Kuwait – 20% increase in insurance revenues with car license reform
Tuesday, 07 14 2015, Category: Insurance and Reinsurance, Country: Kuwait
Insurance companies are anticipating increased revenues this year from the third party compulsory motor insurance due to the decision of the interior ministry on the licensing procedures of vehicles and the amendment of the special articles related to new cars within the 7 years following the year of manufacture. Therefore, experts expect the revenues of insurance companies to increase by around 20% during the current year 2015 as a natural consequence of the decision of the interior ministry on licensing.
The decision number 1767 of year 2015 aims at alleviating the burden on citizens and residents and easing licensing procedures of vehicles as announced by the ministry. It seems that this step will have positive implication for the local insurance sector as it enables the owners of new cars within 7 years of the year of manufacture to obtain a license for two years as compared to one year previously. So citizens will take advantage of this action and will not have to follow annual procedures.
Source: Annahar - Kuwait