Kuwait

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A new insurance law was approved by the Kuwaiti Parliament in July 2019 to support the maturation and growth of the sector. While premium are likely to rise in the short term and a gradual consolidation of the sector is expected, a more viable, lower-risk environment is set to emerge in the coming years.

 

Two of the biggest trends in global insurance in recent years are premium growth in emerging markets and the rising importance of technology across the supply chain. The latter has come to be referred to as insurtech, a potentially disruptive trend that heralds both threats to and opportunities for incumbents and newcomers alike.

 

Kuwait’s insurance sector has expanded rapidly in recent years, with numerous new entrants competing and driving down premium. This has led to concerns that companies are booking high profits at the risk of not keeping enough in reserve to meet future payouts on policies. To counter these worries, a new law was passed in July 2019 which is...

 

How would you assess the growth potential for Islamic banking in Kuwait, and what are the main factors driving demand for Islamic institutions?

 

Kuwait’s Islamic financial services (IFS) sector is well established, with a long history in both Islamic banking and takaful, or Islamic insurance. The segment has expanded in recent years, building upon the country’s reputation as an emerging centre for sharia-compliant banking, insurance and investment products. The government has...

 

What challenges do banks face in leveraging and developing new Islamic instruments?