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Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Dec 2021

Market Profile


Kuwait

Regulatory overhaul offers radical solution

The insurance sector in Kuwait lacked modern and sophisticated regulatory oversight until the establishment of the Insurance Regulatory Unit in February 2020. We spoke to the unit’s Messrs Mohammad Sulaiman Al-Otaibi and Abdullah Nabil Al-Senan to understand why the unit was established, where its priorities lie and what the future holds in store for insurance in Kuwait.
 

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Becoming the preferred reinsurer

As the reinsurance market continues to harden and undergo an accelerating shift, Kuwait Re’s Mr Dawoud Al Duwaisan says the focus remains on strengthening its ties with the core markets and becoming the sought-after partner in risk management.
 

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Untapped potential in life

Life insurance business in Kuwait has not been developing at the same pace as neighbouring markets. Nonetheless, the country possesses the necessary ingredients to create a vibrant life insurance industry.
 

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Regulatory developments positive for insurers

Kuwait’s non-life market suffered minimally from the fallout from the pandemic. As the economy strengthens and government spending increases, there will be knock-on opportunities for the insurance market through increased insurable risks, says AM Best’s Ms Emily Thompson.
 

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Overhaul of the old insurance law

To get an independent view of the recent changes to the insurance law landscape in Kuwait, we spoke to Al Tamimi & Company’s Mr Ahmed Rezeik about the new insurance law and the reasons why it was needed by the insurance sector.
 

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