Insurance
From The Report: Kuwait 2016
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Despite the slowing regional economy and strong competition among local players, Kuwait’s insurance sector has seen steady growth in recent years, due in large part to rising demand for non-life products and increased activity in the takaful (Islamic insurance) segment. In 2015 the industry brought in an estimated KD315m ($1.04bn) in total gross written premiums (GWPs), up 4.3% from KD302m ($998.9m) in 2014. Continued uptake of new insurance policies in Kuwait is in line with regional insurance trends. Between 2006 and the end of 2014 the GCC insurance industry more than tripled its overall premiums, with total GWPs growing from $6.4bn to $22.2bn, yielding a compound annual growth rate of 6.4%.

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Overview

New opportunities: State-led development projects may yield new prospects for local underwriters
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Despite the slowing regional economy and strong competition among local players, Kuwait’s insurance sector has seen steady growth in recent years, due in large part to rising demand for non-life products and increased activity in the takaful (Islamic insurance) segment. In 2015 the industry brought in an estimated KD315m ($1.04bn) in total gross written premiums (GWPs), up 4.3% from KD302m ($998.9m) in 2014, according to statistics published by Swiss Re, a Switzerland-based reinsurance firm. The…

Analysis

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In recent years the government has pushed to reform the nation’s health insurance segment. The state’s plans, which involve shifting the cost of medical coverage from the public to the private sector, have major implications for underwriters, expatriate residents and Kuwaiti citizens. At the heart of this effort are two initiatives. The first of these was launched in 2014 and involves the establishment of a parallel health care system for expatriates. Overseen by the Kuwait Health Assurance Company…