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GCC Insurance Industry | November 24, 2019 Page | 1 GCC Insurance Industry | November 24, 2019 Page | 1 Table of Contents 1. EXECUTIVE SUMMARY ............................................................................ 8 1.1 Scope of the Report ..................................................................................... 8 1.2 Industry Outlook ......................................................................................... 8 1.3 Key Growth Drivers ...................................................................................... 8 1.4 Key Challenges ........................................................................................... 9 1.5 Key Trends ................................................................................................. 9 2. THE GCC INSURANCE INDUSTRY OVERVIEW ....................................... 10 2.1 Country-wise Insurance Market Overview ....................................................... 19 3. THE GCC INSURANCE INDUSTRY OUTLOOK ......................................... 33 3.1 Forecasting Methodology ............................................................................. 33 3.2 GCC Insurance Market Forecast .................................................................... 34 3.3 Country-wise Market Size Forecast ................................................................ 36 4. GROWTH DRIVERS ............................................................................... 43 5. CHALLENGES ........................................................................................ 49 6. TRENDS ............................................................................................... 53 7. MERGER AND ACQUISITION (M&A) ACTIVITIES .................................. 57 8. FINANCIAL AND VALUATION ANALYSIS .............................................. 59 8.1 Financial Performance ..................................................................................... 61 8.2 Valuation Analysis .......................................................................................... 68 COUNTRY PROFILES ......................................................................................... 71 COMPANY PROFILES ........................................................................................ 78 GCC Insurance Industry | November 24, 2019 Page | 2 Glossary Insurance: A mechanism of contractually shifting burdens of pure risks by pooling them Gross written premium: Total premium written and assumed by an insurer before deductions for reinsurance and ceding commissions for a policy that has already become effective Insurance penetration: Gross written premium measured as a percentage of gross domestic product Insurance density: Gross written premium measured per capita Net written premium: Gross written premium less reinsurance ceded plus reinsurance assumed Net Earned Premium: Total premiums collected over a period that have been earned based on the ratio of the time passed on the policies to their effective life Cession rate: The percentage of written premium transferred to a reinsurer by a primary insurer (ceding company) Retention rate: The percentage of written premium retained by a primary insurer Net underwriting profit / (loss): Excess/deficit of premium earned after providing for all expenses directly attributable to underwriting activities and excluding investment income Claims ratio: Net claims incurred as a percentage of net earned premium Expense ratio: Underwriting and administrative expenses as a percentage of net earned premium Combined ratio: The sum of claims ratio and expense ratio. A combined ratio of less than 100 indicates an underwriting profit Investment returns: Calculated by dividing gross investment income over investments in securities, affiliates and property Takaful: Follows Islamic religious principles such as bans on interest and pure monetary speculation. Here, risk is pooled among policyholders rather than being borne entirely by the company Bancassurance: Involves the distribution of insurance products through the banking channel GCC Insurance Industry | November 24, 2019 Page | 3 “Following heavy losses in the motor insurance sector in the years 2014, 2015 and 2016, the UAE insurance regulator imposed minimum and maximum motor insurance rates. The market reaction was positive due to the severe impact on the bottom line of the companies prior to 2017. The year 2017 was therefore a turning point for the market for motor insurance where the rates increased substantially. This resulted in a major improvement in technical results of the market. The introduction of mandatory health insurance in the Emirate of Dubai generated AED 4 billion of medical premium in the year 2017, which resulted in improving the market’s technical profit. The year 2017 can be considered as one of the best years in the recent history of the UAE Insurance market. Regrettably, the market has a short memory. As a result of reduction in car sales and the desire of every player to maintain its previous market share, a price war started during the second half of 2018 and gained momentum towards the end of the year. In the medical segment, policies for the purpose of visa renewal were issued for one year whilst the employment visas are for two years. This resulted in a major drop in health premiums in the year 2018. Regrettably, this also triggered a price war and resulted in a rate reduction between 35-40%. Motor and medical segments are the battleground of the local market. This is due to the fact that in many cases those two classes of business are underwritten to net account without reinsurance arrangements. Surprisingly the reinsurance market across the GCC is showing a state of hardening especially in property and engineering segments. This is also in view of the fact that some regional reinsurers have either closed down or are facing major difficulties. It is my expectation that the technical performance of the market will show a deterioration in 2019 and unless some wisdom prevails, we will see further decline in 2020.” Omer Elamin President - Orient Group Orient Insurance PJSC “The insurance industry landscape in the GCC has undergone a major transformation over the last few years. Increasing adoption of new technologies, such as, AI, data analytics and smartphone apps have changed the way insurers operate and engage with their policyholders. To elaborate: four key trends, namely - a personalized approach towards insurer-customer relationship, increased implementation of AI, adoption of omni-channel distribution models, and more effective quantification of risks and preventive measures have enhanced underwriting and optimized operational efficiency in the insurance sector across the GCC. Customization has gained widespread popularity and has now emerged as one of the vital parameters when defining the ideal insurer-customer relationship instead of a one-size fits all solution. In fact, this proactive approach of designing bespoke products and services that match customer requirements has facilitated in cementing most insurer-customer relationships. Another growing trend that seems to influence the regional markets is product bundling. For instance, Value Added Services (VAS) provide flexibility in payment of premiums and policy coverage. This enhanced flexibility is what insurers offer these days to win new customers and increase retention. Moreover, these measures help carriers to enhance their reputations and gain recognition as friendly insurers. Insurers today are increasingly embracing digital transformation and embedding data science and AI to empower their Customer Relationship Management (CRM). The digitization of the insurance business model has helped to reduce delays and optimize processes, through simplification and streamlining. There is an ongoing paradigm shift away from legacy systems and towards a new client focused approach, which greatly enhances the customer journey: right from generating quick quotes, to taking out a policy, and to filing a claim online from anywhere and at any time. GCC Insurance Industry | November 24, 2019 Page | 4 With technological advancements and enhanced risk modelling capabilities, insurers now have better access to accurate and qualitative information to identify, analyze, and evaluate the effects of a risk while accepting it. This is an integral aspect of prudent underwriting, which drives stable and sustainable growth and development, both for individual insurers and the insurance sector at large.” Ali S. AlFadala Senior Deputy Group President & CEO QIC Group “The Property & Casualty Industry typically grows in line with the growth in GDP and as drop in oil prices have slowed the growth in the region, the Insurance Industry in the last five years, have also witnessed a sluggish growth in most of its product segments except Motor and Health which accounts for 70% of GWP and has largely been fueled by the introduction of mandatory health in UAE and KSA. The GCC governments have started to heavily promote / invest in industrial infrastructure under the current pressurized market conditions. Oman alone has a heavy project outlay of almost USD 65 billion over the next 10 to 15 years to develop infrastructure, which will result in the increase in premiums. However, the challenge is in market’s capacity to retain these premiums as only a small fraction of premiums is retained, and rest get reinsured with large international reinsurers. Unless the insurance companies consolidate and can retain risks locally, these investment outlays will not move the
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