Kuwait – Insurance market not powerful and not regulated
Tuesday, 02 23 2016, Category: Insurance and Reinsurance, Country: Kuwait
Mr. Khalil Al Shami CEO of Boubyan Takaful asked for the establishment of an independent insurance authority, which can support the growth of the insurance sector in Kuwait as has been the case in the banking sector in addition to regulating the market. He indicated that the supervision of the sector by the Ministry of Commerce does not help at the level needed, which reflects negatively on the sector as a whole and limits the regulation of the insurance sector.
He added in a discussion with “Al Shahed” that some companies lost the total value of their capital but are still operating. Therefore, the Ministry of Commerce should take action against these companies indicating there is no ongoing regulation by government authorities and especially the Ministry of Commerce, which is supposed to regulate those companies.
Source: Al Shahed