From The Report: Kuwait 2019
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Kuwait’s insurance sector has expanded rapidly in recent years, with numerous new entrants competing and driving down premium prices. 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 and it is likely to have a profound impact on the sector by putting the industry on a sustainable long-term trajectory. However, with the law pushing for increased reserves and stricter regulation, flatter profit growth and a major restructuring of the market could be seen over the next two to three years.