Saudi Arabia-based AMAN Union, the leading professional forum for commercial and non-commercial risk insurers and reinsurers, has signed a corporate training services agreement with UAE-based RISC Institute DMCC, a regional training institution specialising in talent development for the insurance, risk management, personal finance sectors.
Gulf Insurance Group (GIG) is expected to see its gross written premium remain broadly flat for 2024 but fall in 2025 following the revocation by the Health Ministry of a health insurance contract for retired citizens which had been awarded to the Group, according to AM Best.
The Ministry of Health's decision to suspend a health insurance scheme for retired citizens and housewives has raised questions about whether the insurance programme, when resumed, would be offered collectively by a group of insurers or awarded to an insurer through a tender.
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).