Kuwait Insurance Company

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  • Date of creation: 1960, Kuwait
  • Classes of business: Life and non-life
  • Rating:
    • AM Best / A- / Stable
    • Moody’s / A3 / Stable
  • Staff: 200 employees
Kuwait Insurance Company

Kuwait Insurance Company in 2021

Ali Morad Behbehani
Sami Sharif
Ali Morad Behbehani
Chairman of the Board of Directors
Sami Sharif
CEO
Share capital63 985 466 USD
Turnover154 663 546 USD
Assets653 517 316 USD
Shareholder’s equity388 206 204 USD
Net result37 694 750 USD
Net non-life loss ratio28.65%
Net non-life management expenses ratio58.7%
Net non-life combined ratio87.35%

Management

Ali Morad BehbehaniChairman of the Board of Directors
Sami SharifChief Executive Officer
Ossama Reda El BizriChief Financial Officer
Meshari AlNusfDirector, Investment
Yasser KayessiDirector, Reinsurance
Alsayed AshourDirector, Legal
Ibrahim SharawiSenior Manager, Business Development

Shareholding

ShareholdersParts
Mohammad Saleh and Reza Yousuf Behbehani9.91%
Heirs of Mohammed Saleh Yousef Behbehani5.18%
The Kuwaiti Social Security Fund5.15%
Bibi Hussain Abdul Karim Marafie5.05%
Others74.71%

Kuwait Insurance Company: main technical highlights

In thousands USD
Highlights20172018201920202021
Gross written premiums124 878119 306123 546124 671154 664
Gross non-life written premiums102 60295 19696 98497 307121 043
Gross life written premiums22 27624 11026 56227 36433 621
Net written premiums63 88356 11754 73553 16565 275
Net non-life written premiums47 44639 62237 81837 33543 831
Net earned premiums64 36159 09555 55653 24962 710
Net non-life earned premiums47 92342 60038 63937 42041 266
Net non-life incurred losses25 50619 97721 02414 55511 822
Non-life management expenses19 73318 83617 75420 29525 727
Net non-life loss ratio (1)53.22%46.90%54.41%38.90%28.65%
Net non-life management expenses ratio (2)41.59%47.54%46.95%54.36%58.70%
Net non-life combined ratio (3)94.81%94.44%101.36%93.26%87.35%
Net result26 75129 41931 38234 47737 695

Kuwait Insurance Company: turnover breakdown per class of business

In thousands USD
 20172018201920202021
Other property damage (1)70 75765 93461 14162 20277 838
Fire22 76920 17423 88123 50828 215
Marine and aviation8 3338 16110 69110 22310 171
Takaful7429281 2701 3744 819
Total non-life102 60295 19696 98497 309121 043
Life22 27624 11026 56227 36433 621
Grand total124 878119 306123 546124 671154 664

Kuwait Re turonver

Kuwait Insurance Company: net written premiums per class of business

In thousands USD
 201720182019202020212020-2021
evolution (1)
Other property damage (2)43 25436 18133 15234 26037 1907.79%
Fire2 2121 6292 3328742 964236.63%
Marine and aviation1 4101 2671 5811 351882-35.15%
Takaful5705457538502 795226.59%
Total non-life47 44639 62237 81837 33543 83116.57%
Life16 43716 49516 91715 82921 44434.52%
Grand total63 88356 11754 73553 16465 27521.92%

Kuwait Insurance Company: net earned premiums per class of business

In thousands USD
 201720182019202020212020-2021
evolution (1)
Other property damage (2)43 23538 88934 40933 75536 1156.24%
Fire2 7041 8562 0531 4532 13045.60%
Marine and aviation1 4961 3001 5041 4071 002-29.28%
Takaful4895556738062 019148.82%
Total non-life47 92342 60038 63937 42041 2669.51%
Life16 43716 49516 91715 82921 44434.52%
Grand total64 36159 09555 55653 24962 71016.94%

Kuwait Insurance Company: incurred losses per non-life class of business

In thousands USD
 201720182019202020212020-2021
evolution (1)
Other property damage (2)25 22919 42420 21713 66310 697-22.26%
Fire-24835623466253-46.04%
Marine and aviation2511907523816-93.31%
Takaful274328109187856354.13%
Total non-life25 50619 97721 02414 55511 822-19.35%

Kuwait Insurance Company: net management expenses per non-life class of business

In thousands USD
 201720182019202020212020-2021
evolution (1)
Other property damage (2)14 61713 80312 59214 55318 22324.34%
Fire2 5642 4542 5352 6973 42626.14%
Marine and aviation2 1592 2442 2202 6052 601-0.86%
Takaful3933364074401 476233.15%
Total non-life19 73318 83617 75420 29525 72725.87%

Kuwait Insurance Company: net loss ratio per non-life class of business

 20172018201920202021
Other property damage58.35%49.95%58.76%40.48%29.62%
Fire-9.18%1.90%30.37%32.06%11.88%
Marine and aviation16.77%14.64%4.96%16.95%1.60%
Takaful56.08%59.10%16.17%23.22%42.38%
Total non-life53.22%46.90%54.41%38.90%28.65%

Kuwait Insurance Company: management expenses ratio per non-life class of business

 20172018201920202021
Other property damage33.79%38.15%37.98%42.48%49%
Fire115.93%150.64%108.71%308.46%115.59%
Marine and aviation153.09%177.16%140.39%192.85%294.86%
Takaful68.89%61.58%54.00%51.79%52.83%
Total non-life41.59%47.54%46.95%54.36%58.70%

Kuwait Insurance Company: combined ratio per non-life class of business

 20172018201920202021
Other property damage92.14%88.10%96.74%82.96%78.62%
Fire106.75%152.54%139.08%340.52%127.47%
Marine and aviation169.86%191.80%145.35%209.80%296.46%
Takaful124.97%120.68%70.17%75.01%95.21%
Total non-life94.81%94.44%101.36%93.26%87.35%

(1) Evolution in local currency
(2) Including engineering, third party and professional liability, motor and miscellaneous risks
Exchange rate as at 31/12/2021 : 1 KWD = 3.29754 USD ; 31/12/2020 : 1 KWD = 3.27438 USD ; 31/12/2019 : 1 KWD = 3.28983 USD; at 31/12/2018 : 1 KWD = 3.27956 USD; at 31/12/2017 : 1 KWD = 3.30268 USD

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Wed, 15/02/2023 - 11:05
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