Kuwait is a centre-piece in the Middle East a state small in size but big in prominence, significant in its contribution to the world, rich in its qualities of life and people and possessing a sophisticated and mature financial sector, including insurance.
Kuwait Insurance Company (KIC), established in 1960, is the first national company in Kuwait and the first Insurance Company in the Arabian Gulf states (GCC). It has stood as a beacon, guiding and paving the way for the birth, growth and development of the insurance industry in the Gulf. Following the liberation of Kuwait, KIC carried the mantle of leadership for the insurance of the Government programmes for the reconstruction and rehabilitation of the facilities and infrastructure.
KIC is a composite life and general insurer, ranking as the largest insurer in the Kuwaiti market in Non-Life business. Besides, it is the clear leader in terms of technical reserves, shareholders equity, capitalization and superior solvency and liquidity margins. It is also among the top ten insurers in the region in terms of shareholders equity and assets.
KIC has a total staff strength of 250 employees in it's Heads Office and 12 branches. The Management recognizes the invisible asset of knowledge workers which is one of the key resources for competitive advantage. KIC has a fully integrated online IT system on par with some of the best in the world. KIC is therefore unquestionably capable of providing professional and quality service to it's customers. KIC's top management is directly involved to ensure operational control and prompt services. KIC's reinsurance programmes are always placed with first class securities. KIC's long-standing cordial relationship with various major global reinsurers coupled with it's own sound reputation have ensured that major international corporations prefer to do business with KIC. KIC's sound financial standing and excellent reinsurance arrangements have always ensured that claims are settled to the satisfaction of our valued clients.
KIC's portfolio is well spread out across various classes. Apart from the competitive advantages in usual classes like fire, accident, engineering, liabilities, marine, aviation, motor and life, it holds the most prominent position in niche classes like professional indemnity engineers, architects, lawyers, accountants as well as medical malpractice; besides financial institution risks.