GCC Insurance Daily
The day's insurance news across the GCC — regulation, governance, AI in insurance, and people moves. Curated, attributed, and linked to the source.
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Abu Dhabi National Insurance Company has appointed Jugal Madaan as acting chief executive following the resignation of Charalampos Mylonas, who stepped down on 4 June. Madaan, a near two-decade ADNIC veteran most recently running underwriting and strategic accounts, is an internal pick that signals continuity rather than a change of direction.
AM Best has assigned first-time ratings to Kuwait International Takaful, giving it a B+ (Good) financial strength rating with a stable outlook on the back of very strong balance-sheet strength but a limited business profile. It follows a near-identical debut rating for KFH Takaful days earlier, a sign the agency is steadily extending formal coverage across Kuwait's second-tier takaful names.
Oman's Financial Services Authority has directed motor insurers to ensure electric vehicles make up at least 0.2% of their motor portfolios by 31 December 2026, alongside monthly underwriting reports and dedicated EV classification codes. The circular is a deliberate nudge to build underwriting capacity ahead of the Sultanate's EV push, rather than a response to present-day demand.
The GCC's 74 listed insurers booked roughly $10.75bn of insurance revenue in the first quarter, up 13.6% year on year, with combined net profit rising 14.7% to about $714m. Top-line growth running comfortably ahead of profit is the now-familiar regional pattern: volume is plentiful, but margin remains the harder battle.
Gulf Insurance Group lifted first-quarter insurance revenue 8.3% to KWD 192.5m (about $622m) and almost doubled net profit, up 97.6% to KWD 13m. The jump points to a markedly stronger underwriting and investment quarter for the Fairfax-controlled group, the largest insurer based in Kuwait.
Each item is a short editorial summary with a link to the original source. Items marked Rumour · unverified are unconfirmed and should be treated with caution. Compiled automatically; corrections welcome.