The chairman of the Supreme Committee for Insurance Regulation, Mr Muhammad Al-Otaibi, has announced the cancellation of a unified system for compulsory vehicle insurance policies following a court ruling on an appeal.
Kuwait-based Gulf Takaful Insurance (GIG Takaful) is expected to see 8%-12% revenue growth per year in the next two years, under a base-case scenario by S&P Global Ratings (S&P).
Gulf Insurance Group (GIG) has a record of strong operating performance and in 2024 reported post-tax profits of KWD31.8m ($103.5m), equating to a return on equity of 8.4%, as calculated by AM Best.
The Kuwaiti government has officially repealed the health insurance law for Kuwaiti retirees, more than a year after it was suspended.
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.