Kuwait: Infrastructure projects remain an important growth driver

Source: Middle East Insurance Review | May 2025

Ongoing infrastructure projects contribute to stable insurance growth prospects of about 7%-10% per year, according to S&P Global Ratings credit analyst Emir Mujkic.

In a report titled ‘GCC Insurers’ Growth Prospects Could Slow In Some Markets’, released on 3 March, Mr Mujkic said that the growth estimates excluded the impact of the discontinuation of the Afya scheme, a programme that provided private medical insurance for retired citizens.

Apart from infrastructure, a tailwind propelling the Kuwaiti insurance market consists of large listed players that tend to exhibit robust risk-based capitalisation. Their potential for earnings generation is usually high.

Some challenges Mr Mujkic also mentioned were that economic risks were elevated and that the insurance market is overcrowded. M

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