Kuwaiti insurance market: growth prospects

The Kuwaiti insurance market offers bright prospects. In fact, it is expected to generate nearly 2 billion USD in premiums by 2024 which represents an average annual growth rate of 8.2%.

According to Alpen Capital, the life and non-life markets are expected to grow by 5.8% and 8.5% respectively between 2019 and 2024. In 2013-2018 these rates were estimated to 2.2% and 8.3% for life and non-life businesses.

These development prospects are supported by population growth and the introduction of certain insurance obligations such as compulsory health insurance for tourists. Infrastructure works are also among the factors of insurance growth in the country.

In 2018, the non-life business generated 87.5% of the market's turnover, that is 1.15 billion USD. Premiums written in the life activity amounted to 0.16 billion USD.