Insurance sector seems to have a bright future. According to OBG "there appear to be several unique to Kuwait catalysts in the medium term future that will help expand the local appetite for insurance: a large scale, multi-year government spending plan, potential legal changes to make more forms of insurance mandatory, an overhaul of the current system for medical insurance for expatriate workers, privatisation of currently uninsured government assets and overhaul of the countries insurance laws." Furthermore Global Investment House reports that Kuwait has the lowest penetration rate as a percentage of premium income to GDP. (0.48%, Saudi Arabia 1%, UAE 1.8%).
The insurance sector is expected to rise significantly in Kuwait, as the concept of insurance is now spreading in the market, and more individuals and entities are adapting it. According to Capital Standards " Gross premiums written (GPW) in Kuwait posted an impressive 11-year compounded annual growth rate (CAGR) of 11.9% since 1999. The high growth rate attracted new players and consequently, the competitive landscape of the industry underwent sea change. The total number of insurers in Kuwait currently stands at 31 – 20 Kuwaiti companies, 7 Arabian companies and 4 foreign insurers."
Top Insurance Companies in Kuwait
Gulf Insurance Company
Farkad Abdullah Al Sanea | Chairman
Gulf Insurance Company (GIC) was established in 1962. Over the years GIC has grown from being a leading personal and commercial insurer in Kuwait into a regional insurance solutions provider. With operations in both life and non-life insurance segments, GIC is currently the largest insurance company in Kuwait in terms of written and retained premiums. Its activities are further supported by first class reinsurance security and the company possesses a 'BBB+' interactive credit rating from Standard and Poors. GIC covers a variety of risks related to M
otor; Marine and Aviation; Property and Casualty; Life and Health insurance. Subsidiary of KIPCO
Market Share: 25%
Assets: USD 13 billion
Kuwait Insurance Company
Mohammad Saleh Behbehani | Chairman
uwait Insurance Company (KIC), established in 1960, is the first national company in Kuwait and the first Insurance Company in the Arabian Gulf states (GCC). It has stood as a beacon, guiding and paving the way for the birth, growth and development of the insurance industry in the Gulf. Following the liberation of Kuwait, KIC carried the mantle of leadership for the insurance of the Government programmes for the reconstruction and rehabilitation of the facilities and infrastructure. Al Ahleia Insurance Company
Sulaiman Hamad Mohammad Al-Dalali | Chairman
The 3rd largest insurance company in Kuwait. An Amiri Decree established Al Ahleia Insurance Company SAK on 12/6/1962. Its founders were farsighted Kuwaiti nationals who had an in depth knowledge of the insurance industry. Al Ahleia is now one of the leading insurance companies in the State of Kuwait and the Arab World. Warba Insurance Company
Anwar Jawad Bu-Khamseen | Chairman
WARBA was established on 24.10.76 as a Kuwait Shareholding Company and the main objectives of the company are to underwrite all classes of insurance, reinsurance and related investment activities. Major stakeholders include the Bukhamseen family
Top Public Institutions in Kuwait
There are three main unique characteristics in the structure of Kuwait's social pension system. Firstly, it receives financing from three different entities, namely, the contributors and the employers — who jointly pay 60% — and the government, which pays the remaining 40%.
Public Institution for Social Security (PIFSS)
Fahad Al Rajaan | Chairman
Established in 1977, PIFSS is one of the oldest institutions in the Middle East. Despite being a public institution its success lay partly in its independence, which allows it to operate much like a private pension fund.PIFSS is also a powerful investor both nationally and internationally. Once it collects the premiums, PIFSS invests the money through institutions like Wafra Investment Advisory Group (Wafra) - assets under management USD 10 billion.