KIC to launch educational campaign for Kuwaiti citizens on insurance products

Significant number lacks basic knowledge of insurance policy: Sharif

KUWAIT CITY, Dec 21: Kuwait Insurance Company is currently preparing an educational campaign for Kuwaiti citizens about the availability and importance of insurance products for individuals. In that regard, Sami Sharif, CEO of Kuwait Insurance Company, stated that a significant percentage of Kuwaiti citizens lack basic knowledge and appropriate understanding of the following factors: 1- Risks faced by citizens 2- Role of the State in covering such risks

3- Available insurance products and how to benefit from them to cover risks

The risks faced by Kuwaiti Citizens are divided into two main categories:

A. Risks that people are exposed to:

Among these risks is the cessation of the monthly salary due to death or total and permanent disability of the head of the household as a result of an accident or illness. Many citizens mistakenly believe that the social insurance services provided by the state guarantee the payment of the family’s monthly salary in the event of an accident. They are unaware that social insurance may only pay a part of this monthly salary, a fact which exposes the family to a sudden decrease in the standard of living. This is where insurance products prevail, as they compensate for any decrease in salary not fully covered by social insurance services.

The same applies to pension, whose amount is subject to various conditions of different citizens. In that case, insurance products play a complementary role to insufficient pension.

B. Risks facing properties of people, such as house, furniture and jewelry. These risks include burglary, fire and natural disasters that result in severe damage. For example, last year Kuwait suffered from heavy rain that caused severe damage to vehicles, houses and furniture. Those damages were not compensated fully and quickly.

Based on its corporate social responsibility, and after a detailed study of the risks faced by Kuwaiti citizens, KIC devised insurance products that relieve citizens of burdens related to loss of property and lives:

In case of death or total and permanent disability of the Insured, the Income Protection product compensates the affected family by providing it with his monthly salary for a period of 15 years, all for a small amount of money.

Additionally, Khazina is a hybrid insurance product with insurance and investment elements, which provides either a retirement income or university education for children. As for the property protection insurance product, it provides protection for vehicles, houses and furniture from risks associated with burglary, fire and natural disasters.