The Yemenite insurance market
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 |
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 | |
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 |
161.4 | 168.8 | 165.2 | 164.9 | 185.2 | 182 |
