Insurance
From The Report: Kuwait 2025
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Kuwait’s insurance and takaful (Islamic insurance) sector has shown resilience in recent years, continuing to record profit and policy growth despite an uncertain global economic outlook. The period ahead looks set to be marked by a further series of regulatory reforms, as the Insurance Regulatory Unit seeks to bring the sector further into line with international best practices. At the same time, new developments in digitalisation are expected to roll out in motor third-party liability and health. Broader economic, fiscal and structural reforms and projected economic growth are likely to drive demand and investment in the months ahead. This should boost insurance and takaful uptake, both on an individual and corporate level. There is strong competition, with this leading to stronger, more consolidated players.

This chapter contains an interview with Ali Al Hendal, CEO, GIG Kuwait.

Articles from this Chapter

Overview

Future ready: Legislative updates, compulsory health coverage and a robust sharia-compliant segment demonstrate growth potential
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Kuwait’s insurance and takaful (Islamic insurance) sector has shown resilience in recent years, continuing to record profit and policy growth despite an uncertain global economic outlook. The sector is also benefitting from a long-term strategy to strengthen its regulatory framework and consolidate players with greater capitalisation and more transparent governance. In the coming years, further digitalisation, new product strategies and additional regulatory measures are likely to benefit the sector. These moves come within an enhanced framework of economic and investment growth in the wider economy, as Kuwait moves forwards with a raft of macroeconomic…

Interview

Market insights: Ali Al Hendal, CEO, GIG Kuwait, on how digital tools and regulatory reforms are transforming distribution
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Interview: Ali Al Hendal, CEO, GIG Kuwait, on how digital tools and regulatory reforms are transforming distribution How will the 2025 rules on mandatory policies and QR-based verification reshape distribution, fraud control and customer trust? ALI AL HENDAL: Standardised policy formats will reduce ambiguity, while QR verification – which comes into effect after the implementation period and applies to eligible mandatory policies – allows policies to be checked for authenticity quickly and reliably.…

Analysis

Smaller footprint: A focus on sustainability is projected to reduce risks associated with climate change while bolstering bottom lines
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As environmental, social and governance concerns become increasingly important in the corporate world, insurance companies are emerging as potentially key players in the shift away from fossil fuel-powered projects. The UN’s Net-Zero Asset Owner Alliance (NZAOA) reflects an ongoing change in the global industry towards the wider recognition of the risks associated with climate change. However, the failure of the Net-Zero Insurance Alliance – which launched before the COP26 UN Conference on Climate Change from October-November 2021 but was disbanded in April 2024, with a number of members dropping out before then due to potential antitrust…