Mubasher: Wethaq Takaful Insurance will adopt a cautious strategy over the coming period to develop its business mechanism and boost reinsurance operations in a bid to protect the rights of shareholders and policyholders, the chairman of the Kuwait-based insurer said.
These plans are set to enhance the firm’s position and achieve the best performance, Ibrahim Abbas Sakhy told Wethaq’s ordinary general meeting (OGM) held on Thursday at the company’s headquarters.
Over the course of 2018, Wethaq’s written premium rose around 16%, Sakhy noted.
The chairman said that the Kuwaiti insurance sector is in dire need of diversifying its products.
Sakhy further explained that the nation’s takaful, or Islamic, insurance industry is suffering from a lack of government support, coupled with a decline in capital.
Wethaq Takaful Insurance last reported a 3.98% decline in profits during the full-year 2018, reaching KWD 86,400, compared to KWD 90,000 in 2017.
