Despite the constraints, the Kuwaiti insurance market [4] has continued to grow in recent years. According to Swiss Re's survey Sigma, the written premiums rose from 797 million USD in 2016 to 1 119 million USD in 2017 and 1 307 million USD in 2018. The growth rate over the last three years is of 63.9%.
Howevern this premium growth does not hide the shortcomings identified in the report by Baker Tilly Consulting, an insurance services company. For the latter, the following challenges have to be addressed:
- the insufficient technical provisions,
- the shortage of actuaries in small and medium companies,
- the lack of diversification of insurance products
- the unhealthy and price competition.
The large number of insurance companies does not promote the harmonious development of the market either. The authorities liberalized the sector in the year 2000, increasing the number of companies from four (Koweit Re, Gulf Insurance, Warba and Al Ahlia Insurance) to 39 today.