The Yemenite insurance market

Crédit photo: US Gov / CIA World Factbook

Insurance market features

Regulatory authority: Ministry of Trade and Industry
Premiums (2005): 42.4 million USD
Insurance Density (2005): 1.9 USD
TPenetration rate (2005): 0.23%

Market structure in 2005

Insurance companies: 12

Identity

Area: 527 970 Km²
Population (2006): 22 400 000 inhabitants
GDP (2006): 18.5 billion USD
GDP per capita (2006): 826 USD
GDP growth rate (2006): 3.9 %
Inflation rate (2006): 18%
Main economic sectors: Services, agriculture and fishing, oil, mining, manufacture industries

Major cities

(in number of inhabitants)

Sanaa (capital): 1 510 500
Aden: 607 900
Taez: 524 200

Turnover evolution: 2000-2005

in millions USD

Written premiums	2000	2001	2002	2003	2004	2005	2004/05 growth rate
Non life	19.8	23.8	23.5	30.8	32.6	38.9	+ 18.11%
Life	1.9	2.3	2.8	2.9	3.3	3.5
Total	21.7	26.1	26.3	33.7	35.9	42.4

Premiums split by class of business: 2000-2005

in millions USD

Classes	2000	2001	2002	2003	2004	2005*
Non life
Motor	6.4	7.6	6.8	9	10.4	13.2
Property & misc. accident	8.6	10.6	11.3	13.5	13.7	16
Marine & aviation	4.8	5.6	5.4	8.5	8.5	9.7
Non life total	19.8	23.8	23.5	30.8	32.6	38.9
Life
Life	1.9	2.3	2.8	2.9	3.3	3.5
Grand total	21.7	26.1	26.3	33.7	35.9	42.4

* ACI's estimates

Premiums split by class of business in 2005

Turnover by company: 2002-2005

in millions USD

Rank	Company	2002	2003	2004	2005
1	United Insurance Company	8	9.4	11.6	17.15
2	Trust Yemen Insurance and Reinsurance Co.	6.5	5.4	4.9	5.16
3	Mareb Yemen Insurance Company	NA	5.2	4.5	4.45
4	Yemen General Insurance Company	3.4	3.9	4	3.85
5	Al Watania Insurance Co.	1.7	2.4	3.4	4.23
6	Saba Yemen Insurance Company	1.9	2	2.1	2.27
7	Aman Insurance Company	1.8	1.9	1.9	1.80
8	Arab Insurance Company	1.6	1.6	1.6	1.6*
9	Yemen Insurance Company	1.2	1.3	1.1	1.1*
10	Yemen Islamic Insurance Company (Y.S.C)	0.24	0.55	0.76	0.76
11	Yemen insurance and reinsurance	NA	NA	NA	NA
12	Al Jazeira insurance	NA	NA	NA	NA
Total		26.3	33.7	35.9	42.4

* ACI's estimates NA: Not available

Non life turnover split by company in 2005

The Yemenite insurance companies

Company	Address	Contacts
Al Jazeera Insurance & Reinsurance (Y.S.C.)	Faj Attan P. O. Box 1376 Sana'a Yemen	Tel: (967-1)425012/13 Fax: (967-1)418369 E-mail: Aljazeeraair [at] y [dot] net [dot] ye,Aljazeeraair [at] yemenbusiness [dot] net">Aljazeeraair [at] y [dot] net [dot] ye
Al Watania Insurance Co. (Y.S.C.)	Tarek Zyad Building, Al-Qaser St. Sana'a Yemen	Tel: (967-1)272874 - 2727413 Fax: (967-1)272924 Website:http://www.alwataniainsurance.com E-mail: alwatania-ins [at] y [dot] net [dot] ye
Aman Insurance Company	Zubairy St. P.O. Box 21120 Sana`a Yemen	Tel: (967-1)400881, 469721/2/3/4, 202106 Fax: (967-1)217251, 209452 Website: http://www.y.net.ye/amaninsurance E-mail: aman-ins [at] y [dot] net [dot] ye
Arab Insurance Company	Sixtieth Road, Nearby Presendtial Palace P.O. Box 16049, Sana'a Yemen	Tel: (967-1)606810/5 Fax: (967-1)606816 E-mail: arabinsuranceco [at] y [dot] net [dot] ye
Mareb Yemen Insurance Company Y.S.C.	Al-Zubairy St., Sana'a-Yemen P.O. Box 2284 Sana`a Yemen	Tel: (967-1)206124/9, 206111/4 Fax: (967-1)206118 Website: http://www.marebinsurance.com.ye E-mail: maryinsco74 [at] y [dot] net [dot] ye
Saba Yemen Insurance Company	Ishaq Building, Al-Zubairy St. P.O. Box 19214 Sana`a Yemen	Tel: (967-1)240908, 240894 Fax: (967-1)240943 Website: www.saba-insurance.com E-mail: saba-ins [at] y [dot] net [dot] ye
Trust Yemen Insurance and Reinsurance Co.	Haddah St. - Villa 14, Opp. Hadda Post Office P.O. Box 18392 Sana`a Yemen	Tel: (967-1)425007, 412592 (967-1)412569 Fax: (967-1)412570 Website: http://www.trustgroup.net/ E-mail: trust-temen [at] y [dot] net [dot] ye
United Insurance Company	Al-Saeed Building, Al– Zubairy St. P.O. Box 1883 Sana`a Yemen	Tel: (967-1)555555 Fax: (967-1)214012 Website: http://www.uicyemen.com E-mail: uicyemen [at] uicyemen [dot] com
Yemen General Insurance Company	No. 25, Algeria St. P.O. Box 2709 Sana`a Yemen	Tel: (967-1)442489, 442074 Fax: (967-1)442492 Website:http://www.yginsurance.com/ E-mail: ygi-san [at] y [dot] net [dot] ye
Yemen Insurance Company	2nd Floor, Al-Matari Building, Al-Zubairy St. P.O. Box 8437 Sana'a Yemen	Tel: (967-1)279787, 272962, 272805/6, 272943 Fax: (967-1)274177 E-mail: ymnins [at] y [dot] net [dot] ye
Yemen Insurance & Reinsurance Co.	Al-Quaser St., P.O. Box: 19891 Sana'a Yemen	Tel: (967-1)274297 Fax: (967-1)270255
Yemen Islamic Insurance Company (Y.S.C)	8th Floor SABA Islamic Bank Building, Saif Bin Thi Yazen street P.O.Box 5145 Sana'a, Republic of Yemen	Tel: (967-1)284193 Fax: (967-1)286503

Exchange rate USD/YER as at 31/12	2000	2001	2002	2003	2004	2005
Exchange rate USD/YER as at 31/12	161.4	168.8	165.2	164.9	185.2	182

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Thu, 16/05/2013 - 11:29

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