Kuwait’s Gulf Insurance Company K.S.C. (GIC) plans to expand regionally in United Arab Emirates in the upcoming period.
The company has recently acquired 20% of Alliance Insurance – Dubai as a first step to expand into the Emirati market in the next period, and it targets to acquire the entire shares of Alliance Insurance in the next few months, said Alaa El-Zoheiry, managing director of the Arab Misr Insurance Group (AMIG) which is a subsidiary of GIC.
The Kuwaiti company has succeeded in launching new branches in Algeria and Morocco, he added. The Algerian insurance market is one of the promising markets in the meantime because the country’s economy is currently booming and flourishing, in addition to having population of about 35 million.
Gulf Insurance Company K.S.C. (GIC) was established in 1962. GIC is a public shareholding company listed on the Kuwait Stock Exchange and a market leader in Kuwait in terms of premiums written, both in life and non-life insurance.
