Warba Insurance & Re-Insurance Co. (K.S.C): A Comprehensive Overview

Company Overview

Warba Insurance & Reinsurance Co. (K.S.C.) is a Kuwait-based company that provides insurance and reinsurance services to its clients. The company was established in 1976 and has since provided quality services to its clients.

Here are some critical points about Warba Insurance & Reinsurance Co. (K.S.C.):

• The company offers various insurance and reinsurance services, including property, casualty, engineering, marine, aviation, and energy.
• Warba Insurance & Reinsurance Co. (K.S.C.) is known for its exceptional customer service and reputation for reliability and trustworthiness.
• The company has a solid financial position and has been consistently profitable.
• Warba Insurance & Reinsurance Co. (K.S.C.) has experts committed to offering their clients the best possible services.
• The company is committed to corporate social responsibility and has implemented various initiatives to give back to the community.

In summary, Warba Insurance & Reinsurance Co. (K.S.C.) is a reputable insurance and reinsurance company. It offers a variety of services to its customers. The company is known for its exceptional customer service, strong financial position, and commitment to corporate social responsibility.

Insurance Services

Warba Insurance & Reinsurance Co. (K.S.C.) is a leading insurance provider in Kuwait that provides an extensive array of insurance services to fulfill the needs of individuals, corporations, and contractors. The company offers comprehensive insurance coverage to its clients to protect them against financial losses due to unforeseen events.

Life and Medical Insurance

Warba Insurance & Reinsurance Co. (K.S.C.) offers individuals and corporations life and medical insurance policies. The company’s life insurance policies provide financial protection to the policyholder’s family in case of their untimely demise. The medical insurance policies offered by Warba Insurance & Reinsurance Co. (K.S.C.) provide coverage for the policyholder’s illness-related medical costs or injury.

• Life Insurance
  • Financial protection for the policyholder’s family
  • Coverage against unforeseen events
• Medical Insurance
  • Coverage for medical expenses
  • Protection against unexpected medical emergencies

Motor and Vehicle Insurance

Warba Insurance & Reinsurance Co. (K.S.C.) offers individual and corporate motor and vehicle insurance policies. The company’s motor insurance policies cover cars and other motor vehicles against damage or loss due to accidents, theft, or other unforeseen events.

• Motor Insurance
  • Coverage for cars and other motor vehicles
  • Protection against accidents and theft

Property and Fire Insurance

Warba Insurance & Reinsurance Co. (K.S.C.) offers property and fire insurance policies to individuals and corporations. The company’s property insurance policies cover buildings, stores, and other properties against damage or loss due to unforeseen events. The fire insurance policies offered by Warba Insurance & Reinsurance Co. (K.S.C.) provide coverage against damage or loss due to fire accidents.

• Property Insurance
  • Coverage for buildings and stores
  • Protection against unforeseen events
• Fire Insurance
  • Coverage against fire accidents
  • Protection against property damage

Marine and Aviation Insurance

Warba Insurance & Reinsurance Co. (K.S.C.) offers individuals and corporations marine and aviation insurance policies. The company’s marine insurance policies cover vessels and goods transportation against damage or loss due to unforeseen events. The aviation insurance policies offered by Warba Insurance & Reinsurance Co. (K.S.C.) cover aviation vessels against loss or damage brought on by mishaps or other unexpected events.

• Marine Insurance
  • Coverage for vessels and goods transportation
  • Protection against unforeseen events
• Aviation Insurance
  • Coverage for aviation vessels
  • Protection against accidents and other unforeseen events

General Accident Insurance

Warba Insurance & Reinsurance Co. (K.S.C.) offers general accident insurance policies to individuals and corporations. The company’s general accident insurance policies provide coverage against work accidents and other unforeseen events that may cause bodily injury or disability.

• General Accident Insurance
  • Coverage against work accidents and other unforeseen events
  • Protection against bodily injury or disability

Reinsurance Activities

Warba Insurance & Reinsurance Co. (K.S.C.) is a well-established insurance and reinsurance company that provides its clients with various insurance and reinsurance products. The company has been operating in Kuwait for over 35 years and has built a reputation for delivering high-quality services to its clients. This section will discuss the reinsurance activities of Warba Insurance & Reinsurance Co. (K.S.C.).

• Warba Insurance & Reinsurance Co. (K.S.C.) provides reinsurance services to other insurance companies. Reinsurance is when An insurance provider assigns some of its risk to another provider. This helps the insurance company reduce its risk exposure and protect its financial stability.
• Warba Insurance & Reinsurance Co. (K.S.C.) has a team of experienced professionals specializing in reinsurance. The team works closely with other insurance companies to provide them with the best possible reinsurance solutions.
• Warba Insurance & Reinsurance Co. (K.S.C.) offers a range of products, including proportional reinsurance, non-proportional reinsurance, facultative reinsurance, and excess loss reinsurance. These goods are made specifically to address the requirements of different insurance companies.
• Warba Insurance & Reinsurance Co. (K.S.C.) has a solid financial position and good relationships with other insurance companies. This enables the company to provide reinsurance services to its clients at competitive rates.
• Warba Insurance & Reinsurance Co. (K.S.C.) is committed to providing high-quality reinsurance services to its clients. The company strongly focuses on risk management and actively works with its customers to understand their needs and provide the best solutions.

In summary, Warba Insurance & Reinsurance Co. (K.S.C.) is a reputable insurance and reinsurance company that provides its clients with various products. The company has a team of experienced professionals specializing in reinsurance and working closely with other insurance companies to give them the best possible solutions. The company is committed to delivering high-quality reinsurance services to its clients and strongly focuses on risk management.

Specialized Insurance Products

Warba Insurance & Reinsurance Co. (K.S.C.) offers a range of specialized insurance products to meet the diverse needs of its clients. The following are some of the specialized insurance products provided by Warba Insurance:

Professional Risks Insurance

Warba Insurance offers professional risk insurance that protects experts from accusations of carelessness, mistakes, and omissions. This insurance protects professionals such as doctors, lawyers, accountants, and engineers against claims of professional misconduct.

Some of the critical features of Warba Insurance’s professional risk insurance include:

• Coverage for legal defense costs
• Protection against claims of professional negligence
• Coverage for breach of professional duty

Bonds and Fidelity Insurance

Warba Insurance offers bonds and fidelity insurance that protects against losses resulting from employee dishonesty, fraud, or theft. This insurance is designed to protect companies and organizations against financial losses resulting from the actions of their employees.

Some of the critical features of Warba Insurance’s bonds and fidelity insurance include:

• Coverage for employee dishonesty, fraud, or theft
• Protection against financial losses resulting from employee actions
• Coverage for legal defense costs

Industrial and Commercial Risks

Warba Insurance offers industrial and commercial risk insurance that provides coverage for businesses against losses resulting from accidents, damage to property, and other risks. This insurance protects businesses against financial losses resulting from unexpected events.

Some of the critical features of Warba Insurance’s industrial and commercial risk insurance include:

• Coverage for damage to property
• Protection against losses resulting from accidents
• Coverage for legal defense costs

In addition to the abovementioned insurance, Warba Insurance also offers cash insurance, civil responsibility insurance, and insurance against contractors’ risks. With its specialized insurance products, Warba Insurance is in an excellent position to address the range of needs of its clients.

Financial Performance

Warba Insurance & Reinsurance Co. (K.S.C.) has reported strong financial performance in recent years. Here are some key financial metrics:

• EPS: The earnings per share (EPS) of Warba Insurance & Reinsurance Co. (K.S.C.) for 2021 was KD 0.028.
• P/E Ratio: The price-to-earnings (P/E) ratio of Warba Insurance & Reinsurance Co. (K.S.C.) for 2021 was 14.29.
• Net Income: The net income of Warba Insurance & Reinsurance Co. (K.S.C.) for 2021 was KD 5.5 million.
• Shares: Warba Insurance & Reinsurance Co. (K.S.C.) has a total of 200 million shares outstanding.

Warba Insurance & Reinsurance Co. (K.S.C.) has maintained its underwriting profitability with a combined (loss and expense) ratio below 100%. In 2021, the company reported 11.7% year-on-year growth in gross written premiums, which is a positive sign for the company’s future growth prospects.

Furthermore, Warba Insurance & Reinsurance Co. (K.S.C.) has a robust capital adequacy ratio, indicating its ability to meet its financial obligations. The company has consistently maintained a capital adequacy ratio above the regulatory requirement of 100%.

Overall, Warba Insurance & Reinsurance Co. (K.S.C.) has shown strong financial performance in recent years, which is a positive sign for investors. The company’s underwriting profitability, growth in gross written premiums, and strong capital adequacy ratio are all indicators of a healthy financial position.

Risk Management

Warba Insurance & Reinsurance Co. (K.S.C.) has established a robust risk management framework designed to mitigate potential risks that may arise from various sources. Some of the critical elements of their risk management strategy include:

• Computer Damages: Warba Insurance & Reinsurance Co. (K.S.C.) has implemented a comprehensive I.T. security system to protect against cyber threats. This includes firewalls, antivirus software, and regular system updates to ensure their systems are up-to-date with the latest security patches.
• Cessation of Work: Warba Insurance & Reinsurance Co. (K.S.C.) has contingency plans to deal with any potential cessation of work. This includes ensuring that all critical functions are duplicated across multiple locations to ensure business continuity during disruptions.
• Cash: Warba Insurance & Reinsurance Co. (K.S.C.) has a cash management policy to ensure their money is managed efficiently and effectively. This includes regular cash flow forecasting to provide sufficient liquidity to meet their obligations.

Overall, Warba Insurance & Reinsurance Co. (K.S.C.) has a strong structure in place for risk management that is intended to reduce potential hazards that could come from different sources. To ensure their risk management policies and procedures are current, they evaluate and update them regularly, with industry standards and best practices.

Frequently Asked Questions

Which kinds of insurance plans are provided by Warba Insurance?

Warba Insurance & Reinsurance offers a range of insurance plans to meet the needs of certain people and companies. Some of the insurance policies provided by Warba Insurance include:

• Motor Insurance
• Fire and General Accident Insurance
• Marine Insurance
• Engineering Insurance
• Medical Insurance
• Travel Insurance

How can I apply for a job at Warba Insurance?

Warba Insurance & Reinsurance provides employment opportunities to passionate and skilled individuals in the insurance industry. Interested candidates can apply via the company website for available positions or send their C.V.s to the H.R. department.

What hospitals and medical facilities are covered under Warba Insurance plans?

Warba Insurance & Reinsurance offers medical insurance plans that cover a wide range of hospitals and medical facilities in Kuwait. Some of the hospitals and medical facilities covered under Warba Insurance plans include:

• Al Salam International Hospital
• Al Seef Hospital
• Dar Al Shifa Hospital
• Farwaniya Hospital
• Jahra Hospital
• Mubarak Al Kabeer Hospital

What are the requirements for travel insurance through Warba Insurance?

Warba Insurance & Reinsurance offers travel insurance plans that cover medical emergencies, trip cancellations, and other travel-related issues. To apply for travel insurance through Warba Insurance, individuals need to provide the following information:

• Travel dates
• Destination Country
• Purpose of travel
• Number of travelers

How does the health insurance renewal process work in Kuwait?

In Kuwait, health insurance policies are typically renewed annually. Warba Insurance & Reinsurance provides customers with a seamless health insurance renewal process. Customers can renew their health insurance policies by visiting the company’s website or contacting the customer service department.

What are the average costs for private medical insurance in Kuwait?

The cost of private medical insurance in Kuwait varies depending on the type of insurance plan and the coverage provided. On average, private medical insurance plans in Kuwait can cost anywhere from 500 to 1500 Kuwaiti dinars annually. However, the insurance cost can differ according to the person’s age, health, and other elements.