News

The Kuwaiti insurance sector enjoys adequate financial and human resources to contribute to the country's national development plan, a company chairman said here Wednesday.

Speaking to KUNA, Wethaq Takaful Insurance Company General Manager Majid Al-Ali stressed the significance of the planned development drive to all economic sectors, including insurance.

The insurance sector is likely to grow by 10-12 percent by 2011 thanks to the development blueprint, which provides for the spending of KD 30 billion within five years, he said.

Local insurers are able to help in the plan, hinging upon their adequate financial and human resources, by means of providing insurance services to ensuing projects, he added.

However, the Kuwaiti local insurance sector has been hit hard by the global financial crisis, thus causing a big drop in the number of major projects, Al-Ali pointed out.

The Kuwaiti local market includes 11 takaful insurance companies. (end)