Kuwait – 400% increase in motor insurance rates
Tuesday, 08 01 2017, Category: Insurance and Reinsurance, Country: Kuwait
Governmental sources told “Al – Anba” that Kuwaiti insurance companies are lobbying in order to raise Third Party motor insurance prices from KD 20 to KD 100 i.e. by 400% noting that the current prices have been in place for more than 55 years since law No 24 of year 1961 regulating insurance companies and agents was issued.
The sources said that the move of insurance companies toward increasing prices followed a decrease in operating profits. Operating profits decreased by 40% by the end of last year and some motor insurance companies even posted losses. In fact, total claims, underwriting expenses and other expenses increased by 60% during the past 6 months according to the statistics of the Kuwait Insurance Federation.
Source: Al Anba