Insurance Regulatory Unit achieves profits of KD 16 mln

KUWAIT, Sept 13 (KUNA) -- The Insurance Regulatory Unit achieved profits worth KD 16 million (approx. USD 51 million) in the last three years, including KD 11 (USD 35 million) for the state treasury, with zero establishment cost for the state.

In a speech at the insurance forum on Wednesday, head of the forum Mohammad Al-Otaibi said that the reason the unit's establishment did not cost the government anything is due to its ability to adapt to the situation without the existence of an operational capital or reserves, like other entities do.
The unit is proud to have no financial fines or notices from the State Audit Bureau of Kuwait in the past few years, with an employment rate of 100 percent, he noted.
On his part, deputy head of the unit Abdullah Al-Sannan said that the unit had set a plan to develop the skills of workers, create an encouraging work environment, improve risk management and develop a digital infrastructure, connected to insurance companies. (end) smr.ag.