Warba Insurance

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Warba Insurance
  • Date of creation: 24 October 1976, Kuwait
  • Class of business: life and non-life
  • Rating: Standard & Poor’s: «BBB», negative outlook
  • Rating: Moody’s: « BBB+», stable outlook

Warba Insurance in 2018

Anwar Jawad Bukhamseen
Chairman of the board
Share capital
57 037 000 USD
Turnover
94 249 941 USD
Assets
356 369 681 USD
Shareholder’s equity
118 548 000 USD
Net result
1 989 000 USD
Net loss ratio
50.83%
Non-life net management expenses ratio
54.50%
Non-life net combined ratio
105.33%

Management

Anwar Jawad BukhamseenChairman of the board
Anwar Fozan Al-SabejChief Executive Officer (CEO)
Mohamed Atef AbdullatifChief Financial Officer (CFO)
Suzan A. AbdulrahmanChief Corporate Governance, Risk and Compliance Officer
Meshari Mansour AlnasheetHead of Sales, Distribution & Underwriting
Osama Salem AlwazzanHead of Claims and Network Management
Ioannis RigoutsosHead Of Actuary and Portfolio Management

To discover | Kuwait: Top 5 insurance companies

Major shareholders

Warba Insurance Actionnariat

Warba Insurance: Major technical highlights (2014-2018)

Figures in USD
 20142015201620172018
Gross written premiums
109 912 206122 317 794115 323 486102 291 51794 249 941
Written premiums net of reinsurance
55 911 03460 206 48058 892 19643 594 98847 105 935
written premiums net of non-life reinsurance
27 880 09626 833 46323 810 05822 464 75422 043 872
Net earned premiums
53 916 62159 002 45953 060 88747 416 45647 167 291
Non-life net earned premiums
27 553 13726 828 62924 560 21722 947 08222 111 658
      
Net incurred losses
33 287 62135 885 32538 169 92726 617 38529 979 091
Non-life net incurred losses
15 999 53215 521 94214 517 64510 766 01411 240 210
Non-life net loss ratio (1)
58.07%57.86%59.11%46.92%50.83%
Management expenses
24 053 09925 810 58526 597 67923 288 94419 682 278
Non-life management expenses
14 567 47814 229 88914 348 01614 944 04912 013 960
Non-life net expenses ratio (2)
52.25%53.03%60.26%66.52%54.50%
Non-life net combined ratio (3)
110.32%110.89%119.37%113.44%105.33%
Net result
5 278 132911 524-6 297 116-2 517 0881 989 022

(1) Non-life net loss ratio = Non-life net incurred losses / Non-life net earned premiums
(2) Non-life net expenses ratio = Non-life management expenses / written premiums net of non-life reinsurance
(3) Non-life net combined ratio = Non-life net loss ratio + Non-life net expenses ratio

Warba Insurance: Breakdown of turnover per class of business (2014-2018)

Figures in USD
Class of business201420152016201720182018 shares
Marine and aviation 
5 920 5955 485 7563 352 5954 421 3344 354 6694.62%
Fire, accident and miscellaneous
57 438 82267 100 66942 148 81739 164 22029 990 53631.82%
Motor
--22 585 45423 528 87521 970 05523.31%
Total non life
63 359 41772 586 42568 086 86667 114 42956 315 26059.75%
Life and health
46 552 78949 731 36947 236 62035 177 08837 934 68140.25%
Grand total
109 912 206122 317 794115 323 486102 291 51794 249 941100%

Breakdown of 2018 turnover per class of business

Warba Insurance chiffre affaires

* Fire, accident and miscellaneous

Warba Insurance: Net incurred losses per class of business (2014–2018)

Figures in USD
 201420152016201720182017-2018 evolution (1)
Marine and aviation
955 063833 07295 055948 491964 6652.27%
Fire, accident and miscellaneous
15 044 46914 688 8701 512 081-131 3431 345 245-1 129.92%
Motor
--12 910 5099 948 8668 930 300-90.74%
Total non life
15 999 53215 521 94214 517 64510 766 01411 240 2104.98%
Life and health
17 288 08920 363 38323 652 28215 851 37118 738 88118.87%
Grand total
33 287 62135 885 32538 169 92726 617 38529 979 09113.26%

(1) Variation in local currency

Warba Insurance: Net earned premiums per class of business (2014-2018)

Figures in USD
 201420152016201720182017-2018 Evolution (1)
Marine and aviation
2 470 1932 285 6131 671 0551 514 1821 363 306-9.46%
Fire, accident and miscellaneous
25 082 94424 543 0166 178 9416 299 8155 692 999-9.13%
Motor
--16 710 22115 133 08515 055 3530.04%
Total non life
27 553 13726 828 62924 560 21722 947 08222 111 658-3.11%
Life and health
26 363 48432 173 83028 500 67024 469 37425 055 6332.97%
Grand total
53 916 62159 002 45953 060 88747 416 45647 167 2910.03%

(1) Variation in local currency

Warba Insurance: Non-life net loss ratio per class of business (2014-2018)

 20142015201620172018
Marine and aviation 
38.66%36.45%5.69%62.64%70.76%
Fire, accident and miscellaneous
59.98%59.85%24.47%-2.08%23.63%
Motor
--77.26%65.74%59.32%
Non-life loss ratio
58.07%57.86%59.11%46.92%50.83%

Warba Insurance: Net written premiums per class of business (2014-2018)

Figures in USD
 20142015201620172018Evolution 2017-2018 (1)
Marine and aviation
2 510 5392 261 5311 569 6101 500 8321 337 482-10.39%
Fire, accident and miscellaneous
25 369 55724 571 9326 115 8276 344 8695 430 749-13.93%
Motor
--16 124 62114 619 05315 275 6415.07%
Total non-life
27 880 09626 833 46323 810 05822 464 75422 043 872-1.33%
Life and health
28 030 93833 373 01735 082 13821 130 23425 062 06319.27%
Grand total
55 911 03460 206 48058 892 19643 594 98847 105 9358.65%

(1) Change in local currency

Warba Insurance: Net management expenses per class of business (2014-2018)

Figures in USD
 201420152016201720182017-2018 evolution (1)
Marine and aviation
1 685 8281 624 5231 212 4021 012 326918 022-8.81%
Fire, accident and miscellaneous
12 881 65012 605 3665 692 0687 698 7285 344 895-30.19%
Motor
--7 443 5466 232 9955 751 043-7.22%
Total non-life
14 567 47814 229 88914 348 01614 944 04912 013 960-19.16%
Life and health
9 485 62111 580 69612 249 6638 344 8957 668 318-7.60%
Grand total
24 053 09925 810 58526 597 67923 288 94419 682 278-15.02%

(1) Change in local currency

Warba Insurance: Net expenses ratio per non-life insurance (2014-2018)

 20142015201620172018
Marine and aviation
67.15%71.83%77.24%67.45%68.64%
Fire, accident and miscellaneous
50.78%51.30%93.07%121.34%98.42%
Motor
--46.16%42.64%37.65%
Non-life expenses ratio
52.25%53.03%60.26%66.52%54.50%

Warba Insurance: Non-life net combined ratio per class of business (2014-2018)

 20142015201620172018
Marine and aviation
105.81%108.28%82.93%130.09%139.40%
Fire, accident and miscellaneous
110.75%111.15%117.54%119.25%122,.05%
Motor
--123.42%108.38%96.96%
Non-life combined ratio
110.32%110.89%119.37%113.44%105.33%

warba insurance combined ratio
Exchange rate
KWD/USD as at 31/12
2014
2015
2016
2017
2018
3.42032
3.29979
3.27708
3.31933
3.30098
Warba Insurance

Warba Insurance : Contact

Head office
Ahmad Al-Jaber Street, Derwaza Aelaidalrazk Sharq Kuwait City, Asimah 13103
Phone
+965 2291 4000
Fax
+965 2245 1974
Email
info [at] warbaonline [dot] com
Website

Read also | Kuwait insurance sector

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