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The Kuwaiti insurance market

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Magazine Issue: 
Hurricane Charley's Teachings [3]
Magazine date: 
Sep 2004
Photo credit: US Gov / CIA World Factbook

Insurance market features

  • Regulatory Authority: Ministry of economy and trade - Insurance general management
  • Written premiums (2003):
    366 083 000 USD
  • Insurance density (2003): 173.37 USD
  • Penetration rate (2003): 0.93%

Insurance market structure

Type of companyType of activityNumber of
companies
National companies
life & non life7
Arab companies
non life5
Foreign companies
non life2
life1
Reinsurance companies
all branches2
Total
17

Identity

  • Area: 17 820 Km2
  • Population (2002): 2 111 561 inhabitants
  • GDP (2003): 39.54 billion USD
  • GDP per capita (2003): 18 100 USD
  • GDP growth rate (2003): 4.4%
  • Inflation rate (2003): 1.2%
  • Main economic sectors: oil refining, petro-chemistry, food industry, building materials

Major towns

(in number of inhabitants)
  • Kuwaït City (capital): 1 500 000
  • Salimiya: 130 000
  • Jaleeb ash Shuyuk: 100 000
  • Haoualli : 82 000
 

Development of the market turnover

in thousands USD

Turnover evolution by class

in thousands USD
Branches19992000200120022003
Non life
Fire
30 80734 66334 90050 57344 893
Marine & Aviation
30 93733 61045 67742 04848 930
Motor
62 96767 89376 48789 620110 653
Workmen compensation1
14 95014 33012 56012 642-
Engineering1
6 0208 88311 08713 915-
Misc. accident1
17 74718 70020 90730 35572 777
Total
163 428 178 079 201 618 239 153 277 253
Life
Life
35 61344 25759 47777 24288 830
Grand total
199 041 222 336 261 095 316 395 366 083
1 Workmen Compensation and Eng. 2003 premiums are included in Misc. accident

2002 turnover by company and by class of business

in thousands USD
 FireMarineMotorW.CHealthEngg.Misc. accidentTotal Non-lifeLifeGrand total
National companies
Kuwait Ins.
6 2048 23713 7073 209-3 9825 46040 8009 74450 543
Gulf Ins.
11 9366 69415 3011 716-2 3133 46041 42032 78174 200
Al Ahlia Ins.
10 84915 90611 5251 543-4 5001 70246 02517 23663 261
Warba Ins.
12 8474 1719 0222 1212 9874886 08237 7183 19840 916
Bahrain Koweit Ins.
2 0082 1833 9051 6354351 5795 77917 526-17 526
First Takaful Ins.
2 86576711 086921-4841 75517 8771 24919 126
Takaful Ins.
5186392 309487-4241 8306 207-6 207
Total
47 227 38 597 66 856 11 632 3 422 13 770 26 068 207 573 64 208 271 781
Arab companies
Arabia Ins.
4416261 14765--1312 411-2 411
Al-Ittihad Ins.
1511774 99935--715 4321575 589
Lebanese Ins.
34224 85024--174 947-4 947
Libano Suisse Ins.
9408112 216164-332144 377-4 377
National Ins. company of Egypt
138341 937112-2622 286-2 286
Total
1 704 1 669 15 149 400 - 35 495 19 453 157 19 610
Foreign companies
New India Ins.
7554112 783254-112384 451-4 451
Oriental Ins.
8871 3714 832356-991327 676-7 676
American Life
--------12 87712 877
Total
1 642 1 782 7 615 610 - 110 370 12 127 12 877 25 004
Grand total
50 57342 04889 62012 6423 42213 91526 933239 15377 242316 395
1 W.C: Workmen's Compensation

2002 paid claims by company and by class of business

in thousands USD
 FireMarineMotorW.CHealthEngg.Misc. accidentTotal Non-lifeLifeGrand total
National companies
Kuwait Ins.
53 8091 7239 8402 400-1 30152569 5976 43176 028
Gulf Ins.
67 5751 5677 9751 366-60527279 36015 89195 251
Al Ahlia Ins.
54 2942 65110 2441 735-50669570 1266 76976 895
Warba Ins.
67 6861 4584 6781 251-12220075 3951 43176 826
Bahrain Koweit Ins.
1571593 0021 011497821 1926 353-6 353
First Takaful Ins.
1 971783 608173-39105 878-5 878
Takaful Ins.
761381470-419996-996
Total
245 568 7 649 40 161 8 006 49 3 360 2 913 307 706 30 522 338 228
Arab companies
Arabia Insurance
461 15384--31 251-1 251
Al-Ittihad Al Watani
-103 2031--133 227-3 227
Lebanese Ins.
19164 535 ---4 732-4 732
Libano Suisse Ins.
24312157690--511 081-1 081
National Ins. company of Egypt
13571 99499---2 236-2 236
Total
573 150 11 461 275 - - 68 12 527 - 12 527
Foreign companies
New India Ins.
652771 906167-1622 821-2 821
Oriental Ins.
5531492 507402-3323 646-3 646
American Life
--------2 1332 133
Total
1 2052264 413569-19346 4672 1338 600
Grand total
247 346 8 025 56 035 8 850 49 3 379 3 015 326 700 32 655 359 355
1 W.C: Workmen's Compensation

Distribution of premiums and claims paid

By class of business [4]By nationality [5]

Coordinates of the Kuwaiti insurance companies

National companies
  • Kuwait Insurance
    Phone : +965 2420135 / 2420021
    Fax : +965 2461855
    P.O.Box : 769 Safat, 13008 Kuwait
  • Gulf Insurance
    Phone : +965 2423384
    Fax : +965 2422320
    E-Mail : contacts [at] gulfins [dot] com [dot] kw
  • Al Ahlia Insurance
    Phone : +965 2448870
    Fax : +965 2430308
    P.O.Box : 1602 Safat, Kuwait
  • Warba Insurance
    Phone : +965 1445140
    Fax : +965 2466131 / 2414390
    E-Mail : warba [at] kuwait [dot] net
    Website : http://www.kuwait.net/~warba
    P.O. Box : 24282 Safat, Pin Code: 13103 Safat, Kuwait
  • Bahrain Kuwait Insurance
    Phone : +965 2466837
    Fax : +965 2468545
    E-Mail: bkic [dot] kt [at] ncc [dot] moc [dot] kw
  • First Takaful Insurance
    Address : Abdullah Mubarak St. - Alenma’a Tower
    Phone : +965 880055
    Fax : +965 2444599
    P.O. Box : 5713 Safat - 13058 Kuwait
    E-mail : info [at] firsttakaful [dot] com
Foreign companies
  • New India Insurance
    Phone : +965 2412085 / 2416477
    Fax : +965 2412089
    P.O.Box: 370 Safat, 13004 Kuwait
    Contact Person: Dr. V. Hariharan
  • Oriental Insurance
    Phone : +965 2424017
    Fax : +965 2424017
    P.O.Box: 22431 Safat, 13085 Kuwait
    Contact Person: Zahid Ahmed
  • American Life Insurance
    Phone : +965 2435113 / 2435114
    Fax : +965 2445664
    P.O.Box : 669 Safat, 13007 Kuwait
 Arab companies
  • Arabia Insurance
    Phone : +965 2432767
    Fax : +965 2419311
  • Al-Ittihad Al Watani
    Address: Kuwait city, Sharq Area
    Ahmad Al-Jaber street Bahman Building 4th Floor
    Phone : +965 2420390
    Fax : +965 2420366
    P.O.Box: 781 - Safat
    13008 Kuwait - Kuwait
    E-Mail: ittihad [at] kems [dot] net
  • Lebanese Insurance
    Phone : +965 2434537
    Fax : +965 2419305
    E-Mail: cla [at] kuwait [dot] net
  • Libano Suisse Insurance
    Phone : +965 2413854 / 2430718
    Fax : +965 2409450
    P.O.Box : 2474 Safat, 13025 Kuwait
    Contact Person: Mr. Salim Abu Haidar
  • National Insurance company of Egypt
    Phone : +965 2438260
    Fax : +965 2438263
Exchange rate (2002) USD/KWD = 0.299
Mon, 13/05/2013 - 15:03

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