A group of licensed insurance brokerages has gathered together under the umbrella of the Kuwait Insurance Brokers Network (KIBN), in a move to meet the need for representation of their profession.
GIG-Takaful Insurance Company (GTIC), previously known as Gulf Takaful Insurance Company, has completed a capital increase exercise, according to a statement issued by Kuwait Financial Centre "Markaz", an asset management and investment banking institution that served as the lead manager and subscription agent of the rights issue..
Minister of Justice, Counsellor Nasser Al-Sumait, has issued a decision to establish a committee to develop the legislative system for insurance and related legal issues in light of the need to update the legislative framework to keep pace with regulatory and economic developments in the sector.
The Insurance Regulatory Unit has issued a resolution concerning rules for issuing mandatory insurance policies in Kuwait, excluding civil liability insurance resulting from traffic accidents (compulsory vehicle insurance).
Gulf Insurance Group (GIG) has announced that it achieved a net profit of KWD12.6m ($41.1m) for the first half of 2025, compared to a net profit of KWD16.8m for the corresponding period last year.
Life and health (L&H) insurers in Kuwait are employing several strategies to maintain profitability and sustainability, particularly in the face of a growing market and evolving consumer needs, according to Celent's director - insurance practice, Mr Juan Mazzini.
Insurance companies' premium volume in Kuwait declined by 9% in the fiscal year ended 31 March 2025 (FY2025) with the health insurance branch reporting a notable drop, according to the sector's regulator.
Kuwait-based Al Ahleia Insurance Company (Al Ahleia) has a track record of strong operating performance, posting improving pre-tax profits over the past five years, says AM Best. The insurer's pre-tax profits reached KWD25.9m ($84.1m) in 2024, equivalent to a return on equity of 15.4%.
Kuwait Reinsurance Company (Kuwait Re) has sustained improvement in its operating performance in recent years, evidenced by a return-on-equity ratio that increased steadily to 16.5% in 2024 from 9.5% in 2020, says AM Best.
S&P Global Ratings (S&P) has raised its long-term issuer credit and insurer financial strength ratings on Gulf Insurance Group (GIG) and Gulf Insurance and Reinsurance Co to 'A+' from 'A'. The outlook on all ratings is 'Stable'.