The report titled Middle East
Insurance Market Outlook to 2017 Motor and Health Segment to Channel the
Growth provides a comprehensive analysis of the various aspects such as market
size, segmentation, trends and developments and future projections of the life
and various non-life insurance such as motor, health, accident and liability,
fire, property, marine, cargo and others as key segments of the insurance
markets of various countries which include Israel, Iran, UAE, Saudi Arabia,
Bahrain and Jordan. The report provides the market shares in major segments
and company profiles of major players in the market. It also covers brief
snapshots of the insurance markets of Turkey, Egypt, Lebanon and Oman.
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Complete Report Here: http://www.marketresearchreports.biz/analysis-details/middle-east-insurance-market-outlook-to-2017-motor-and-health-segment-to-channel-the-growth
The Middle East insurance industry
has experienced a consistent positive growth over the past five years on
account of high economic development, population growth, favorable regulatory
environment and primarily increased awareness among the population in the
region. The insurance industry of the region is dominated by Turkey, Israel,
Iran, UAE and Kingdom of Saudi Arabia which together accounted for 90% of the
gross premiums underwritten in the region in 2012. The various factors which
have propelled the insurance industry in the Middle East region during
2007-2012 include various demographic factors such as, focus on economic
diversification of various countries, compulsory health insurance schemes,
favorable regulatory framework and increased consumer awareness level about
insurance products and their benefits.
The insurance market in the region
is increasingly becoming congested by a large number of local and foreign
insurance companies. The growing competition is affecting the profitability
especially those of the newly established and small insurance companies. The
increasing fragmentation of the market is also affecting the underwriting
capacities of the companies. The combined life and non-life gross written
premiums (GWP) in the Middle East region amounted to USD ~ million in 2012
which increased at a CAGR of 13.2% since 2007 from USD 30,382.2 million of
gross premiums.
Non-life segment in Middle East has
consistently dominated the insurance market of the region with a contribution
of 74.6% in 2007 and 75.8% in 2012. Middle East insurance market is segmented
into ten countries which include Turkey, Israel, Iran, UAE, Saudi Arabia,
Egypt, Lebanon, Oman, Jordan and Bahrain. Turkey is the largest insurance
market in the region and accounts for ~% of the gross premiums underwritten in
the region. This is closely followed by Israel which represents 22.5% of the
premiums underwritten in Middle East region.
Israel
With total insurance premium of USD
~ million in 2012, the Israel insurance market is significant in absolute
terms as well as percentage of GDP. The insurance penetration in the country
is comparable with number of OECD countries. The market is dominated by life
insurance which represented 54.6% of the gross premiums underwritten in the
country in the year 2012. Motor vehicle propriety insurance is the largest segment
and contributes 27.4% to the non-life insurance market.
Iran
As of 2011, the insurance market of
Iran is comprised of 25 insurance companies with 850 branches, 25,304
insurance agents, 384 official brokers, 3,956 life insurance agents and 106 loss
adjusters which were active in the country. The insurance premiums
underwritten in the country has increased robustly during the last five years
from USD 3,382.4 million in 2007 to USD ~ million in 2012 registering a CAGR
of 26.6% during 2007-2012. Iran Insurance (Bimeh Iran) is the largest player
in insurance market of Iran. It is a state owned company and holds ~% of
market share in terms of gross written premiums.
UAE
The UAE life insurance segment
represented 19.7% of the gross written premiums in the insurance market of the
country in 2012. On the other hand around 80.3% of the gross premiums were
written in the non-life insurance market of UAE in the same year. The life
insurance market of UAE is classified into New Life business and Business in-force
for the insurance companies on the basis of the gross written premiums. While
the business in-force accounted for 69.1% of the gross premiums written in the
life insurance market of the country in 2012, the new life business
represented 30.9% of the written premiums by the life insurance companies in
the same year. In the base case scenario analysis, the life insurance market
of the country is projected to grow at a CAGR of 16.7% during 2012-2017 where
the gross premiums written by the life insurers are estimated to reach USD ~
million in 2017 from USD ~ million in 2012.
KEY TOPICS COVERED IN THE REPORT
- The market size of the Middle
East insurance market by value in terms of gross written premiums.
- The market segmentation of the
Middle East insurance market by country and by life and non-life
insurance.
- The market size of Israel,
Iran, UAE, Saudi Arabia, Bahrain, Jordan, Turkey, Egypt, Lebanon and Oman
on the basis of gross written premiums.
- Market segmentation of Israel,
Iran, UAE, Saudi Arabia, Bahrain, Jordan, Turkey, Egypt, Lebanon and Oman
insurance markets by life and non-life insurance.
- Market segmentation of Israel,
Iran, UAE, Saudi Arabia, Bahrain, Jordan, Turkey, Egypt, Lebanon and Oman
non-life insurance markets by motor, medical, accident and liability,
fire, property, marine , cargo and others.
- Market Size and future
projections of various segments in Israel, Iran, UAE, Saudi Arabia,
Bahrain and Jordan.
- Future Projections of Israel,
Iran, UAE, Saudi Arabia, Bahrain, Jordan, Turkey, Egypt, Lebanon and Oman
insurance markets on the basis of gross written premiums.
- Market share of major players
in motor, health, property, marine insurance and other segments.
- Company Profiles of major
players in Israel, Iran, UAE, Saudi Arabia, Bahrain and Jordan insurance
markets.
- Trends and developments in the
Middle East insurance market.
- Future outlook and projections
of the Middle East insurance market.
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