Insurance

Kuwait’s insurance sector has posted solid expansion in recent years on the back of growth in a handful of key areas including takaful (Islamic insurance) and other non-life segments, with the industry as a whole bringing in $1.04bn in gross written premiums (GWPs) in 2014. The industry is a crowded one in Kuwait, with the top five insurers controlling around 60% of revenues at the end of 2013. The takaful segment has been active in the country since the early 1990s, and the most recent figures show that Kuwait’s 11 Islamic insurers brought in 18.7% of total GWPs in 2012. Meanwhile, the new health care system includes plans to cover expatriates, which accounted for an estimated 69% of the population as of the end of 2014.