Market Research Report
Strategic Market Intelligence: Insurance Industry in Yemen - Key Trends and Opportunities to 2022
|Published by||GlobalData||Product code||800133|
|Published||Content info||29 Pages
Delivery time: 1-2 business days
|Strategic Market Intelligence: Insurance Industry in Yemen - Key Trends and Opportunities to 2022|
|Published: March 1, 2019||Content info: 29 Pages||
Yemen's GDP declined at a CAGR of -22.8% during the review period. Civil war and political turmoil resulted in a humanitarian and socio-economic crisis in the country in 2018. This, coupled with famine conditions and high inflation, impacted economic growth. The country's economy is expected to improve over the forecast period, backed by improvements in the government's fiscal operations and an increase in donor grants, which will stabilize the country's monetary conditions.
Laws for compulsory insurance are not enforced in Yemen and are inactive. As of 2017, the insurance industry DWP was valued at YER19.8 billion (US$38.4 million); it is expected to value YER21.3 billion (US$28.1 million) by 2022. Insurance penetration recorded a marginal decline, going from 0.41% in 2016 to 0.37% in 2017.
In terms of DWP, the general insurance segment accounted for 92.1% of the overall DWP. Within the general segment, retail was the largest consumer segment, accounting for 55.4% of the market share in 2017, in terms of DWP. In 2017, health insurance was the largest sub-segment, accounting for 36.9% of the general insurance's DWP, followed by property and motor insurance with 19.1% and 18.5% respectively in the same year. Furthermore, health insurance registered the fastest growth rate among lines of businesses, at a review-period CAGR of 2.7%.
As of 2017, the United Insurance Company was the largest general and life insurer, accounting for 39.5% of the general insurance DWP share and 61.6% of the life insurance DWP share. The top five general insurers accounted for 80.5% of the general insurance DWP, while the top five life insurers accounted for 88.4% of the life insurance DWP share.
The report "Strategic Market Intelligence: Insurance Industry in Yemen - Key Trends and Opportunities to 2022", provides a detailed outlook by product category for the Yemeni insurance industry, and a comparison of the Yemeni insurance with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, density, written premium composition by segment, sub-segment and category and penetration during the review period (2013-2017) and forecast period (2017-2022). The report also gives a comprehensive overview of the Yemeni economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and names of insurers operating in the country.
Companies mentioned: United Insurance Company, Cooperative and Agricultural Credit Bank Insurance Company, Medical Insurance Specialist (MIS) Insurance, Yemen General Insurance.