Kuwait: Regulator expected to introduce motor insurance initiatives this year
Source: Middle East Insurance Review | Oct 2023
The new unified motor third-party liability insurance policy will see the light before the end of this year, according to Insurance Regulatory Unit (IRU) head Mohammed Sulaiman Al-Otaibi.
Speaking at an insurance forum organised by the IRU, Mr Al-Otaibi said that a joint committee formed by the IRU and the Ministry of Interior was reviewing some technical matters relating to the unified policy, reported the daily newspaper Al-Seyassah.
Mr Al-Otaibi said that the method of calculating the insurance premium, as well as measures seen as best for customers will then be decided.
He said that a proposal was being studied to link the pricing of motor third-party liability insurance policies to the customer’s traffic accident record. Drivers with a clean record and those who obey traffic laws will be granted discounts on the motor premiums, whereas premiums will increase for those with a high rate of accidents.
He said such a linkage would contribute to reducing the number of motor accidents and traffic violations and eliminate cases of forgery and manipulation. M