Gulf Insurance

Founded in 1962, Gulf Insurance is Kuwait’s number one insurance company in terms of turnover. In 2010, it underwrote about 50% of the premiums in a tight market where 18 insurers are operating.

In a country characterized by volatile results because of its exposure to large-scale fire losses, Gulf Insurance has managed to diversify its production and reduce its exposure to major risks, and at the same time, its dependence on reinsurance. The 2010 portfolio is made up of 60% of personal line insurance and motor risks.

The diversification of local portfolio has been coupled with a substantial development of the company abroad.

It is in fact, in 1996, upon the entry of the shareholder Kipco into its capital, that Gulf Insurance started its shift. In 2000, the company made its first acquisition abroad by taking control of 90% of the insurer Saudi Pearl. Ever since, Gulf Insurance has been present not only in Saudi Arabia but also in Bahrain, Egypt, Lebanon, Jordan and Syria.

The company’s success on the local and international markets is owed to the strategic choices made by its leaders who, very soon, managed to invest in new technologies. Gulf Insurance is one of the first insurance companies in the Middle East to have introduced the online sale of its products. Moreover, all of its subsidiaries abroad are connected to a computer platform developed at the head office, another defining element of its success story.

Khaled Al Hassan Farqad Al Sane
Managing director and CEOChairman of the borad of directors

Gulf Insurance in 2010

Share capital
60 445 000 USD
Turnover
426 744 723 USD
Shareholder's equity
294 219 191 USD
Total assets
927 660 558 USD
Technical result
30 412 098 USD
Profit
33 911 162 USD
Net loss ratio
69.9%
Expenses ratio
17%
Net combined ratio
86.9%
Number of subsidiaries and associate companies
8
Number of direct underwriting offices
18

Management

Chairman of the board of directors
Farqad Al Sane
Manging director and CEO
Khalid Al Hassan
General manager
Tareq Abdulwahab Al Sahhaf
Deputy general manager
Adnan Al Baghli
Deputy general manager
Rafat Al Salamouny
Deputy general manager
Anwar Al Rufidi
Chief financial officer
Hatem Selim
IT manager
Thamer Ibrahim Arab

Main shareholders

Fairfax Middle East Co. Ltd
41.43%
Kuwait Projects Holding Co.
38.77%
Kuwait United Consultancy
5.27%
Other shareholders
14.53%

Main technical highlights: 2006-2010

in USD
 20062007200820092010
Gross written premiums
245 289 794270 332 516317 018 038339 937 830426 744 723
Written premiums net of reinsurance
129 644 623141 214 325155 191 313182 734 901211 899 736
Net earned premiums
126 628 174138 305 374151 892 661172 546 683196 310 941
Net incurred losses
68 114 95790 919 31787 788 943125 590 645137 283 450
Net loss ratio
53.8%65.7%57.8%72.8%69.9%
Management expenses
40 053 90358 567 28661 378 76067 220 82372 591 722
- Commissions
15 742 15522 431 17122 923 50024 788 90028 439 032
- Overhead expenses
24 311 74836 136 11538 455 26042 431 92344 152 690
Expenses ratio
16.3%21.7%19.4%19.8%17%
Technical ratio
13 674 75516 279 56629 451 30818 029 48430 412 098
Financial income
22 160 985142 759 485- 3 835 69713 188 11314 368 616
Profit
30 144 649142 500 76617 932 68021 233 40833 911 162

Evolution of premiums, losses and results

in thousands USD

Evolution of net written premiums per class of business: 2006-2010

in USD
 20062007200820092010Shares 2010
Non life
Marine and aviation
4 010 8446 076 2397 243 0415 938 2505 612 2412.6%
Property damage
5 847 0112 984 2013 605 4923 706 2357 128 7793.4%
Motor and casualty
49 659 76781 673 30192 401 964107 871 154107 160 96250.6%
Engineering
---1 512 1074 076 4381.9%
Total non life
59 517 622 90 733 741 103 250 497 119 027 747 123 978 420 58.5%
Life
Health and life
70 127 00150 480 58451 940 81663 707 15487 921 31641.5%
Grand total
129 644 623141 214 325155 191 313182 734 901211 899 736100%

Evolution of net incurred losses per class of business: 2006-2010

in USD
 20062007200820092010Shares 2010
Non life
Marine and aviation
868 547750 5901 204 977363 964628 6990.5%
Property damage
4 021 532779 5731 418 8061 111 5544 738 5963.4%
Motor and casualty
29 058 70744 312 78950 663 32075 225 38665 469 98347.7%
Engineering
---1 635 3501 661 8861.2%
Total non life
33 948 786 45 842 952 53 287 103 78 336 254 72 499 164 52.8%
Life
Health and life
34 166 17145 076 36534 501 84047 254 39164 784 28647.2%
Grand total
68 114 95790 919 31787 788 943125 590 645137 283 450100%

Evolution of life and non life premiums and losses: 2006-2010

in thousands USD
Evolution of net written premiums  Evolution of net incurred losses

Evolution of net technical results per class of business: 2006-2010

in USD
 20062007200820092010Shares 2010
Non life
Marine and aviation
1 863 6763 303 1834 378 8785 810 8505 268 28217.3%
Property damage
1 055 377597 1031 674 1722 163 3271 030 6083.4%
Motor and casualty
4 907 3257 316 73613 742 133549 40411 811 65838.9%
Engineering
---1 944 7241 981 9426.5%
Total non life
7 826 378 11 217 022 19 795 183 10 468 305 20 092 490 66.1%
Life
Health and life
5 848 3775 062 5449 656 1257 561 17910 319 60833.9%
Grand total
13 674 75516 279 56629 451 30818 029 48430 412 098100%

Evolution of net loss ratio per class of business: 2006-2010

 20062007200820092010
Non life
Marine and aviation
22.3%12.9%17.5%6%11.3%
Property damage
63.3%35.8%41.4%31.6%88.2%
Motor and casualty
61%59.9%57.8%72.3%63%
Engineering
 -68.5%60%
Total non life
58.6% 55.9% 54.4% 67.5% 61.6%
Life
Health and life
49.7%80.1%64%83.6%82.4%
Grand total
53.8%65.7%57.8%72.8%69.9%

 

Evolution of net ratios: 2006-2010

Exchange rate
KWD/USD as at 31/12
2006
2007
2008
2009
2010
3.47693
3.64897
3.66032
3.49663
3.56290

Contact




Head office
Ahmed Al Jaber Street, Sharq P.O Box 1040,
Safat 13011, Kuwait
Phone
(+965) 1802080 / 22961999
Fax
(+965) 22961998
E-mail
contacts [at] gulfins [dot] com [dot] kw
Website
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