Kuwaiti insurance market witness declining loss ratios over years
Among the Gulf Cooperation Council (GCC) countries, Kuwait was one of the earliest to witness the establishment of insurance companies, while in countries like Oman and Qatar they were established as late as the 1980s and the 1990s. Kuwait Insurance Company, established in 1960, is one of the oldest in the GCC region. Being relatively young, the insurance industry in the region is very small in comparison to other countries. Life insurance has been extremely late to take off in the Arab and GCC region.