Established in 1962 in Kuwait, Gulf Insurance Group is one of the largest and most diversified insurance groups in the Middle East and North Africa with operations in life and non-life as well as Takaful insurance.As a regional insurance powerhouse, the Group enjoys a strong competitive market position in Kuwait, Bahrain, Jordan and Egypt and excellent operational footprints in UAE, KSA, Turkey, Algeria, Qatar, Oman, Syria, Iraq and Lebanon with reported consolidated assets of US$ 4.4billion as at 30 June 2022.
With more than 100 branch esacross 13 markets, +3,800 employees and +3.5 million customers GIG is delivering unprecedented growth for a sustainable future. Coinciding with a historic milestone of60 years of operational excellence, GIG unveiled an EVOLVED BRAND, as a major transformation, aiming to smartly position the Group proudly for years ahead considering the volatile nature of business requirements.
We seized the right opportunity to go with an identity upgrade retaining the brand principles and elements from a regional perspective taking into consideration the structure of our operational markets and the maturity of our brand in these markets. “We’re shaping a valuable insurance ecosystem in the MENA region” is the strategically applied new vision of the evolved brand.This move is also in light of a latest business development in terms of acquisition as GIGacquired AXA’s insurance operations in the Gulf region covering the markets of Bahrain,UAE, Oman, Qatar and KSA and these operations have successfully completed their brand transition as well. This txn. is considered as one of the largest insurance acquisitions in theMENA region that empowered GIG’s market profile to widen further with a direct presence of 13 markets.
GIG has attained a competitive edge in its markets through the implementation of a comprehensive approach involving latest and superior Information Technology services,Innovation in Products and Distribution, Customer Relations Management, robust Enterprise Risk Management, best standards of Corporate Governance, prudent underwriting practices, robust Business Strategy& Decentralized Business Model focusing Human Capital Development and Digitalization.GIG holds a Financial Strength Rating of ‘A’ (Excellent) and issuer credit rating of ‘a’ having a 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.KIPCO–Kuwait Projects Company and Canadian based Fairfax Financial Holdings Ltd. areGIG’s major shareholders.