Chapter 13: Regulating Kuwait’s FinTech Revolution: The Legal Implications of InsurTech

The advancement of financial technology (FinTech) has disrupted the traditional delivery of both financial and insurance services. This advancement has also led to the emergence of a new concept – namely, insurance technology (InsurTech). A subfield of FinTech, InsurTech, utilises innovative technologies to transform and improve the insurance industry. While InsurTech has been widely adopted worldwide, its adoption in Kuwait remains limited, primarily due to rapid technological development in the insurance industry outpacing regulatory framework in Kuwait. This has resulted in gaps in Kuwait’s legislation and governance. This study aims to address the regulatory challenges related to InsurTech in Kuwait, with a focus on identifying legislative gaps that hinder the effective implementation of InsurTech innovations. Through a combination of a literature review and legal analysis, this study examines the current state of InsurTech in Kuwait. It also analyses the current legal and regulatory frameworks and provides insights into challenges faced by InsurTech start-ups and regulators. The findings of this study enhance the understanding of Kuwait’s regulatory environment for InsurTech and strengthening the legislative framework. Addressing the current gaps and better aligning with global best practices will facilitate the development of Kuwait’s InsurTech sector, thereby advancing the country’s financial and insurance services landscape. Ultimately, this study contributes to the creation of a comprehensive and adaptive regulatory framework that promotes innovation and sustainable growth in Kuwait’s insurance industry.