Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Kuwait Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Kuwait includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Kuwait is the oldest constitutional emirate or monarchy in the Gulf Cooperation Council (GCC) whose economy is dominated by the oil sector, which accounts for over 50% of exports and over 90% of budget revenue. The manufacturing sector is based on petroleum downstream industries such as oil refining and petrochemicals.
The Kuwaiti insurance market is one of the smallest in the GCC and there has been little growth in the non-life market in recent years. In 2018 the total gross written premium for all classes (conventional and takaful) was KWD 449.13mn. The market is heavily influenced by motor business (which in 2018 accounted for 40.5% of all non-life premium income (takaful and conventional combined) and by energy and energy-related business. The long-awaited new insurance law took effect on 1 March 2020 regulating insurance companies and insurance intermediaries and includes provisions on establishing a new insurance supervisory authority.
There were 39 licensed insurance companies in the market in 2020 comprising 29 national insurers (inclusive of 10 conventional insurance companies and 19 takaful operators, six Arab companies and four foreign (non-Arab) companies. There is also one locally licensed reinsurance company.