Company Overview
Brief History
Al-Ahleia Insurance Company (S.A.K.P) is a Kuwait-based company established in 1962. It is one of the leading insurance companies in Kuwait and has a strong presence in the Middle East region.
Vision and Mission
The mission of Al-Ahleia Insurance Company is to be the top insurance provider in the area by offering its clients comprehensive and cutting-edge insurance solutions. Its mission is to provide excellent customer service, maintain financial stability, and contribute to Kuwait’s insurance industry’s growth.
Chairman’s Message
The Chairman of Al-Ahleia Insurance Company, Mr. Adel Abdul Wahab Al-Majed, has emphasized its commitment to providing its customers high-quality insurance services. He has stated that the company’s success is based on its ability to understand its customers’ needs and provide them with customized insurance solutions.
Corporate Governance
Al-Ahleia Insurance Company is dedicated to upholding strict corporate governance guidelines. The firm’s activities are overseen by a capable board of directors, who also ensure the company complies with all applicable rules and regulations. The organization has also established various guidelines and practices to guarantee accountability and openness in its business dealings.
All employees must abide by the ethical standards outlined in the company’s code of conduct.
- The company has a risk management framework that identifies and mitigates potential risks to the business.
- The company has a robust internal control system that ensures the accuracy and reliability of its financial reporting.
- The company has a sustainability policy that promotes environmental and social responsibility.
With a solid reputation for offering its clients premium insurance solutions, Al Ahleia Insurance Company is a significant participant in the Kuwaiti insurance market. The company’s commitment to corporate governance and its focus on customer service have helped it to maintain its position as a market leader in the region.
Products and Services
Al-Ahleia Insurance Company (S.A.K.P.) customers can choose from various insurance and reinsurance products and services. The company’s organizational structure comprises the General Risk Insurance and Life and Health Insurance business segments.
Life Insurance
Customers can choose from a range of life insurance products Al-Ahleia Insurance Company’s Life and Health Insurance section offers. In an unfavorable circumstance, these plans provide policyholders and their family financial protection. The following are some of the life insurance policies provided by the company:
- Single Medex
- Hajj & Umrah Policy
Motor Insurance
Customers can get motor insurance coverage from Al-Ahleia Insurance Company. These insurance offer protection against loss or harm to the insured vehicle brought on by theft, collisions, or other unanticipated events. Some of the auto insurance plans that the company offers are as follows:
- Third Party Liability
- Comprehensive Vehicle
- Personal Accident
- Product Liability Insurance
Medical Insurance
The Life and Health Insurance segment of Al-Ahleia Insurance Company offers medical insurance policies to its customers. These policies provide coverage for medical expenses the policyholders due to illness or accidents. The following are some of the medical insurance policies offered by the company:
- Orange Card Insurance
- School Education Insurance
Marine and Aviation Insurance
Al-Ahleia Insurance Company offers marine and aviation insurance policies to its customers. These policies provide coverage against any loss or damage caused to the insured marine or aviation vehicle due to accidents, theft, or any other unforeseen circumstances. The following are some of the marine and aviation insurance policies offered by the company:
- Marine Cargo
- Marine Hull Insurance
Fire and General Accident Insurance
Al-Ahleia Insurance Company offers fire and general accident insurance policies to its customers. These policies provide coverage against any loss or damage caused to the insured property due to, accidents, or any other unforeseen circumstances. The following are some of the fire and general accident insurance policies offered by the company:
- Personal Accident Insurance
- Liability Insurance
Special Insurance Policies
Al-Ahleia Insurance Company also offers some particular insurance policies to its customers. These policies provide coverage against some specific risks that are not covered under the standard insurance policies. The following are some of the particular insurance policies offered by the company:
- School Education Insurance
- Single Medex
Financial Information
Al-Ahleia Insurance Company (S.A.K.P) is a leading insurance company headquartered in Kuwait. The company has a solid financial position, as evidenced by its balance sheet strength, capital base, and economic strength ratings.
Balance Sheet Strength
Al-Ahleia Insurance Company (S.A.K.P) has a strong balance sheet, with a high liquidity level and a low debt level. The company’s assets are diversified across various investments, including equities, fixed income securities, and real estate.
Capital Base
Al-Ahleia Insurance Company (S.A.K.P) has a solid capital base, with a high level of capitalization and a low level of leverage. The company’s capital management strategy is focused on maintaining a solid capital position to support its business operations and growth.
Financial Strength Rating
AM Best has assigned Al-Ahleia Insurance Company (S.A.K.P) an A- (Excellent) financial strength rating. The company’s solid capitalization, underwriting profitability, and economic situation are all reflected in this rating.
Long-Term Issuer Credit Rating
AM Best has assigned Al-Ahleia Insurance Company (S.A.K.P.) an A- long-term issuer credit rating. This rating reflects the company’s strong financial position, capitalization, and ability to meet its financial obligations.
In summary, Al-Ahleia Insurance Company (S.A.K.P) has a solid financial position, with a high level of liquidity, a low level of debt, and a solid capital base. AM Best has awarded the company good financial strength and long-term issuer credit ratings, which attest to its sound financial standing and capacity to fulfill its debts.
Risk Management
Al-Ahleia Insurance Company (S.A.K.P) has a robust framework of risk management in place to ensure that the company operates within acceptable risk limits and meets its strategic objectives. The objective of the company’s risk management system is the detection, assessment, and management of hazards throughout the entire organization.
Risk Management Frameworks
Al-Ahleia Insurance Company (S.A.K.P) has implemented a robust risk management framework that aligns with industry best practices and regulatory requirements. The organization-wide identification, assessment, and management of risks are governed by the rules and procedures included in the framework. The company’s risk management framework consists of the following components:
- Risk appetite statement
- Risk identification and assessment
- Risk mitigation and management
- Risk monitoring and reporting
ERM Capabilities
Al-Ahleia Insurance Company (S.A.K.P) has a robust enterprise risk management (ERM) capability that enables the company to manage risks across the organization effectively. The company’s ERM capabilities include:
- Risk culture: The company has a strong risk culture that promotes risk awareness and encourages employees to report risks.
- Risk governance: The company has a well-defined risk governance structure that ensures that risks are managed effectively at all levels of the organization.
- Risk reporting: The company has established a robust framework that provides timely and accurate information to key stakeholders.
Reinsurance Operation
Al-Ahleia Insurance Company (S.A.K.P) has a well-established reinsurance operation enabling the company to manage its risk exposure effectively. The company’s reinsurance operation includes the following:
- Reinsurance strategy: The company has a well-defined reinsurance strategy that aligns with its risk appetite and business objectives.
- Reinsurance program: The company has a well-structured reinsurance program that covers its key risks and provides adequate protection against catastrophic events.
- Reinsurance relationships: The company has established strong relationships with its reinsurers, which enables it to access reinsurance capacity at competitive rates.
Overall, Al-Ahleia Insurance Company (S.A.K.P) has a robust risk management framework that enables the company to manage its risks effectively. The company’s ERM capabilities and reinsurance operation further enhance its risk management capabilities, allowing it to operate within acceptable risk limits and meet its strategic objectives.
Market Presence
Geographical Diversification
Al-Ahleia Insurance Company (S.A.K.P) is a Kuwait-based company that provides insurance and reinsurance products and services. The company has a strong presence in the Middle East and North Africa region, its primary market. However, it has also expanded its operations to the other areas, including Asia-Pacific and Central and Eastern Europe.
The company offers a wide range of insurance products to meet the demands of its customers in various geographical areas. It provides multiple insurance products, such as life, medical, accident and fire, marine and aviation, and school education insurance. The corporation has reduced risks and sustained steady growth because of its diversification strategy.
Commercial Insurance Segment
Al-Ahleia Insurance Company (S.A.K.P) has a strong presence in the commercial insurance segment. The business provides many commercial insurance products, such as marine, liability, and property insurance. It has a strong track record of delivering high-quality insurance products and services to its commercial clients.
The company’s commercial insurance segment has been a critical driver of its growth. It has maintained a strong market position by offering competitive pricing, excellent customer service, and innovative insurance products.
In summary, Al-Ahleia Insurance Company (S.A.K.P) has a strong market presence in the Middle East and North Africa and other regions such as Asia-Pacific and Central and Eastern Europe. Its well-diversified portfolio of insurance products and services, coupled with its strong presence in the commercial insurance segment, has helped the company to maintain stable growth and a strong market position.
News and Events
Press Release
- Al Ahleia Insurance Company S.A.K.P. (Al Ahleia) has an A- (Excellent) Financial Strength Rating and a “a-” (Excellent) Long-Term Issuer Credit Rating, both of which AM Best reaffirmed on June 16, 2023.
- These credit ratings have a stable outlook.
- The company’s dependence on reinsurance is viewed as modest, with high cession rates of its direct portfolio diluted by significant retention of reinsurance business written by the company’s affiliates.
- A Kuwait-based business, Al Ahleia Insurance Co.S.A.K.P. offers insurance and reinsurance products and services.
- AM Best is an international news publisher, data analytics provider, and credit rating firm focusing on the insurance sector.
Recent Rating Activity
- AM Best rated Al Ahleia Insurance Company S.A.K.P. A- (Excellent).
- The company’s outlook is stable.
- The ratings reflect the company’s strong risk-adjusted capitalization, conservative underwriting practices, and established business profile.
- The company’s profile is supported by its diversified business mix, which includes property, casualty, engineering, marine, and aviation lines of business.
- The company’s financial performance has been strong, with a five-year average combined ratio of 85.3% and a five-year average return on equity of 10.5%.
Overall, Al Ahleia Insurance Company S.A.K.P. has a solid financial position and a well-established business profile, with a stable outlook for the future.
Customer Resources
Online Services
Al-Ahleia Insurance Company (S.A.K.P.) provides various online services to facilitate policy management for clients. Customers may file claims, make payments through the company’s internet site, and view information about their policies. The portal is easy to use and provides customers with 24/7 access to their policy information.
Some of the online services that Al-Ahleia Insurance Company (S.A.K.P) offers include:
- Policy management: Customers can view their policy details, update their personal information, and make changes to their policy.
- Online payments: Customers can make payments online using a credit card or bank transfer.
- Claims management: Customers can file claims online and track the progress of their claim.
Help and Support
Al-Ahleia Insurance Company (S.A.K.P) provides help and support to its customers through various channels. Clients can contact the company’s customer service representatives via the web portal, email, or phone. The customer service department is open around-the-clock to help clients with any queries or issues.
Some of the help and support services that Al-Ahleia Insurance Company (S.A.K.P) offers include:
- Customer service: Customers can contact the customer support team by phone or email to get assistance with their policy.
- Claims support: Customers can get help filing a claim or tracking the progress of their claim.
- Online resources: The company’s website provides customers with various resources, including FAQs, policy documents, and other helpful information.
Network Providers List
Al-Ahleia Insurance Company (S.A.K.P) has a network of healthcare providers that customers can choose from. The company offers two network provider lists: one for general healthcare providers and one for expat-60 healthcare providers.
Some of the features of the network provider lists include:
- Wide range of providers: The network provider lists include a wide range of healthcare providers, including hospitals, clinics, and pharmacies.
- Easy to use: Customers can easily search for providers by location or specialty.
- Cost-effective: Customers who choose a provider from the network provider list may receive discounted rates for services.
Overall, Al-Ahleia Insurance Company (S.A.K.P) provides a range of customer resources to help customers manage their policies and get their needed support. From online services to help and support, customers can feel confident that they have the resources to manage their insurance policies.
Legal and Compliance
Copyright
Al-Ahleia Insurance Company S.A.K.P. is committed to protecting its intellectual property rights and copyrights. The company’s website and its marketing and promotional materials are subject to copyright laws. Unauthorized use or reproduction of any of the company’s copyrighted material is strictly prohibited and may result in legal action.
Governance Overview
The highest standards of corporate governance are something that Al-Ahleia Insurance Company S.A.K.P. is dedicated to upholding. The organization’s governance structure is made to guarantee responsibility, openness, and moral conduct in every facet of its activities. The company has implemented several policies and procedures to ensure compliance with applicable laws, regulations, and best practices.
- The organization has instituted a Board of Directors, whose duty is to supervise the company’s activities and guarantee that it complies with all relevant laws and regulations.
- All employees must maintain ethical concepts and ideals in their work, as outlined in the company’s Code of Conduct.
- In order to ensure compliance with anti-money laundering and counter-terrorism funding laws and regulations, the company has put in place various policies and processes.
- The company has established a Risk Management Committee, which is responsible for identifying and managing the risks associated with the company’s operations.
- The company has implemented several policies and procedures to ensure compliance with data protection and privacy laws and regulations.
In all facets of its business operations, Al-Ahleia Insurance Company S.A.K.P. is dedicated to upholding the highest legal and regulatory compliance standards. The company is committed to ensuring that its operations are conducted in a manner that is consistent with applicable laws, regulations, and best practices.
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Frequently Asked Questions
What is the contact number for Al-Ahleia Insurance Company customer service?
- Customers can contact Al-Ahleia Insurance Company’s customer service at +965-1888-444 or send an email to [email protected]
Which hospitals are covered under Al-Ahleia Insurance plans?
- Al-Ahleia Insurance Company has a wide range of medical insurance plans covering various Kuwait hospitals. Customers can check the list of hospitals covered under their insurance plan by contacting the customer service team.
How can I find the Al-Ahleia Insurance Company office in Hawally?
- The Al-Ahleia Insurance Company office in Hawally is located on Tunis Street. Customers can find the exact location on the company’s website or by contacting the customer service team.
Who is the current CEO of Al-Ahleia Insurance Company?
- The current CEO of Al-Ahleia Insurance Company is not publicly listed on their website or any other public sources.
What career opportunities are available at Al-Ahleia Insurance Company?
- Al-Ahleia Insurance Company offers various career opportunities for individuals interested in working in the insurance industry. Interested candidates can check the company’s website or LinkedIn page for any available job openings.
Where is the Al-Ahleia Insurance Company headquarters located in Kuwait?
- The Al-Ahleia Insurance Company headquarters is located in Sharq, Kuwait City. Customers can find the exact location on the company’s website or by contacting the customer service team.