Insurance
From The Report: Kuwait 2014
View in Online Reader

While the insurance sector has posted steady growth in recent years, in general it remains relatively small, with the energy sector underpinning a great deal of the activity in the market. Insurance penetration was reported at 0.6% in 2012, which was the lowest penetration rate in the GCC at the time. However, there is optimism among locals as gross written premiums as a whole have continued to grow over the past decade, even as competition has remained tough.

Articles from this Chapter

Overview

Despite a number of hurdles, expansion is on the cards
OBG
plus

The insurance sector in Kuwait has grown considerably over the past five years. According to statistics published by Capital Standards, a local ratings agency, in 2012 the industry brought in KD249.41m ($876.95m) in gross written premiums (GWPs), up more than 10% from the previous year. From 2008 through 2012 the insurance sector as a whole posted a compound annual growth rate (CAGR) of 9.7%, according to data from Swiss Re. This expansion can be attributed primarily to new business activity in…

Analysis

Protecting the workforce: A new state-led insurance scheme aims to boost employment
OBG
plus

In late April 2013 Kuwait’s government introduced new legislation aimed at providing Kuwaiti citizens with insurance against unemployment. The Unemployment Insurance Law (UIL) provides six months of coverage for nationals that have recently lost their jobs. This is the newest addition to the country’s extensive existing social safety net, which is overseen by a handful of government organisations, including the Public Institution for Social Security (PIFSS) and the Ministry of Social Affairs…