Insurance

In 2017 and early 2018 Kuwait’s insurance sector enjoyed growth on the strength of steadily rising premium, regulatory tweaks and forays by individual underwriters into a number of new market segments. Nonetheless, according to many stakeholders, the obsolescence of the country’s insurance law remains a major hurdle to the sector’s future growth. Various iterations of a new insurance law have been circulating among government bodies since at least 2012. The central amendment proposed by these drafts is the establishment of an independent body charged with oversight and enforcement responsibilities, which many local insurers believe is needed to ensure the sector’s stability profitability over the long term.