Kuwait – Fires will increase reinsurance prices
Thursday, 07 06 2017, Category: Insurance and Reinsurance, Country: Kuwait
Informed sources in the insurance sector said that the international and local companies will raise the prices of reinsurance cover for the Kuwaiti market next year following a series of fires that took place lately and which caused large claims.
Reinsurance companies audit the number fires that place in the different markets at the end of each year as well as the claims paid to local insurance companies. This will be the basis of pricing for the next year, which will be charged to customers.
The sources said that local insurance companies cover the large contracts signed with international reinsurance contracts where foreign reinsurers have usually a share of two thirds.