Awards & Recognitions

GIC Claims the best insurance company in the Middle East award

SuperBrands:

GIC was selected as a distinguished commercial brand for the third consecutive year, out of more than 3000 brands in Kuwait and specifically in the insurance sector. GIC was selected by a jury vote of more than 2000 marketing experts in Kuwait. As such, GIC was awarded the SuperBrands 2011 award.

Among the distinguished companies that won the SuperBrands award in 2010 are:

Banking sector: Ahli United Bank
Education sector: AUK
Telecom sector: Wataniya Telecom
Health sector: Al Salam International Hospital
Investment sector: Bu Khamseen Group, Diyar United Co.
Logistic services sector: Agility

Arabian Business:

Arabian Business is an economic media institution (publishing and electronic) that is available in both Arabic and English and is overseen by the ITP Publishing Group. The publication is also available in an online version. It provides news and detailed analysis about the regional and global business communities, and focuses on the Arabian Gulf.

ITP Publishing Group is a British company, and is a subsidiary of a holding company bearing the same name. It currently publishes 80 weekly and monthly magazines specializing in the business sector.

The Group has offices in Dubai, Bahrain and Mumbai, besides its main headquarters in London. GIC won the award for best insurance company in Kuwait during a ceremony where the best 15 Kuwaiti companies and three distinguished business personalities were recognized.

List of Kuwaiti companies and personalities that won the Arabian Business 2011 Award:

Arabian Business granted 15 Kuwaiti companies and three leaders in the economic and business sector the 2011 award, as follows:

National Bank of Kuwait: best bank
Boubyan Bank: best Islamic bank
Gulf Bank: best in retail sector
Wataniya Telecom: best company in telecom sector
ITS: best company in IT sector
Agility: best company in cargo sector
Gulf Cable and Electrical Industries Co.: best company in industrial sector
GIC: best company in insurance sector
Al Imtiaz Investment Co.: fastest growth rate
Kuwait Financial Center (Markaz): best investment company
Bu Khamseen Group: best company in the tourism sector
Crowne Plaza Hotel: best hotel in the business sector
Salhiya Real Estate Co.: best real estate company
Al Ahmadia Construction Co.: best company in construction sector
Equate: best CSR
Late Nasser Al Kharafi: greatest life achievements
Mohammad Humoud Alshaya: businessman of the year, in appreciation for his distinguished achievements
Ghaida Al Khaled: businesswoman of the year

A.M. Best Assigns Ratings to Gulf Insurance Company K.S.C.

A.M. Best Europe – Rating Services Limited has 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 capitalisation. Offsetting rating factors include a marginal level of enterprise risk management.

A.M. Best considers that GIC has a good business profile, given its strong competitive position within a number of countries in the Middle East/North Africa (MENA) region. In addition to GIC's standalone and Gulf Life Insurance Company K.S.C's (GLIC) operations in Kuwait, a strong market position also is maintained in Bahrain and Jordan via GIC's subsidiaries, Bahrain Kuwait Insurance Company B.S.C. and Arab Orient Insurance Company. Additionally, in Egypt, GIC has consolidated its position as the market's fourth largest insurer via its subsidiary, Arab Misr Insurance Group S.A.E. Furthermore, GIC's group structure allows it a good level of diversification both geographically and by line of business. An offsetting factor is the moderate level of country risk offered within a number of operating countries.