RABAT: The head of the Kuwaiti Insurance Regulatory unit, Muhammad Al-Otaibi, emphasized the importance of promoting comprehensive insurance and digital transformation, saying that it “represents a top priority at the present time.” This came during Al-Otaibi’s participation. In the proceedings of the second session of the regional symposium in the Middle East and North Africa region, which was organized by the Insurance and Social Reserve Supervision Authority in Morocco in partnership with the General Authority of the Capital Market in the Sultanate of Oman in the capital, Rabat, on Oct 25 and 26.

Al-Otaibi added that this symposium constitutes a distinguished opportunity for those in charge of supervisory bodies. And oversight of the insurance sector in the Middle East and North Africa region in order to exchange views on issues related to comprehensive insurance and digitization, thanking the regulatory authorities. He explained that comprehensive insurance and digitization are gaining great importance in the insurance industry at the present time, stressing that the Kuwaiti insurance unit, despite its modernity, has succeeded in consolidating its position.

And correcting the course of the Kuwaiti insurance sector to occupy a distinguished position in the national economy. He stated that the unit has placed the issue of digital transformation among its top priorities, and that it has come a long way towards this in order to keep pace with the rapid developments witnessed by insurance services in the region and the world in accordance with the development plan and vision of the State of Kuwait.

He pointed out that the unit has launched many qualitative initiatives that support the achievement of these goals within the framework of its first strategic plan (2023-2026), based on its vision aimed at becoming an icon of government work in the field of developing and regulating the Kuwaiti insurance sector and raising its standards globally. Al-Otaibi reviewed in this context the unit’s latest initiative is the establishment of central insurance warehouses, making the State of Kuwait the first country in the Middle East and North Africa to approve the development of this type of supporting activities for the insurance sector.

He explained that the idea of establishing the insurance warehouse came to address a crisis that the Kuwaiti insurance sector was suffering from. Over the years, he said, “We found the solution in establishing a company that carries out clearing operations between companies in the sector, where it collects insurance premiums and distributes it among them, as well as through which the recoveries due from each are distributed to the other, and the insurance benefits are delivered to customers.” He noted that the unit took it upon itself to promote the concept of comprehensive insurance. Through its continuous efforts to facilitate the access of all segments of society, especially those with low income, to insurance products by providing products appropriate to their financial situation and appropriate to their needs. — KUNA

Al-Otaibi concluded that the unit is determined to complete its efforts within the framework of its strategic plan (2023-2026), which includes 52 ambitious initiatives targeting Improving the efficiency of the work environment that attracts workers and customers in the insurance sector and enhancing the system of digital transformation of services, in implementation of the royal directives of the political leadership and in light of their wise recommendations and in accordance with the development plan and vision of the State of Kuwait for the year 2035. – KUNA