Kuwait – Premiums to increase by 30% in 2017
Monday, 06 12 2017, Category: Insurance and Reinsurance, Country: Kuwait
The direct premiums written by insurance companies operating in the local market increased by 7.4% and reached KD 347 million last year compared to KD 323 million in year 2015.
The study conducted by “Al Shahed” showed that the claims paid by the insurance sector reached KD 222 million last year compared to KD 213 million in year 2015, which represents a 4.1% increase.
Moreover, the study showed that total insurance premiums in the local market will increase by 30% during the current year due to a 1.5% growth in the Gross Domestic Product, the privatization of health insurance covering 2.9 expatriates and the implementation of compulsory insurance on approximately 107 thousand retirees.
Source: Al Shahed