Kuwait insurance market: forecasts for 2023-2028

The Kuwaiti insurance market is expected to grow by 6.4% per year, to reach 2.4 billion USD in 2028, according to Alpen Capital. The average annual growth rate over the period 2023-2028 is estimated at 6.7% for the non-life business and 4.5% for life insurance.

Kuwait's insurance penetration rate and insurance density would reach 1.3% and 431.6 USD respectively in 2028.

This increase in premiums would be driven by population growth, new infrastructure projects, the introduction of compulsory health insurance for expatriates and the sector's digital transformation.