Kuwait – Price war among insurance companies
Monday, 07 03 2017, Category: Insurance and Reinsurance, Country: Kuwait
Mr. Hussain Attal CEO in First Takaful Insurance said that the company decreased its insurance premiums written in order to clean its unprofitable portfolio especially the motor business that causes high losses. It also tries to focus on general insurance that has a higher loss ratio than medical and motor insurance.
Moreover, Mr. Attal told “Al Anba” that companies are following a price war, which represents a negative competition. Therefore, he asked his excellency the prime minister to intervene especially be creating an Insurance Authority that will help protect the shareholders and policyholders at the same time.
Source: Al Anba