The Kuwaiti insurance sector has been able to largely remain unaffected by the negative impact of the global COVID-19 pandemic and continues to report satisfactory results in the year to date.
For the first nine months of this year, insurance companies operating in the Kuwaiti market posted a combined profit of KWD31.8m ($104m), compared to KWD33m recorded for the corresponding period last year, representing a slight decline of 2.6%, reported Alanba.
Among the reasons that supported profits for the insurance sector during the nine-month period were the continued growth in written premiums, an increase in investments in other companies, in addition to higher operating revenues and technical profits.
According to monitoring by Alanba, insurance companies chalked up profits of KWD7.8m for the third quarter of this year, following profits of KWD9.4m for the second quarter of the year and KWD14.6m for the first quarter. A lockdown was imposed on the country during the months of May and June to curb the spread of COVID-19.
Gulf Insurance in the lead
For the first nine months of 2020, Gulf Insurance Group topped the sector with profits amounting to KRW13.09m, representing a jump of 22.3% over the corresponding period last year, followed by Kuwait Insurance with profits of KRW10.29m (18% increase) and Al-Ahlia Insurance with profits of KRW8.98m (14% increase).