Gulf Insurance Group K.S.C.P (GIG) was established in 1962. It is a public shareholding company listed on the Boursa Kuwait (Kuwait Stock Exchange) and a consistent market leader in Kuwait in terms of premiums written with operations in life and non-life as well as Takaful insurance.
GIG is amongst the largest and most diversified insurance groups in the Middle East and North Africa region. GIG is one of the leading private insurers (by gross premium written) with a strong competitive market position in Kuwait, Jordan, Bahrain and Egypt. Furthermore, the Group has operations in United Arab Emirates, Saudi Arabia, Turkey, Algeria, Oman, Qatar, Syria, Iraq and Lebanon.
Gulf Insurance Group enjoys the privilege of being the first triple-rated insurance group in Kuwait. The Group holds a Financial Strength Rating of ‘A’ (Excellent) and issuer credit rating of ‘a’ with Stable Outlook from A.M. Best Europe – Rating Services Limited, a Financial Strength Rating of “A” with Stable outlook from Standard & Poor’s and an Insurance Financial Strength Rating (IFSR) of ‘A3’ from Moody’s Investors Service carrying a Positive outlook. The ratings reflect GIG’s strengthened risk-adjusted capitalization, its excellent regional business profile, robust track record of underwriting profitability and improved risk management.
Through customer-centric approach, GIG offers range of products and services involving various classes of insurance: Motor, Marine & Aviation, Property & Casualty, Engineering and Life & Health in conventional and takaful (Islamic insurance based on Shariah principles) basis. Our products and services are designed and developed in collaboration with leading international insurance and reinsurance companies to meet individuals’ and corporate customers’ insurance requirements.
Vision
“We’re shaping a valuable insurance ecosystem for the MENA region”.
Mission
We’re invested in; providing rewarding experiences to customers, building loyalty with employees, creating value for stakeholder and serving the community as committed citizen.
Group Professional Excellence
By cultivating a team of over 400 local proficient and over 3,400 regional life and non-life insurance consultants trained to offer clients the most practical advice and dedicated attention and with a growing network of over 13 branches accessible throughout Kuwait and having more than 100 branches across MENA region, the Group has always been recognized for its professional excellence.
Over the years, Gulf Insurance has grown from being a leading personal and commercial insurer in Kuwait into a regional insurance solutions provider in Middle East and North Africa.
GIG has created a competitive edge in its markets through the implementation of a comprehensive approach involving use of latest and superior Information Technology services, Product Innovation, Customer Relations Management, Enterprise Risk Management, Corporate Governance, prudent underwriting practices and Digitalization.
Technology edge
GIG’s capitalization and usage of the latest technologies has immensely contributed to the company’s operational efficiency, customer service satisfaction, and company profitability. GIG’s state-of-the art web based information technology applications link of all its operations and that of subsidiaries in one unified universe. A comprehensive database of clients has been built over the years allowing improved customer relationship management, customer service and support, and cross selling, all of which are crucial steps in customer retention.
As part of our continued efforts to promote customer convenience, GIG was the first insurance company in Kuwait to launch online sales of insurance products over the internet (www.Clickgic.com).
In our continued efforts to introduce innovative technology solutions geared toward servicing our customers, GIG was also the first insurance company in Kuwait and the region to introduce the sale and renewal of insurance product over smart phones.
Invested in You.
For 60 years, Gulf Insurance Group has been part of Kuwait & its peoples lives’. We have witnessed the good times & bad times of our nation however throughout our history & future to come we always believed that relationships are one of the most valuable things in life. In 2012, the decision was taken to unite our Group under one flag, one name and one brand The Gulf Insurance Group (GIG). In pursuance for our plans, our ultimate objective was to be recognized as a regional Arabian Insurance Group from this region, for this region; with excellent offerings & standards.
Largest Acquisition, GIG – Gulf (Previously AXA Gulf)
September 2021, GIG successfully acquired AXA’s operations in the Gulf, which is considered as one of the largest insurance acquisitions in the region.
The transaction included:
- AXA Gulf (Bahrain, UAE, Oman & Qatar) - Rebranded to GIG- Gulf,
- AXA Cooperative Insurance Co. (KSA) - Rebranded to GIG-Saudi and
The journey ahead
GIG 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 its group of companies. Apart from being committed to the advancement of insurance industry both in Kuwait and in the Middle East region, GIG 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, GIG intends to strengthen its presence in the regional markets, emerge as a consolidator of businesses and develop a unified branding strategy.
Gulf Insurance Group’s Main Shareholders:
- Kuwait Projects Co. (KIPCO) is one of the biggest holding companies in the Middle East and North Africa. The Group has significant ownership interests in over 60 companies operating across 24 countries
- 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.
