------------- -------------- ------------------- -------------------
Monday , December 5 2022

Compensation paid by insurance firms in 2021 exceeded KD 384m

This post has been read 6916 times!

KUWAIT CITY, June 29: The total compensation paid by insurance companies to the insured in Kuwait during the year 2021 exceeded KD 384 million. The number of insurance policies in the country for the same year amounted to about 1.404 million. This means that the average value of insurance paid for each policy in the country amounts to about KD 273, reports Al- Anba daily. According to statistical data obtained by the daily, the total compensation paid to the insured in car accidents during the past year amounted to more than KD 57 million, which were paid to about KD 959,400 insurance policy holders qualitatively. Thus, car insurance accounts for about 15 percent of the total insurance compensation paid in the country during the year.

Comprehensive
Comprehensive car insurance accounted for about 73 percent of the total compensation paid for car accidents, at KD 41.86 million, for about KD 217,890 comprehensive insurance policies in the country. Compulsory insurance (against third parties) acquired the remaining percentage of the compensation, as its value amounted to about KD 15.14 million for about KD 741,540 insurance policies against third parties in the country.

The total life insurance compensation disbursed in Kuwait during the past year amounted to about KD 47 million, as the total number of policies for this type of insurance in 2021 reached 18,381 policies, including 6,617 group life insurance policies, and 11,764 individual life insurance policies. The total compensation paid in 2021 amounted to about KD 46.8 million, including KD 45.59 million for group life insurance policies, and KD 1.23 million for individual life insurance policies. The total premiums in 2021 amounted to about KD 57.5 million, including KD 47 million for group life insurance policies, and KD 10.5 million for individual policies. In terms of health insurance, it accounted for about 59 percent of the compensation paid to the total insured in the country.

The total compensation paid to the holders of about 5,481 health insurance policies amounted to KD 226.3 million during the year 2021. It is worth highlighting that about 60 percent of the total compensation was paid by one company, which paid KD 136.48 million. Another company paid about KD 40 million of the rest of the compensation, and a third company paid about KD 8.5 million in compensation for health insurance policies.

The travel insurance paid to the insured recorded a very low rate, as it amounted to only 0.165 percent of the total compensation in the insurance sector, amounting to KD 643,470, despite the increase in the number of travel insurance policies and the registration of an average of about KD 296,150 policies in the year 2021. As for the marine and aviation insurance policies, their number during 2021 amounted to 66,440 different insurance policies.

The value of compensation paid to the insured during the past year amounted to about 1.66 percent of the total compensation disbursed in the sector, at a value of KD 6.39 million. The total compensation paid to the insured against fire incidents in Kuwait during 2021 amounted to about KD 11 million. The total number of fire insurance policies in Kuwait reached about 14,880 policies, including 2,163 policies issued by foreign insurance companies, and 12,720 policies from Kuwaiti insurance companies. The total premiums paid during 2021 amounted to about KD 43.7 million, of which KD 40.24 million were paid to insurance policies of local companies, and about KD 3.46 million to insurance policies of foreign companies

Compensation
Also, the compensation paid during 2021 recorded about KD 10.72 million, including KD 1.39 million in compensation paid by foreign insurance companies, and KD 9.33 million in compensation paid by local insurance companies. The insured under the classification of insurance against other accidents accounted for about 9.4 percent of the total insurance compensation disbursed in Kuwait during the past year, at a rate of KD 36.13 million during the year. The number of insurance policies against other accidents amounted to KD 43,740 policies during 2021.

Check Also

Insurance eyed on trade visa entry; Cost price under review

This post has been read 6917 times! KUWAIT CITY, April 9: The Ministry of Health …