Insurance

While the insurance market has grown steadily over the past decade, market penetration in Kuwait remains limited at 0.58%, the lowest in the GCC region. Encouraged by high growth rates and favourable entry requirements, the sector has grown from six companies in 1999 to 34 today. Despite steadily increasing competition through the first half of the 2000s, the industry as a whole posted solid growth in terms of gross written premiums during this period. Despite challenges, most agree that there is substantial potential for growth in Kuwait’s insurance industry.