Bahrain Kuwait Insurance (GIG Bahrain)

Date of creation: 1^st January 1975, Manama, Bahrain
Classes of business: Life and non life
Rating: A.M. Best / A- / Stable
Number of entities: 5 branches and 1 regional office (Kuwait)
Number of employees: 164

GIG Bahrain in 2019


Murad Ali Murad Chairman of the board	Abdulla Salah Sultan CEO

Share capital	37 703 000 USD
Turnover	215 290 000 USD
Assets	647 903 000 USD
Shareholder’s equity	98 989 000 USD
Net result	7 451 000 USD
Net non-life loss ratio	74.36%
Net non-life management expenses ratio	33.20%
Net non life combined ratio	107.56%

Management

Murad Ali Murad	Chairman of the board
Abdulla Salah Sultan	Chief executive officer
Waleed Mahmood	General manager, commecial
Ali Ebrahim Noor	Chief operating officer
Ahmed Bucheeri	Chief investment officer
R. Sundaram	Chief financial officer
Manoj Badoni	Chief underwriting officer
Abdulla Rabia	General manager, Kuwait

Shareholding

Gulf Insurance Group	56.12%
Warba Insurance Company	13.33%
Bank of Bahrain & Kuwait	6.82%
Bahraini and other shareholders	23.73%

Read also | Bahraini insurance market

GIG Bahrain: Major technical highlights (2015-2019)

Figures in USD

Highlights	2015	2016	2017	2018	2019
Gross written premiums	100 461 000	110 774 000	157 168 000	215 746 000	215 290 000
Non life gross written premiums	100 461 000	110 774 000	154 191 000	211 929 000	211 641 000
Net written premiums	32 650 000	31 869 000	69 735 000	88 252 000	87 560 000
Net non life written premiums	32 650 000	31 869 000	68 290 000	86 914 000	86 147 000
Net earned premiums	32 152 000	32 456 000	63 877 000	83 866 000	87 729 000
Net non life earned premiums	32 152 000	32 456 000	62 218 000	82 510 000	86 289 000
Net incurred losses	21 638 000	24 526 000	48 986 000	64 391 000	64 545 000
Net non life incurred losses	21 638 000	24 526 000	47 911 000	63 249 000	64 166 000
Management expenses	13 766 000	13 633 000	23 911 000	27 528 000	29 028 000
Non life management expenses	13 766 000	13 633 000	23 216 000	26 886 000	28 598 000
Net non life loss ratio ⁽¹⁾	67.30%	75.57%	77.00%	76.66%	74.36%
Net non life management expenses ratio ⁽²⁾	42.16%	42.78%	34.00%	30.93%	33.20%
Net non life combined ratio ⁽³⁾	109.46%	118.35%	111.00%	107.59%	107.56%
Net result	7 135 000	7 522 000	6 856 000	8 653 000	7 451 000

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

GIG Bahrain: Turnover breakdown per class of business (2015-2019)

Figures in USD

Class of business	2015	2016	2017	2018	2019	Shares 2019
Fire and accident	73 027 000	84 866 000	102 950 000	149 558 000	150 462 000	69.89%
Motor	21 551 000	20 953 000	45 346 000	55 984 000	52 726 000	24.49%
Marine ⁽¹⁾	5 883 000	4 955 000	5 895 000	6 387 000	8 453 000	3.93%
Total non-life	100 461 000	110 774 000	154 191 000	211 929 000	211 641 000	98.31%
Family Takaful	-	-	2 977 000	3 817 000	3 649 000	1.69%
Grand total	100 461 000	110 774 000	157 168 000	215 746 000	215 290 000	100%

* In 2017, GIG introduced the Family Takaful class of business
⁽¹⁾ Including aviation and marine transportation

Turnover breakdown per class of business in 2019

GIG Bahrain turnover

GIG Bahrain: Net written premiums per class of business (2015-2019)

Figures in USD

Classes of business	2015	2016	2017	2018	2019	2018-2019 evolution*
Fire and accident	12 282 000	12 156 000	25 379 000	33 214 000	34 787 000	5.01%
Motor	19 633 000	19 236 000	42 000 000	52 833 000	50 582 000	-4%
Marine ⁽¹⁾	735 000	477 000	911 000	867 000	778 000	-10.06%
Total non-life	32 650 000	31 869 000	68 290 000	86 914 000	86 147 000	-0.62%
Family Takaful	-	-	1 445 000	1 338 000	1 413 000	5.93%
Grand total	32 650 000	31 869 000	69 735 000	88 252 000	87 560 000	-0.52%

* Evolution in local currency
⁽¹⁾ Including aviation and marine transportation

GIG Bahrain: Net earned premiums per class of business (2015-2019)

Figures in USD

Classes of business	2015	2016	2017	2018	2019	2018-2019 evolution*
Fire and accident	11 412 000	12 304 000	25 041 000	32 342 000	34 080 000	5.66%
Motor	19 941 000	19 618 000	36 329 000	49 293 000	51 402 000	4.56%
Marine ⁽¹⁾	799 000	534 000	848 000	875 000	807 000	-7.55%
Total non-life	32 152 000	32 456 000	62 218 000	82 510 000	86 289 000	4.86%
Family Takaful	-	-	1 659 000	1 356 000	1 440 000	6.43%
Grand total	32 152 000	32 456 000	63 877 000	83 866 000	87 729 000	4.89%

* Evolution in local currency
⁽¹⁾ Including aviation and marine transportation

GIG Bahrain: Net non life incurred losses (2015-2019)

Figures in USD

Classes of business	2015	2016	2017	2018	2019	2018-2019 evolution*
Fire and accident	6 331 000	6 393 000	17 865 000	22 867 000	20 787 000	-8.86%
Motor	15 094 000	17 988 000	29 824 000	40 397 000	43 102 000	6.98%
Marine ⁽¹⁾	213 000	145 000	222 000	-15 000	277 000	-1850%
Total non-life	21 638 000	24 526 000	47 911 000	63 249 000	64 166 000	1.72%

* Evolution in local currency
⁽¹⁾ Including aviation and marine transportation

GIG Bahrain: Net non-life management expenses (2015-2019)

Figures in USD

Classes of business	2015	2016	2017	2018	2019	2018-2019 evolution*
Fire and accident	7 596 000	7 596 000	12 794 000	14 291 000	14 738 000	3.40%
Motor	4 987 000	4 934 000	9 154 000	11 384 000	12 526 000	10.33%
Marine ⁽¹⁾	1 183 000	1 103 000	1 268 000	1 211 000	1 334 000	10.48%
Total non-life	13 766 000	13 633 000	23 216 000	26 886 000	28 598 000	6.66%

* Evolution in local currency
⁽¹⁾ Including aviation and marine transportation

GIG Bahrain: Net non life loss ratio

Classes of business	2015	2016	2017	2018	2019
Fire and accident	55.47%	51.96%	71.34%	70.70%	60.99%
Motor	75.69%	91.69%	82.09%	81.95%	83.85%
Marine ⁽¹⁾	26.73%	27.09%	26.17%	-1.81%	34.31%
Total non-life	67.30%	75.57%	77%	76.66%	74.36%

⁽¹⁾ Including aviation and marine transportation

GIG Bahrain: Net non life management expenses ratio per class of business

Classes of business	2015	2016	2017	2018	2019
Fire and accident	61.85%	62.49%	50.41%	43.03%	42.37%
Motor	25.40%	25.65%	21.80%	21.55%	24.76%
Marine ⁽¹⁾	160.93%	231.49%	139.13%	139.63%	171.53%
Total non-life	42.16%	42.78%	34%	30.93%	33.20%

⁽¹⁾ Including aviation and marine transportation

GIG Bahrain: Net non life combined ratio per class of business

Classes of business	2015	2016	2017	2018	2019
Fire and accident	117.32%	114.45%	121.75%	113.73%	103.36%
Motor	101.09%	117.34%	103.89%	103.50%	108.61%
Marine ⁽¹⁾	187.66%	258.58%	165.30%	137.82%	205.84%
Total non-life	109.46%	118.35%	111%	107.59%	107.56%

⁽¹⁾ Including aviation and marine transportation

Exchange rate SAR/USD as at 31/12	2015	2016	2017	2018	2019
Exchange rate SAR/USD as at 31/12	2.6356	2.6329	2.64117	2.64362	2.63655

GIG Bahrain: Contact

Head office	BKIC Tower 2775, road 2835, block 428, Seef District, Manama, Bahrain
Phone	+973 1 7119999
Fax	+973 1 7921111
E-mail	info [at] gig [dot] com [dot] bh
Website	www.gigbh.com

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Mon, 08/02/2021 - 10:20

Bahrain Kuwait Insurance (GIG Bahrain)

GIG Bahrain in 2019

GIG Bahrain: Major technical highlights (2015-2019)

GIG Bahrain: Turnover breakdown per class of business (2015-2019)

GIG Bahrain: Net written premiums per class of business (2015-2019)

GIG Bahrain: Net earned premiums per class of business (2015-2019)

GIG Bahrain: Net non life incurred losses (2015-2019)

GIG Bahrain: Net non-life management expenses (2015-2019)

GIG Bahrain: Net non life loss ratio

GIG Bahrain: Net non life management expenses ratio per class of business

GIG Bahrain: Net non life combined ratio per class of business

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