Kuwait – Commerce ministry to amend insurance law
Monday, 02 20 2017, Category: Insurance and Reinsurance, Country: Kuwait
The undersecretary of the Ministry of Commerce and Industry of the State of Kuwait Mr. Khaled Al-Shamali said that reforms to the insurance law are being currently studied. He expects the amendments to take place during the current year.
During a speech he made on behalf of the Minister of Commerce, Mr. Al-Shamali estimates the insurance market size to be approximately KD 400 millions.
Additionally, Mr. Shamali said “Although the Kuwaiti economy relied heavily on one sector, it spends considerable efforts and resources to find other contributors to this economy in order to create investment opportunities for the private sector and ease business activities. It recognizes the executive power as a provider to logistical services, looks for new markets and imposes fair competition”.
Source: Al Rai