Banks and local financing institutions, under the direction of the Central Bank of Kuwait, are promoting life insurance among borrowers.
Gulf Insurance Group (GIG), a leading insurance group in the MENA region and the largest in Kuwait, yesterday announced a net profit of KWD16.8m ($54.7m) for the first half of 2024, plunging by 33.6% from KWD25.3m for the corresponding period last year.
Gulf Insurance Group (GIG), one of the leading insurance groups in the Middle East and North Africa region, has announced the formation of a new board, which comprises the current directors representing majority shareholder, Fairfax Financial Holdings, and two newly elected independent members, who bring valuable expertise in the financial, economic and insurance sectors.
Al Ahleia Insurance Co (Al Ahleia), which is the majority shareholder of Kuwait Re, has an operating performance that is commensurate with a strong assessment, says AM Best.
Kuwait Reinsurance Company's underwriting discipline and prudent risk selection are expected to support continued improvements in its operating metrics, says AM Best.
Kuwait Insurance Company (KIC) has a track record of strong operating performance supported by robust underwriting results from both non-life and life portfolios over the past five years, notes AM Best.
The suspension of the Kuwaiti parliament and the constitutional review announced on 10 May could speed up the passage of long-impeded structural and fiscal reforms, said S&P Global Ratings (S&P).
Gulf Insurance Group (GIG) has announced a net profit of KWD10.9m ($35.6m) for the quarter ended 31 March 2024, 5.2% lower compared to KWD11.5m for the corresponding quarter last year.
While Kuwait's dissolution of its parliament and suspension of parts of its constitution (for no longer than four years) could affect Kuwait's long-standing institutional checks and balances, the measures are also likely to speed the passage and implementation of much-needed structural reforms, says S&P Global Ratings (S&P).
The net profits of Kuwait Reinsurance Company increased during the first quarter of 2024 by 40.1% year on year to KWD4.05m ($13.2m), according to quarterly financial statements lodged by the reinsurer with Boursa Kuwait.