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Kuwait Insurance Report Q1 2012
Market |
Finance and Banking |
Report Type |
Market Research |
Country |
Kuwait |
Published |
31 January 2012 |
Number of Pages |
64 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
File Format |
- |
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 As far as we can see, though, the new law – to replace the outdated legislation that has governed the sector since the early – has yet to be passed by Kuwaits parliament.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.
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