KUWAIT: KFH-Takaful General Manager, Barrak Al-Khamis said that the Moody’s rating upgrade for KFH Takaful to Baa2 IFS rating with stable outlook strengthens its ability to compete, while qualifies it to foray into the oil market and the government tenders, yet the company will enjoy preferential price of reinsurance operations. Al-Khamis added that KFH Takaful that has been working for 8 years is the only insurer amongst the 8 Takaful insurance peers operating in Kuwait to receive this rating that reflects the improved levels of financial capacity, growing profitability, asset quality and the constant growth.
He continued: “the upgrade rating coincides with the growing activities of KFH Takaful in improving its products and services to cover the Kuwaiti market. The company successfully distributed excess insurance to shareholders and policy holders “policyholder surplus”. KFH Takaful continues its efforts in creating innovative insurance coverage, while improving the current products in an attempt to increase the market share.” He indicated that KFH-Takaful sees growth opportunities in the GCC. KFH Takaful is projected to expand its businesses on the heels of the huge turnout on the Takaful insurance products locally and regionally as the insurance solutions and products are sharia compliant.
The Takaful insurance market in Kuwait is promising. Within only 10 years, the Takaful insurance companies could increase their market share to 20% of the insurance market in Kuwait, stressing the importance of continuously increasing the awareness of the solutions of Takaful insurance and its ability to cover different areas. Moreover, KFH Takaful has a good market position, ranked as the second largest Takaful and the sixth largest overall insurer in the Kuwaiti market with an overall market share of 3.6%. It also benefits from strong product diversification with a mix of life, health and general insurance products.