Insurance companies to implement policies of ’60’s’

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KUWAIT CITY, Jan 27: The Union of Insurance Companies will hold a meeting in the coming few days with the Public Authority for Manpower (PAM) to discuss the implementation of the automated link between the insurance companies listed on the Kuwait Stock Exchange and the authority to issue health insurance policies for expatriates above the age of sixty years at a value of KD 500 per person with insurance coverage of up to KD 10,000 annually, reports Al-Anba daily quoting informed sources.

They revealed that this comes in conjunction with the issuance of a decision by the Director General of PAM Ahmed Al-Mousa to renew or transfer the work permits of expatriates of age 60 years and above within the private sector for a year at an annual fee of KD 250.

The sources explained that the insurance services to be provided to that category of expatriates will be limited, as it will cover treatments only in the private hospitals that are covered by the insurance policy according to specific conditions of the insurance company that issues the policy as per the medical services network.

In the event of critical cases for which treatment will not be available in a particular hospital, the company issuing the insurance policy will transfer the cases to other health institutions inside Kuwait that provide this service. The sources indicated that the technical and actuarial determinants and the risk factors surrounding that age group for insured expatriates make it impossible for the policy price to drop below KD 500 per person, because of which the Union of Insurance Companies insisted that the policies should not be issued except through eight insurance companies listed on the stock exchange.

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