-
Gulf Insurance Group led with the highest premiums at KD 187.1 million, capturing 52.5% of the total premiums of listed insurance companies and 28% of the sector’s total premiums.
-
Kuwait Insurance followed with KD 55.6 million, representing 15.6% of the premiums of listed companies and 8.3% of the total premiums of the sector.
-
Regarding the amounts for corporate and individual contracts, the seven listed companies accounted for a total of KD 47.8 billion, or 19% of the insurance sector’s total amount of KD 250.5 billion.
Seven insurance companies listed on the Kuwait Stock Exchange accounted for 53.3% of the Kuwaiti insurance sector’s premiums in 2023, totaling KD 365.1 million out of KD 667.9 million, according to Al Qabas newspaper.
The premiums of listed companies increased by 8.1% from 2022, amounted to KD 329.4 million. Six listed Kuwaiti companies accounted for 55.7% of the total premiums of Kuwaiti companies, totaling approximately KD 338.3 million out of KD 606.8 million.
Gulf Insurance Group led with the highest premiums at KD 187.1 million, capturing 52.5% of the total premiums of listed insurance companies and 28% of the sector’s total premiums. Kuwait Insurance followed with KD 55.6 million, representing 15.6% of the premiums of listed companies and 8.3% of the total premiums of the sector.
Listed firms lead with KD 47.8 billion in corporate and individual contracts
Regarding the amounts for corporate and individual contracts, the seven listed companies accounted for a total of KD 47.8 billion, or 19% of the sector’s total amount of KD 250.5 billion. Insurance amounts for these listed companies decreased by 33.2% from about KD 71.7 billion in 2022.
In contrast, the 28 Kuwaiti and foreign companies not listed on the Kuwait Stock Exchange accounted for 91% of the sector’s total, amounting to KD 202.7 billion. Overall, the total amounts for the companies increased slightly by 0.1% compared to 2022.
Kuwait Insurance Company had the highest contract value among listed companies, with KD 13.7 billion, followed by Bahrain Kuwait Insurance Company with KD 12.8 billion, and then Al Ahlia Insurance Company with KD 10.9 billion.
Paid compensation by insurance firms
Regarding compensation paid by insurance companies to policyholders, health insurance claims are the highest, totaling KD 293.4 million. Listed companies account for approximately 65.1% of this amount, with KD 191 million. The Gulf Insurance Group alone represents 90% of the total listed companies’ compensation in the health sector, largely due to the ‘Afia’ card.
Insurance companies on Kuwait Stock Exchange secure 55.2% of policyholder compensation
Although the performance of insurance companies on the Kuwait Stock Exchange is modest, with their total liquidity constituting only 0.3% of the stock exchange’s total liquidity in 2023 ‘about KD 29.1 million’, and their share trading volume making up just 0.2% of the total, these companies received 55.2% of the compensation paid to policyholders, totaling KD 237.1 million out of KD 439.6 million. They also accounted for 28% of the total number of policies.
Notably, companies outside the Kuwait Stock Exchange ‘both Kuwaiti and foreign’ account for 72% of the total number of policies, with 1.3 million documents, compared to 527 documents for the seven listed companies. Most of these external documents are in the third-party insurance sector, which comprises 74.9% of the total number of documents for the 28 non-listed companies.
