Kuwait: Insurance market posted 34% jump in premiums in 1H 2017
Source: Middle East Insurance Review | Jan 2018
Direct insurance premiums in Kuwait grew by 34% to KWD233 million (US$771.2 million) in the first half of 2017, compared to KWD173 million in the corresponding period a year ago, official data show.
Kuwaiti insurers’ premiums reached KWD208 million of the total premiums in the sector, led by Gulf Insurance Group which posted premiums of KWD48 million, followed by Al Ahlia with KWD22 million and Kuwait Insurance with KWD21 million, reported Al-Qabas citing the data.
The sector is witnessing signs of recovery after the decision of the Ministry of Health to raise fees for health services, according to market reports. Many insurers have also restructured their portfolios by reducing the proportion of motor third party liability business and focusing instead on miscellaneous insurance services.
Compensation paid by insurers during the first half of 2017 stood at about KWD179 million, 48% higher than in the corresponding period a year ago. Sources point to fire incidents in Kuwait that caused the increase in claims. M
KWD1 = US$3.31