Business insurance · Kuwait · Head-to-head
First Takaful Insurance Company vs Gulf Insurance Group (GIG Kuwait)
Two Kuwait business insurance options, compared side by side for Kuwait trades.
Which should you choose?
First Takaful Insurance Company and Gulf Insurance Group (GIG Kuwait) are both Tier A, which every business insurance entry without a reputation warning receives, so the tier does not separate them. Weigh the pros, cons, pricing and Kuwait-specific notes below against your trade and region.
First Takaful Insurance Company
Tier A · ListedKuwaiti takaful insurer listing construction covers from CAR to decennial liability
First Takaful Insurance Company is a Sharia-compliant (takaful) insurer in Kuwait, listed on Boursa Kuwait, which says it introduced takaful insurance to the Kuwaiti market in 2000 as the first takaful operator. Its corporate page lists contractors' all risks, erection all risks, contractors' plant and equipment, machinery breakdown, boiler and pressure vessel, workmen's compensation, public liability and ten-year decennial liability.
Pros
- + Takaful (Sharia-compliant) cover with a Shari'a supervisory board
- + Construction covers listed by name, including decennial liability
- + Loss-of-profit cover after machinery breakdown
- + Workmen's compensation and public liability from the same insurer
Cons
- − No public prices; quotes by request
Kuwait note
First Takaful suits Kuwaiti contractors who want Sharia-compliant cover for the full project cycle, from contractors' all risks during works to decennial liability after handover. If a contract or lender sets a minimum insurer rating, ask First Takaful for its current rating letter before placing cover.
Gulf Insurance Group (GIG Kuwait)
Tier A · ListedFairfax-owned Kuwaiti composite insurer within Gulf Insurance Group
GIG-Kuwait (Gulf Insurance and Reinsurance Company) is the Kuwaiti composite insurer of Gulf Insurance Group, which was established in 1962 and is listed on Boursa Kuwait. Fairfax Financial Holdings has owned 97.06% of the group since a 2024 tender offer, and GIG says it has consistently led the Kuwaiti market by premiums written.
Pros
- + Owned 97.06% by Fairfax Financial Holdings
- + Composite insurer; the group has a separate takaful company for Sharia-compliant cover
Cons
- − No public prices for commercial cover
- − Engineering and contractor products not visible on any page readable in this check
- − Conventional insurer; takaful cover sits in a separate company
Kuwait note
Ask GIG directly for its contractors' all-risks and plant cover, as those products could not be checked online in this review. If a contract or lender sets a minimum insurer rating, ask GIG for its current rating letter.
More Kuwait options
See all Kuwait business insurance vendors and the rest of the Kuwait directory.