Insurance

Despite the slowing regional economy and strong competition among local players, Kuwait’s insurance sector has seen steady growth in recent years, due in large part to rising demand for non-life products and increased activity in the takaful (Islamic insurance) segment. In 2015 the industry brought in an estimated KD315m ($1.04bn) in total gross written premiums (GWPs), up 4.3% from KD302m ($998.9m) in 2014. Continued uptake of new insurance policies in Kuwait is in line with regional insurance trends. Between 2006 and the end of 2014 the GCC insurance industry more than tripled its overall premiums, with total GWPs growing from $6.4bn to $22.2bn, yielding a compound annual growth rate of 6.4%.