Exposure to risky assets, lack of diversification and heavy reliance on reinsurance are among the weaknesses affecting Kuwait's insurers, says Mr Mohammad Junaid Ansari of Capital Standards.
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The Insurance Directorate of Kuwait has issued important resolutions over the past two years to organise the insurance industry, even as the new insurance law has yet to be passed. Ms Fawziah Al-Youha, Insurance Controller gives an update on recent regulatory developments.
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Having celebrated its 50th anniversary last year, Gulf Insurance Company (GIC) is now looking to complete the roll-out of its unified brand for its subsidiaries by the end of this year, says Mr Khaled Al Hasan, Managing Director and CEO.
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Kuwait Insurance Company (KIC) - the market's oldest insurer - is monitoring business opportunities elsewhere in the GCC, even as it maintains a firm foothold of the domestic market, says Deputy General Manager Ahmad Al Bahar.
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Warba Insurance, one of Kuwait's top five players, experienced a "challenging" 2012 but performed well, with net profits exceeding KWD1 million (US$3.5 million). It expects modest revenue gains in the coming year given the uncertain economic outlook, says recently appointed CEO Anwar Al Sabej.
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Wethaq Takaful, the first takaful provider in Kuwait, has performed well enough in Egypt to catch the attention of potential investors. However, it will not be expanding into other markets for the time being, said General Manager Majed Al Ali.
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Having spent much of 2012 consolidating its team and developing products for the Kuwait market, Zurich now intends to focus on under-serviced segments, including high HNWIs and SMEs, says Mr Anas Al Otaibi, General Manager for Kuwait.
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Backed by nearly 60 years of experience in Kuwait, MetLife Alico plans to continue leveraging its global capabilities to expand across all its distribution channels locally, says Country Manager Adnan Ladki.
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