Gulf Insurance Group (gig), listed on Boursa Kuwait, is the largest insurance group in Kuwait in terms of written and retained premiums.
It is a market leader in Kuwait, Bahrain, Jordan and Egypt. It also has direct operational footprints in Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia and the UAE. It is the first triple-rated insurance group in Kuwait and is accredited by AM Best, S&P and Moody’s Investors Service. Despite the pandemic, gig delivered double-digit growth in 2020.
As part of its strategic regional expansion programme, gig acquired AXA’s insurance operations in the Gulf region for $474.75m. The agreement includes AXA’s shareholdings in AXA Gulf (Bahrain, UAE, Oman and Qatar), AXA Cooperative Insurance (Saudi Arabia) and AXA Green Crescent Insurance (UAE).
gig also acquired a 9.6% stake in financial comparison aggregators yallacompare and a 60% stake in Gulf Warranties, KSA, a specialised extended warranty service provider.
Through its subsidiary, gig-Jordan, the group took a 75% stake in Arab Life, a Jordanian life insurance company and via gig-Kuwait, the group took a 65.2% stake in Kuwaiti takaful player Gulf Takaful.
gig also diversified its product offerings with greater emphasis on property and casualty products and life especially for extended warranty and specialty lines, following the formation of its financial lines desk.
The group uses digital distribution channels, digital claims services, digital consumer products, robotic process automation, data lab and analytics and has digitalised core functions across the group. gig-Jordan successfully launched the first auto telematics in Jordan.
In 2020, gig won the ‘decade of excellence, insurance MENA’ award. It was also awarded the brand of the year 2020 award from the World Branding Forum.