News Middle East26 Aug 2019

Kuwait:GIG reports biggest 1H profit

| 26 Aug 2019

Gulf Insurance Group (GIG), the largest insurer in Kuwait, posted the biggest profit in the insurance sector for the first half of this year, with profits exceeding KWD8.1m ($27m), increasing by 23.2% over the corresponding period last year.

Warba recorded the fastest increase in net profit  among insurance companies in the first half of the year. Profit surged by 154.5% to SAR1.13m in 1H2019, compared to SAR444,000 for the same period in 2018, reported Al Qabas.

Overall, the Kuwaiti insurance market showed an increase in profits of 24.9% to KWD28.48m in the first half of 2019, compared to the corresponding period last year,

Financial analyst Mohammed Siddiqui told Mubasher that it was “logical and natural” for GIG to lead insurers in Kuwait because of the company's stable condition and its status as the largest insurance company in Kuwait with the biggest shareholder base.

He predicted that the results of listed insurance companies will not differ much in the second half of 2019, unless the insurance law is updated or there is a significant development in one of the listed companies.

He said that that Kuwait's insurance industry faces several challenges, notably the lack of strong solvency among the majority of players in the sector.


 

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