Compensation Of Kd 314 Million Was Paid By 39 Insurance Companies In 2018

Thirty nine local insurance companies paid their customers compensation of KD 314 million in 2018.

The share of Gulf Insurance Group’s of such compensation was 46%, worth 144 million dinars, as the company executing the pension insurance policy for retirees, reports Al- Qabas daily.

According to a statistic issued by the Ministry of Commerce and Industry, a copy of which has been obtained by the daily, the Ministry of Health has issued a list of insurance sectors with a value of KD 150 million, followed by a supplement of KD 55 million, life insurance KD 37 million and others 21 million.

The share of national companies in the total compensation paid was 71% at KD 222 million, compared with 22% for Takaful companies with KD 68 million, 3% for Arab companies with 9.1 million dinars and foreign companies 5% The value of compensation under settlement for the insurance sector amounted to 274 million dinars, with a 27% share of the Gulf Insurance Group, followed by Al Ahlia by 15%, Kuwait Insurance and Warba 13% and 12% respectively.

National companies accounted for 77% of the total outstanding compensation of KD 212 million, 20% for Takaful companies amounting to KD 53.7 million, 15% for Arab companies and 2% for foreign companies.

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