… A story of success and promising growth
Gulf Insurance Company K.S.C. (GIC)
was established in 1962. GIC is a public shareholding company listed on the Kuwait Stock Exchange and a market leader in Kuwait in terms of premiums written, both in life and nonlife insurance.
With operations in both life and non-life insurance segments, GIC is currently the largest insurance company in Kuwait in terms of written and retained premiums, its activities are further supported by first class reinsurance security and the company maintained its S&P (Standard & Poor’s) Financial Strength Rating BBB+ with Positive outlook. A.M. Best Europe – Rating Services Limited has also assigned a financial strength rating of A- (Excellent) and issuer credit rating of "a-" to Gulf Insurance Company K.S.C. (GIC) (Kuwait). The outlook assigned to both ratings is stable. The ratings of GIC reflect its strong regional business profile, good profitability and adequate level of risk-adjusted capitalization.
GIC provides innovative and comprehensive insurance solutions and covers a variety of risks related to Motor, Marine & Aviation, Property & Casualty, and Life & Health Insurance both in conventional and takaful (Islamic insurance based on Shariah principles) basis. The company prides itself in its distinguished quality of products and superior customer service. GIC enjoys lending utmost professional and personalized attention to both individual and corporate clients in their current and future insurance needs.
Insurer of choice
By cultivating a team of over 150 life and non-life insurance consultants trained to offer clients the most practical advice and dedicated attention and with a growing network of over 18 branches accessible throughout Kuwait, the company has been able to realize its pledge to be the “insurer of choice”.
Over the years, GIC has grown from being a leading personal and commercial insurer in Kuwait into a regional insurance solutions provider in Middle East and North Africa.
Its subsidiaries include:
And its affiliate includes:
- Gulf Life Insurance Company (GLIC) - Kuwait
- Bahrain Kuwait Insurance Company (BKIC) - Bahrain
- Arab Misr Insurance Group (AMIG) – Egypt
- Syrian Kuwaiti Insurance Company (SKIC) - Syria
- Fajr Al-Gulf Insurance & Reinsurance Company (FAG) – Lebanon
- Arab Orient Insurance Company (AOIC) – Jordan
- Egyptian Life Takaful - Egypt
- Buruj Cooperative Insurance – Riyadh
GIC’s state-of-the art internet based information technology system links of all its operations and that of subsidiaries to a mainframe. This process has immensely contributed to the company’s efficiency in issuing policies, handling claims, keeping financial accounts, allowing online access to its overseas subsidiaries and reinsurers and thus renders comprehensive insurance solutions beyond boundaries. A complete database of clients has been built allowing improved customer relationship management, which is a crucial step in customer retention. GIC is the first insurance company in Kuwait and in the region to commence online sale of Motor, Marine, Travel and Domestic Helper policies via www.clickgic.com.
GIC was the first insurance company in Kuwait and the region awarded the ISO 27001 Certification in Information Security Management Systems by the British Standards Institution (BSI). Most recently, GIC was awarded as the “Insurance Company for the year-Middle East’ by World Finance, London and it also won the “International Quality Crown” award from Business Initiative Directions, Spain. Arabian Business Award 2011 was also handed to GIC as Kuwaits Insurance Market Leader.
For the Third year in a row GIC obtained the leading Brand in Kuwait SuperBrands 2011 certificate after it passed the selection criteria developed by the Council of brands, and announced by Superbrands Organization.
GIC is the first insurance company y to partner with Metal & Recycling Co. (MRC) on a waste management program called "Newair" by recycling paper and plastic bottles by promoting environmental awareness within the company as an initiative in Corporate Social Responsibility "CSR". GIC built a recycling structure committed to Go Green and to lead the way in such concept.
The journey ahead
GIC intends to implement many ambitious and futuristic projects in order to meet the ever-changing customer needs and exceed their expectations. Its dynamic leadership continuously strives to train and support human resources in order to develop the technical and administrative capabilities within the its group of companies. Apart from being committed to the advancement of insurance industry both in Kuwait and in the Middle East region, GIC plans to continue the regional expansion strategy towards establishing itself as a major player in the regional insurance markets and increasing its business portfolio. In this concern, GIC intends to strengthen its presence in the regional markets, emerge as a consolidator of businesses and develop a unified branding strategy.
Gulf Insurance Co. Main Shareholders:
KIPCO Group - Kuwait Projects Company (Holding)
is one of the largest diversified holding companies in the Middle East and North Africa. KIPCO has significant ownership interests in a portfolio of over 70 companies operating across 26 countries. The company’s main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in the real estate, industrial, education and the management & advisory sectors.
financial services interests include holdings in commercial and investment banking, asset management and insurance companies. The Group’s core operating companies in this sector include Burgan Bank, United Gulf Bank and Gulf Insurance Company. In the media sector, the Group has a presence through the Orbit Showtime Network, the leading pay-TV operator in the region.
Fairfax Financial Holdings Limited
is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Fairfax subsidiaries provide a full range of property and casualty products, maintaining a diversified portfolio of risks across all classes of business, geographic regions, and types of insureds. Fairfax’s corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. The company has been under present management since 1985 and is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol FFH and in U.S. dollars under the symbol FFH.U.