Kuwait Insurance Federation aims to increase its economic contribution
The Kuwait Insurance Federation (KIF) Secretary General, Adel Al-Rumaih, stated that the federation strives to increase contributions to the national economy and raise awareness of the importance of insurance. According to Al-Rumaih, the federation contributes less than two percent to the country’s Gross Domestic Product (GDP), but aspires to contribute even more.
Al-Rumaih said 18 percent of the jobs in the sector are nationalized as there are no academic qualifications locally. He cited 25 Kuwaiti insurance and reinsurance firms and 11 non-Kuwaiti firms, as well as tens of insurance mediation firms, indicating that the Insurance Regulatory Unit Kuwait is an independent body overseeing the insurance market administratively and financially. The increased awareness of insurance created many legislations mandating mandatory insurance coverages. A federation website and social media platforms provide insurance-related information to the public.
In cooperation with specialized centers, the Federation offers training courses and programs for youth. More than 1000 insurance sector employees participated in 64 training programs. In collaboration with the Kuwait Public Authority for Manpower, the Federation organized occupation day last December to encourage youngsters to pursue insurance as a career.