Magazine date:
Mar 2024 Kuwait insurance industry: turnover per class of business
Figures in thousands
| 2023 turnover (1) | 2023 turnover (1) | 2022-2023 evolution (2) | 2023 shares | |||
|---|---|---|---|---|---|---|
| KWD | USD | KWD | USD | |||
| Health | 305 150 | 992 760 | 286 197 | 939 628 | 6.62% | 48.37% |
Motor | 120 214 | 391 098 | 95 813 | 314 568 | 25.47% | 19.05% |
| Accidents | 70 739 | 230 139 | 64 415 | 211 484 | 9.82% | 11.21% |
| Fire | 47 751 | 155 351 | 45 177 | 148 323 | 5.70% | 7.57% |
| Marine (3) | 18 865 | 61 374 | 17 111 | 56 178 | 10.25% | 2.99% |
| Total non-life | 562 719 | 1 830 722 | 508 713 | 1 670 181 | 10.62% | 89.19% |
| Total life | 68 231 | 221 979 | 60 142 | 197 455 | 13.45% | 10.81% |
| Grand total | 630 950 | 2 052 701 | 568 855 | 1 867 636 | 10.92% | 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 companies | Foreign companies | Total 2023 (1) | ||||
|---|---|---|---|---|---|---|
| KWD | USD | KWD | USD | KWD | USD | |
| Health | 283 543 | 922 465 | 21 607 | 70 295 | 305 150 | 992 760 |
| Motor | 104 723 | 340 700 | 15 491 | 50 398 | 120 214 | 391 098 |
| Accidents | 57 488 | 187 029 | 13 251 | 43 110 | 70 739 | 230 139 |
| Fire | 44 317 | 144 179 | 3 434 | 11 172 | 47 751 | 155 351 |
| Marine | 17 594 | 57 239 | 1 271 | 4 135 | 18 865 | 61 374 |
| Total non-life | 507 665 | 1 651 612 | 55 054 | 179 110 | 562 719 | 1 830 722 |
| Total life | 59 529 | 193 669 | 8 702 | 28 310 | 68 231 | 221 979 |
| Grand total | 567 194 | 1 845 281 | 63 756 | 207 420 | 630 950 | 2 052 701 |
(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
