entrance of many investors. According to Libyan law, a foreign insurance company looking to operate in Libya is not allowed to hold more than 49% share of a local insurance company.
â¢ Foreign insurance companies are not allowed to establish branches in Libya.
This report provides a comprehensive analysis of the insurance industry in Libya:
â¢ It provides historical values for the Libyan insurance industry for the reports 2008â2012 review period and forecast figures for the 2012â2017 forecast period
â¢ It offers a detailed analysis of the key segments and sub-segments in the Libyan insurance industry, along with forecasts until 2017
â¢ It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
â¢ It profiles the top insurance companies in Libya, and outlines the key regulations affecting them
Reasons to Buy
â¢ Make strategic business decisions using in depth historic and forecast industry data related to the Libyan insurance industry and each segment within it
â¢ Understand the demand-side dynamics, key trends and growth opportunities within the Libyan insurance industry
â¢ Assess the competitive dynamics in the Libyan insurance industry
â¢ Identify the growth opportunities and market dynamics within key segments
â¢ Gain insights into key regulations governing the Libyan insurance industry and its impact on companies and the industrys future
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