Opportunities in Middle East Insurance Market

Oct. 20, 2007 - PRLog -- This report helps clients to analyze the leading-edge opportunities critical to the success of the insurance industry in the region. Detailed data and analysis helps clients navigate the evolving insurance markets of the region.

For our research purpose, only Bahrain, Iran, Israel, Saudi Arabia, United Arab Emirates, Qatar, Oman, Kuwait, Jordan and Turkey have been included in the Middle East.

The forecast given in this report is not based on a complex economic model, but is intended as a rough guide to the direction in which the market is likely to move. This forecast is based on a correlation between past market growth and growth of base drivers.

Market Analysis

The insurance market in the Middle East is lagging behind other financial service sectors in the region, as evidenced by low penetration, undercapitalised supply and an underdeveloped regulatory framework.

Howver, the Middle East offers vast opportunities for existing as well as new players and is expected to grow at the compound rate of 18-20% in near future, attributed to its highly untapped market, rising awareness level, health conciousness and initiatives taken by government of respective countries in region.

Looking at country-wise performance, Turkey has written the highest premium among all the Middle East countries, followed by Israel, Iran and UAE while Oman remained at the lowest postion in past two years (2004 & 2005). But in terms of growth, UAE took the lead with year on year (YOY) growth rate of 27.38% in 2006 followed by Turkey at 23.68%.

Key Findings

• The rising graph of traffic accidents and death rate has been the main driver for the Middle East insurance industry.
• Bancassurance will emerge as a big opportunity in the region.
• Opportunities for car insurance market well emerge as the number of new cars are expected to grow at appreciable rate.
• Takaful insurance (Islamic insurance), whose global market is expected to grow fivefold by 2015, is expected to emerge as a big opportunity.

Key Issues and Facts

• Which are the best performing countries in the Middle East?
• How is growth in the health and group insurance driving the insurance sector?
• What are driving factors for insurance industry in the region?
• What are the emerging opportunities and challenges for the industry players?
• What are the most prospective areas for investments in the insurance sector in near future?
• Which factors will lead to the growth of life and non-life insurance in the Middle East?
• Who are the key players in the region?

Research Methodology Used

Information Sources
Information has been sourced from several authentic sources inclduing books, newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and through access to more than 3000 paid databases.

Analysis Methods
The analysis methods include ratio analysis, historical trend analysis, linear regression analysis using software tools, judgmental forecasting and cause and effect analysis.


 


Table of Contents

1. Analyst View
2. Global Insurance Industry
2.1 Overview
2.2 Top Insurance Countries
3. Asian Insurance Industry
3.1 Overview
3.2 Top Insurance Countries
4. Middle East Insurance Industry
4.1 Overview
4.2 Top Insurance Countries
4.2.1 Turkey
4.2.1.1 Overview
4.2.1.2 Performance
4.2.2 Israel
4.2.2.1 Overview
4.2.2.2 Performance
4.2.3 Iran
4.2.3.1 Overview
4.2.3.2 Performance
4.2.4 United Arab Emirates
4.2.4.1 Overview
4.2.4.2 Performance
4.2.5 Saudi Arabia
4.2.5.1 Overview
4.2.5.2 Performance
4.2.6 Qatar
4.2.6.1 Overview
4.2.6.2 Performance
4.2.7 Jordan
4.2.7.1 Overview
4.2.7.2 Performance
4.2.8 Bahrain
4.2.8.1 Overview
4.2.8.2 Performance
4.2.9 Oman
4.2.9.1 Overview
4.2.9.2 Performance
4.2.10 Kuwait
4.2.10.1 Overview
4.2.10.2 Performance
5. Industry Analysis
5.1 Drivers
5.1.1 Rising Traffic Accidents & Death Rate
5.1.2 Health Conciousness
5.1.3 Fire Insurance
5.1.4 Motor Insurance
5.1.5 Government Initiatives
5.1.6 Young & Educated Population
5.2 Opportunities
5.2.1 Low Penetration
5.2.2 Health & Accidental Insurance
5.2.3 Takaful Insurance
5.2.4 Bancassurance
5.2.5 Car Insurance
5.2.6 Equipment & Property Insurance
5.2.7 Pension Funds
5.3 Challenges
5.3.1 Lack of Skills & Training
5.3.2 Variability in Legal Frameworks
5.3.3 Low Employment Ratio
6. Key Players
6.1 Migdal Insurance & Financial Holdings Ltd.
6.2 American Life Insurance Company
6.3 Middle East Insurance Company
6.4 Kuwait Insurance Company S.A.K
6.5 Gulf Insurance Company
6.6 Qatar Insurance Company
6.7 Anadolu Anonim Turk Sigorta Sirketi

List of Tables

Table 2-1: Global - Life & Non-Life Insurance Premium (in Million US$), 2003-2006E
Table 2-2: Global - Top Insurance Countries by Premium (in Million US$), 2006
Table 2-3: Global - Top Insurance Companies by Revenue (in Million US$), 2006
Table 2-4: Global - Top Property/Casualty Insurance Companies by Revenue (in Million US$), 2006
Table 2-5: Global - Top Life/Health Insurance Companies by Revenue (in Million US$), 2006
Table 2-6: Global - Top Insurance Brokers by Revenue (in Million US$), 2006
Table 2-7: Global - Top Reinsurers by Net Reinsurance Premium Written (in Million US$), 2006
Table 3-1: Asia - Top Insurance Countries by Premium (in Million US$), 2006
Table 4-1: Turkey - Number of Insurance & Reinsurance Companies (2002-2006)
Table 4-2: Israel - Life Insurance Premium by Company (in ‘000 NIS), 2006
Table 4-3: Israel - Non-Life Insurance Premium by Branch (in Million ILS), 2005
Table 4-4: Iran - Sales Network of Insurance Industry (in Numbers), 2003-2005
Table 4-5: Iran - Direct Insurance Premium Written (in Million IRR), 2000-2006
Table 4-6: Iran - Direct Insurance Premium Written by Branch (in Million IRR), 2005
Table 4-7: Iran - Insurance Premium Earned & Paid Losses (in Million IRR), 2005
Table 4-8: Jordan - Insurance Market Structure (in Number), 2006-07
Table 4-9: Bahrain - Gross Insurance Premiums & Claims by Branch (in Million BD), 2005 & 2006
Table 6-1: Migdal Insurance & Financial Holdings Ltd. - Key Financials (in ‘000 NIS), 2005 & 2006
Table 6-2: Middle East Insurance Company - Key Financials (in JD), 2005 & 2006
Table 6-3: Qatar Insurance Company - Key Financials (in ‘000 QR), 2005 & 2006
Table 6-4: Anadolu Anonim Turk Sigorta Sirketi - Key Financials (in TRY), 2005 & 2006

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