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Wednesday , April 21 2021

39 local insurance firms paid KD 314mn compensation to their customers in ’18

KUWAIT CITY, June 3: Thirty nine local insurance companies paid their customers compensation of KD 314 million in 2018.

The share of Gulf Insurance Group’s of such compensation was 46%, worth 144 million dinars, as the company executing the pension insurance policy for retirees, reports Al- Qabas daily.

According to a statistic issued by the Ministry of Commerce and Industry, a copy of which has been obtained by the daily, the Ministry of Health has issued a list of insurance sectors with a value of KD 150 million, followed by a supplement of KD 55 million, life insurance KD 37 million and others 21 million.

The share of national companies in the total compensation paid was 71% at KD 222 million, compared with 22% for Takaful companies with KD 68 million, 3% for Arab companies with 9.1 million dinars and foreign companies 5% The value of compensation under settlement for the insurance sector amounted to 274 million dinars, with a 27% share of the Gulf Insurance Group, followed by Al Ahlia by 15%, Kuwait Insurance and Warba 13% and 12% respectively.

National companies accounted for 77% of the total outstanding compensation of KD 212 million, 20% for Takaful companies amounting to KD 53.7 million, 15% for Arab companies and 2% for foreign companies.

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