Price increases, regulatory enforcement, M&A activity and generally favourable economic conditions have boosted the insurance revenue of 76 listed insurers in the GCC region for a second consecutive year in 2023 (FY2023).
LeGulf Insurance Group (GIG) has announced the promotions of Mr Ali Alhendal to CEO and board member and Mr Farid Saber to group COO.
Kuwait Insurance Company, the kingdom's oldest insurer that was established in 1960, saw its net profits plunge by 72.5% to KWD12.1m ($39.5m) in 2023, according to the company's audited consolidated financial statements for the year.
Gulf Insurance Group (GIG), a regional insurance giant, has chalked up a net profit attributable to equity holders of the parent company of KWD21.2m ($69m) for the financial year ended 31 December 2023, announced Mr Farqad Abdullah Al-Sane, GIG chairman.
Leading regional insurance group Gulf Insurance Group has signed a binding agreement to sell its entire stake in Saudi Arabian insurer Buruj Cooperative Insurance Company.
The insurance market in Kuwait is estimated to grow at a CAGR of 6.4% between 2023 and 2028 to reach $2.4bn, according to UAE-based investment banking advisory firm, Alpen Capital.
Saudi Arabia is projected to continue to be the largest insurance market in the GCC by GWP, reaching a market share of 42.6% by 2028, according to UAE-based investment banking advisory firm, Alpen Capital, in its latest "GCC Insurance Industry" report released on 31 January 2024.
Kuwait Projects Company (Holding) (KIPCO) officially transferred on 26 December 2023 its 46.32% shareholding in Gulf Insurance Group (GIG) to Toronto-headquartered Fairfax Financial Holdings, in line with the previously announced binding agreement between the two parties.
Shareholders of Kuwait-headquartered Gulf Insurance Group (GIG) have approved the group's exit from the Syrian market and the sale of its subsidiary, Syrian Kuwaiti Insurance.
The head of the Kuwaiti Insurance Regulatory Unit (IRU), Mr Muhammad Al-Otaibi, has emphasised the importance of promoting digital transformation, saying that it "represents a top priority at the present time".