Larger insurers in Kuwait are benefiting from strong technical performance and branding, but medium-sized insurers struggle to create a presence, say Messrs Mahesh Mistry and Salman Siddiqui of A.M. Best.
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Education and focussing on the retail sector can help overcome the challenges faced in Kuwait's insurance market, says Mr Andrew Smith of RAK Insurance who had served in the market before.
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While waiting for an independent regulatory commission to be set up, the Insurance Directorate is using its available tools to organise the market and set the industry on the right track, says Ms Fawziah Al-Youha, Insurance Controller, Ministry of Commerce & Industry.
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With political uncertainties putting regional expansion plans on hold, Kuwait Insurance Company (KIC) - the market's oldest insurer - will continue to focus on the domestic market in the short term, says Deputy CEO Ahmad Al Bahar.
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At just seven years old, Enaya Insurance is seeking to expand beyond the challenging Kuwaiti market, says Mr Anas Al Otaibi, Insurance Group General Manager.
By Osama Noor
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Mr Hussain Ali Al-Attal, Chairman of First Takaful Insurance Co (FTIC), shares what it is doing to stay competitive and highlights the need for stronger collective action to develop Kuwait's insurance market.
By Cynthia Ang
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