Kuwaiti insurance market in 2021

Kuwaiti insurance marketAccording to the data published by the Kuwait Insurance Federation (KIF), the sector as a whole recorded a 4.3% increase of its overall turnover in 2021. Direct premiums went from 527 million KWD (1.7 billion USD) in 2020 to 549.7 million KWD (1.8 billion USD) a year later.

The market is dominated by health insurance with a 275 million KWD (906.824 million USD) turnover, representing 50% of the total premium income. In second and third position are the comprehensive motor and third party liability classes of business with premiums amounting to 75.4 million KWD (248.635 million USD) and 18.6 million KWD (61.334 million USD) respectively.

In 2021, the amount of claims settled by insurance companies reached 383.9 million KWD (1.265 billion USD), growing by 15% over one year.

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