A story of success and promising growth
Gulf Insurance Group K.S.C (gig) was established in 1962 as Gulf Insurance Company. Gulf Insurance is a public shareholding company listed in the Kuwait Stock Exchange. It has become a consistent market leader in Kuwait in terms of premiums written, both in life and nonlife insurance.
Our innovative and comprehensive insurance solutions cover a variety of risks related to Motor, Marine & Aviation, Property & Casualty, and Life & Health Insurance both in conventional and Takaful (Islamic insurance based on Shariah principles) basis. Gulf Insurance prides itself in its distinguished quality of products and superior customer service as well as providing utmost professional and personalized attention to both individual and corporate clients.
Over the years, Gulf Insurance has grown from being a leading personal and commercial insurer in Kuwait into a regional insurance solutions provider in the Middle East and North Africa. Our subsidiaries and affiliates are located in Kuwait, KSA, UAE, Bahrain, Egypt, Jordan, Iraq, Syria, Algeria, Lebanon and Turkey. The expansion and success of our group could not be solely credited to our financial capabilities and award-winning services, it is largely due to our mutual trust with our clients and relationships built on clarity and transparency. It brings me pride to say that it is this trust and respect that has kept clients with us for over 50 years.
With our growing network of over 50 branches regionally and a team of over 2000 insurance experts, the group has always been recognized for its professional excellency. In 2012, after 50 years of Gulf Insurance, a decision was made to unite our group under one name and brand. We went from Gulf Insurance Company, to Gulf Insurance Group (gig) with a clear vision “to be the most admired insurance brand in the MENA region.”
gig is strongly supported and strategized by our major shareholders, KIPCO, the biggest diversified holding company in the MENA region, and Fairfax Financial Holding, a Canadian based insurance business giant.
Insurer of choice
By cultivating a team of over 150 life and non-life insurance consultants trained to offer clients the most practical advice and dedicated attention and with a growing network of over 15 branches accessible throughout Kuwait, the company has been able to realize its pledge to be the "insurer of choice".
Over the years, gig has grown from being a leading personal and commercial insurer in Kuwait into a regional insurance solutions provider in Middle East and North Africa.
Its subsidiaries include:
- BKIC: Bahrain Kuwait Insurance Company - Bahrain & Kuwait
- GIRI: Gulf Insurance & Reinsurance - Kuwait
- AMIG: Arab Misr Insurance Group - Egypt
- AOIC: Arab Orient Insurance Company - Jordan
- ELTC: Egyptian Life Takaful Company - Egypt
- DAIC: Dar Al Salam Insurance Company -Iraq
- SKIC: Syrian Kuwaiti Insurance Company - Syria
- 2A: L’algerienne des assurances - Algeria
- Gulf Sigorta - Turkey
And its affiliate includes:
- Algerian Gulf Life Insurance Co. - Algeria
- Buruj Cooperative Insurance - KSA
- Alliance Insurance - UAE
- Al Argan International Real Estate Company - Kuwait
- ETPL: Egyptian Takaful Property & Liability- Egypt
- United Network - Kuwait
'gig's state-of-the art internet based information technology system links of all its operations and that of subsidiaries to a mainframe. This process has immensely contributed to the company's efficiency in issuing policies, handling claims, keeping financial accounts, allowing online access to its overseas subsidiaries and reinsurers and thus renders comprehensive insurance solutions beyond boundaries. A complete database of clients has been built allowing improved customer relationship management, which is a crucial step in customer retention. gig is the first insurance company in Kuwait and in the region to commence online sale of Motor, Marine, Travel and Domestic Helper policies via www.clickgic.com.
gig was the first insurance company in Kuwait and the region awarded the ISO 27001 Certification in Information Security Management Systems by the British Standards Institution (BSI). Recently, gig was awarded as the "Insurance Company for the year-Middle East' by World Finance, London and it also won the "International Quality Crown" award from Business Initiative Directions, Spain. Arabian Business Award 2011 was also handed to gig as Kuwait's Insurance Market Leader. In 2012 the recent recognition for gig was "The Best Insurance Provider Middle East 2012" as per the rating from Global Banking and Finance Review and gig has also won "WORLD FINANCE INSURANCE COMPANY OF THE YEAR 2012 KUWAIT AWARD". Most recently gig has won "The Best Insurance Provider Middle East 2013" from Global Banking and Finance Review which was the latest recognition.
For the Third year in a row gig obtained the leading Brand in Kuwait SuperBrands 2011 certificate after it passed the selection criteria developed by the Council of brands, and announced by Superbrands Organization.
gig also recently launched its custom made iPhone application as part of its continued efforts to promote customer convenience with better, safer and easier access to various policies round the clock. Now customers can issue and renew Motor and Boat TPL insurance, renew Motor comprehensive insurance, and issue Travel Assist insurance and many other services on the move. The services can be obtained locally and abroad via K-NET or credit cards and customers can collect their policy from gig branches or can utilize the gig delivery service, guaranteeing delivery within 48 hours.
gig is the first insurance company to partner with Metal & Recycling Co. (MRC) on a waste management program called "Newair" by recycling paper and plastic bottles by promoting environmental awareness within the company as an initiative in Corporate Social Responsibility "CSR". gig built a recycling structure committed to Go Green and to lead the way in such concept
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 the 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 Main Shareholders:
KIPCO Group - The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 26 billion as at 31 December, 2012. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group's main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.
KIPCO's financial services interests include holdings in commercial and investment banking, asset management and insurance companies. The Group's core operating companies in this sector include Burgan Bank, United Gulf Bank and Gulf Insurance Group. In the media sector, the Group has a presence through the Orbit Showtime Network, the leading pay-TV operator in the region.
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. Fairfax subsidiaries provide a full range of property and casualty products, maintaining a diversified portfolio of risks across all classes of business, geographic regions, and types of insureds. Fairfax's corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. The company has been under present management since 1985 and is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol FFH and in U.S. dollars under the symbol FFH.U.