AM Best affirms Kuwait Insurance Company's rating

AM Best affirms Kuwait Insurance Company's (KIC) financial strength rating of "A-" (Excellent) and long-term credit rating of "a-" (Excellent). The outlook for both ratings is stable.

The rating reflects the Kuwaiti insurer's strong balance sheet, good operating performance, and appropriate business risk management.

In 2021, the company recorded a 23% increase in its written premiums with 46.9 million KWD (153.98 million USD) against 38.1 million KWD (125.762 million USD) in 2020. The average combined ratio over 2017-2021 stood at 90% and the return on equity at 10.9%.