The insurance market in Kuwait is in the relatively early stages of development and rates ofpenetration and density are low in both the non-life and life insurance segments. Barriers to growth areappreciable, and include a lack of demand due to religious constraints and extensive state welfarecoverage. However, rising household incomes, coupled with the country's growing expatriate andretirement-age populations should provide a solid platform for growth in both segments. Furtherimprovements to the currently weak regulatory environment could also stimulate growth and potentiallyattract new investors.
Key Updates And Forecasts
Egypt-based Misr Insurance Company is set to expand into Kuwait and in July 2017 announced itwould be providing personal accident cover for Egyptians working in Kuwait, providing compensationfor injury in employment, death benefits and cover for the cost of repatriation to Egypt.