Life and health (L&H) insurers in Kuwait are employing several strategies to maintain profitability and sustainability, particularly in the face of a growing market and evolving consumer needs, according to Celent's director - insurance practice, Mr Juan Mazzini.
He told Middle East Insurance Review that some strategies adopted by the insurers include focussing on consumer education, product diversification and targeted marketing strategies.
Additionally, the significant expatriate population in Kuwait means that insurers are tailoring their products to meet the specific needs of this demographic, he pointed out.
He said, “This includes health insurance packages that comply with local regulations while considering the unique circumstances of expatriates.”
Insurers are likely enhancing underwriting performance with advanced analytics and risk assessment tools, he added. “By analysing data on lifestyle-related diseases and demographic trends, they can better price their products and manage risk, which is essential for maintaining profitability in a competitive market,” he said.