Issue 7 2020

CEO MONTHLY / ISSUE 7 2020 17 Kuwait’s King of Insurance care to clients, shareholders, and employees is the perfect way of showing everyone that no matter what place in the chain they are, they will still earn the respect and care that they deserve when working with Kuwait Insurance. Mr Sharif embodies this every single day, ensuring that the values and the mission of the firm has not been lost during his time there. Whether the client be an individual or a business, there is always direct communication and care, resulting in long-standing relationships that have stood the test of time. Time has certainly played a role in the growth of Kuwait Insurance. Over the company’s sixty year history, it has achieved some notable milestones along the way in becoming the insurance titan of Kuwait it is today. Just one year after being founded in 1960, Kuwait Insurance was responsible for launching the country’s first motor, marine, and fire insurance policies, whilst 1968 saw the firm issue its first life insurance policy. Twenty four years after founding, it was listed in the Kuwait Stock Market Exchange. In the short four years since Mr Sharif took over as CEO at the company, there have also been some notable changes that continue to mark out Kuwait Insurance as a truly exceptional company. Mr Sharif’s expert leadership has seen the firm introduce a new corporate identity in 2017, as well as become a recipient of the Best General Insurance Company award from World Finance. Capitalising on that success, and this one in CEO Monthly, 2020 has seen Kuwait Insurance receive the financial strength rating of A- (Excellent) with a “stable outlook” by AM Best Company. Today, Kuwait Insurance is one of the most formidable companies in the country, let alone working in the insurance industry. Mr Sharif’s insight, knowledge, and expertise has gone a long way in making that happen. Now, more than five decades on from that fateful first life insurance policy was taken out, Kuwait Insurance houses more than two hundred employees across 11 branches in the country. With a full line of conventional and Takaful insurance products for corporates and individuals, the total assets of the company exceed 205 million Kuwaiti Dinar and there is little sign of that figure slowing down its growth. However, for all of Mr Sharif’s expertise and Kuwait Insurance’s 60 years extensive history in the industry, there are still challenges to be overcome. Thanks to a soft market, non-supportive insurance regulations, a lack of insurance expertise, and a wealth of irrational competition, there are obstacles that stand in the way of Kuwait Insurance and Mr Sharif achieving bigger and better things together. That’s without mentioning the political risk given Kuwait’s geopolitical location, and the current global pandemic due to Covid-19. Yet, in spite of all the challenges and obstacles that must be overcome, Kuwait Insurance still manage to succeed and grow. Mr Sharif’s leadership in difficult times continually sees him achieve greater heights than before, serving some of the most major companies in the country alongside his team of international reinsurers with first-class securities. Insurance is something that everyone should be concerned with, no matter what is in need of protection. Kuwait Insurance and Mr Sharif are wholly concerned with that protection, and dedicated to making sure their clients get the best possible deal. It is this concern, this dedication, and this leadership that has seen him rightfully crowned CEO of the Year, 2020 – Kuwait. Company: Kuwait Insurance Company Contact: Sami Sharif – CEO Website: www.kic-kw.com