Kuwait's ins. companies achieve profits despite Covid19
Thursday, 11 26 2020, Category: Insurance and Reinsurance, Country: Kuwait
Despite the negative economic repercussions of the COVID-19 pandemic imposed on all economic sectors in Kuwait and the world, the insurance companies in Kuwait were able to avoid these negative repercussions and continue to achieve good results and profits during the current year, reports Al-Anba daily.
The reasons that supported the insurance sector companies to continue achieving profits during their results this year include the continued growth in written premiums and the increase in their shares of investment in other companies, as well as the increase in operating revenues and technical profits during the nine months and the third quarter of the current year.
Based on the study conducted by the daily, it appears that insurance companies operating in the Kuwait market managed to achieve good profits during the first nine months of this year. The total profit amounted to KD 31.8 million, compared to the profits recorded within the same period in 2019 that amounted to KD 33 million – a slight decline of 2.6 percent. This indicates that Kuwait’s insurance companies managed to avoid any negative effects or repercussions for the COVID-19 pandemic.