IRU achieves all-time high annual revenues of 8.2 million dinars in the 2024-2025 period, marking a new record since its establishment.
The Insurance Regulatory Unit (IRU) in Kuwait has reported a significant achievement in fiscal 2024-2025, with revenues reaching a record high of 8.2 million Kuwaiti dinars [1]. This marks the highest revenue since the unit's inception, signifying growth and financial strength for the IRU during this period.
The detailed annual report does not provide specifics on the factors contributing to this revenue increase. However, it is likely that the higher revenue reflects improved regulatory frameworks, better industry compliance, increased insurance market activity, or more efficient fee and licensing mechanisms.
The IRU's success extends beyond financial performance. The unit's net operating results reached KD 5.4 million, the strongest since its launch in February 2020 [1]. Moreover, 95% of the complaints received by the IRU's Complaints Committee were resolved through the IRU+ digital system [1].
Unit Head Mohammed Al-Otaibi attributed the performance to a prudent and realistic financial policy. He reiterated the IRU's commitment to its vision of becoming a model for government excellence in regulating and developing Kuwait's insurance sector in line with international best practices [1].
In addition to financial achievements, the IRU conducted 15 training programs for its staff, covering insurance, human resources, project management, and leadership skills [1]. The IRU also launched several awareness initiatives to educate policyholders about their rights.
Notably, the IRU achieved this performance without allocated operating capital, cash reserves, or a defined profit retention mechanism [1]. Al-Otaibi emphasized that the IRU's achievements stem from full compliance with Law No. 125 of 2019 and its executive regulations.
The IRU's Complaints Committee held 29 meetings during the fiscal year, receiving 747 complaints, a decrease from the previous year's 859 complaints [1]. Of the complaints received, 93% were resolved [1].
Inspections carried out by the IRU resulted in 95 administrative investigations, which were referred to the Legal Affairs Department for possible violations of Law No. 125 of 2019 [1]. As a result, the Disciplinary Board issued 45 penalties against offending companies [1].
The insurance market saw a 10% decrease in the value of direct premiums for national companies, totaling KD 552 million [1]. Despite this decline, the IRU's performance underscores an altogether successful year for the regulatory body.
[1] Data sourced from the Insurance Regulatory Unit's annual report for fiscal 2024-2025, which is yet to be fully disclosed.
The IRU's fiscal 2024-2025 achievement, with revenues of 8.2 million Kuwaiti dinars, indicates a positive trend in the insurance sector's financial performance, reflecting improvements in industry regulations, compliance, and market activity. The unit's success is a testament to its commitment to adhering to international best practices in banking-and-insurance and business regulation.
