Kuwait insurance industry in 2023

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Kuwait insurance industry: turnover per class of business

Figures in thousands

 2023 turnover (1)2023 turnover (1)2022-2023 evolution (2)2023 shares
KWDUSDKWDUSD
Health305 150992 760286 197939 6286.62%48.37%

Motor

120 214391 09895 813314 56825.47%19.05%
Accidents70 739230 13964 415211 4849.82%11.21%
Fire47 751155 35145 177148 3235.70%7.57%
Marine (3)18 86561 37417 11156 17810.25%2.99%
Total non-life562 7191 830 722508 7131 670 18110.62%89.19%
Total life68 231221 97960 142197 45513.45%10.81%
Grand total630 9502 052 701568 8551 867 63610.92%100%

(1) Financial year at the end of March 2023 and the end of March 2022
(2) Growth rate in local currency
(3) Including maritime transport, aviation and travel insurance

Kuwait insurance industry: turnover per company type

Figures in thousands

 National companiesForeign companiesTotal 2023 (1)
KWDUSDKWDUSDKWDUSD
Health283 543922 46521 60770 295305 150992 760
Motor104 723340 70015 49150 398120 214391 098
Accidents57 488187 02913 25143 11070 739230 139
Fire44 317144 1793 43411 17247 751155 351
Marine17 59457 2391 2714 13518 86561 374
Total non-life507 6651 651 61255 054179 110562 7191 830 722
Total life59 529193 6698 70228 31068 231221 979
Grand total567 1941 845 28163 756207 420630 9502 052 701

(1) Financial year at the end of March 2023
Source: Insurance Regulatory Unit (Ministry of Commerce and Industry of Kuwait)
Exchange rate as at 31/03/2023 : 1 KWD = 3.25335 USD ; as at 31/03/2022: 1 KWD = 3.28315 USD

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Wed, 27/03/2024 - 13:48
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