Kuwaiti insurance market driven by underwriting in 1H2026
Source: Middle East Insurance Review | Nov 2026
Kuwait’s listed insurance sector carried firm momentum into the first half of 2026, with aggregate insurance revenue for the eight listed insurers rising by 8% to KWD624m [$2.02bn] (1H2025: KWD577m), according to an analysis by BADRI Management Consultancy.
In a report titled “Kuwait Listed Insurance Industry Performance Analysis–1H2026”, BADRI said that growth was broad-based, and most insurers reported higher revenue than a year earlier.
The largest absolute gains came from the market’s leading carrier Gulf Insurance Group (GIG). The market stays concentrated in a handful of large players, though the wider spread of growth points to gradually improving depth. Core underwriting strengthened over the period.
The combined insurance service result rose 22% to KWD56m (1H2025: KWD46m), lifting the sector’s insurance service ratio to 9% from 8%. The improvement was widely shared, with the sharpest gains coming from insurers whose underwriting books returned to health after a weaker prior year, several of which now post the strongest service ratios in the market.
Profit before zakat and tax increased by 15% to KWD67m, and profit after zakat and tax rose by 16% to KWD60m (1H 025: KWD52m).
Across the sector, the earnings mix continued to shift towards insurance operations, a positive signal for the quality and durability of profits. Investment income moved the other way, easing 6% to KWD51m as market conditions weighed on returns.
Looking to the second half of 2026, regulatory development, digital adoption and product diversification should continue to support growth. M