Moody’s up­grades KFH Taka­ful

Kuwait Times - - BUSINESS -

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, 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.

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