KUWAIT: Kuwait's Insurance Regulatory Unit (IRU) launched Saturday its first strategy for the next four years, 2023-2024 to 2026-2027, with the aim of developing and regulating this sector. In a press statement, IRU head Mohammad Al-Otaibi said the new strategy comes in line with Kuwait's 2035 vision, in light of the unit's permanent efforts and keenness to verify the compliance of the facilities and entities under its regulation.

He added that the unit set an integrated strategy for the next four years aiming to benefit from the competitive elements and advantages in the insurance sector. It is also working to meet the aspirations of Kuwait's vision in the next stage by developing and organizing the areas of the insurance industry in the country, he noted. He elaborated that the strategy was formulated, in line with the long-term planning methodology and the views of civil society, and the private sector and government agencies to evolve the local insurance sector and its tools in accordance with international best practices.

The strategy stresses deterrent control policies aimed at protecting the insured and beneficiaries, and raising awareness and insurance culture for those who deal with the insurance sector, he made clear. He said the strategy took into consideration Kuwaitization and empowerment of young people in jobs at the sector, in line with the country's development goals aiming to provide job opportunities to employ national cadres to the local labor market, reduce unemployment rates in the insurance sector and raise living standards. - KUNA