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Insurance Federation aspires to increase contribution to economy

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KUWAIT CITY, April 16: Secretary General of Kuwait Insurance Federation (KIF), Adel Al-Rumaih, stated that the federation strives to increase contribution to the national economy as well as raise more awareness regarding the significance of insurance. Al-Rumaih added that the federation’s current contribution to the country’s Gross Domestic Product (GDP) does not exceed two percent, but they aspire for even more contribution and development. In an interview with Kuwait News Agency (KUNA), Al-Rumaih commented that nationalizing jobs in the sector is only at 18 percent as there are no academic qualifications available locally.

The market includes 25 Kuwaiti insurance and reinsurance companies and 11 non-Kuwaiti, as well as tens of insurance mediation companies, he illustrated, adding that the Insurance Regulatory Unit is an independent government body that oversees the insurance market financially and administratively. Al-Rumaih also indicated that the mounting insurance awareness created many legislations for obligatory insurance coverages as in the case of professional liability insurance.

The federation has an active website with more than one million visitors, along with social media platforms, all aiming to make insurance-related information accessible to the public. In terms of training courses available for the youth, the federation organizes in cooperation with specialized centers training courses and programs. It organized 64 training programs with the participation of more than a 1000 insurance sector employees.

The federation also has a role in encouraging the youth to take up insurance as a profession as it collaborated with the Public Authority for Manpower to organize occupation day last December. Al-Rumaih called on local universities to look into establishing an insurance department, due to the increasing demand and versatile nature of insurance career paths. The federation, through its committees, examines new legislations and applicatory faults along with concerned parties, and aspires to apply all types of obligatory insurance coverages, Al-Rumaih explained. He affirmed that the insurance market in Kuwait is in need of introducing a more modern electronic mechanism, to facilitate market study and better connect with government bodies as that will further develop the sector. By Mohammad Kamal, (KUNA)

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