Page 75 - 33 edition GAIF Post-Conference July 2022

Meshari Al-Nashit (Deputy CEO Warba Insurance):

Warba will be an insurance & reinsurance
company in August

arba Insurance was established in 1976, with Kuwait’s heritage and values at heart. The company has
Wsince provided insurance services to individuals and companies in utmost integrity and security. With
40 years of experience, Warba Insurance continues to provide the highest standards and service quality in
insurance policies that meet the needs of the segments it serves, never losing sight of the communities we
serve. Today, Warba Insurance is one of the largest insurance providers and insurance underwriters in the
State of Kuwait, offering a comprehensive range of products under both life and non-life lines of business.
The Company continues to deliver services with a personalized attention to clients’ needs, ensuring they get
the security they need every day. Al Bayan Magazine had the opportunity to meet Meshari Al-Nashit, Deputy
CEO of Warba Insurance during the 33rd GAIF General Conference held in Oran, Algeria. In a Q & A, Al-
Nashit commented on the panel discussions that focused on cyber security, pandemics, epidemics and climate
change. He further gave us an idea about the latest realizations of Warba Insurance and talked about the
added value behind their participation in the GAIF. Following is an extract from the interview.

Companies in the region have to encounter an event in ture but they are under the umbrella of KIB Bank and Warba Bank who
order to consider a certain policy a must own 75 and 25 percent respectively of the companies’ shares. A long
journey took place in Warba Insurance; in 2017 we hired Boston
• The discussions in the conference concentrated on cyber security, pan- Consulting Group (BCG) to aid in the full restructure of the company. We
demics, epidemics and climate change. What is your comment? needed a new entity to look at our operations from outside and see if they are
- In my opinion, the opportunities are always there but we didn’t have a
efficient and in order to improve that process to achieve more profitability.
trigger to start the demand in the market so now with cyber and epidem-
ic policies, people start being aware. Mostly before, nobody used to care BCG had spent one year and a half working with us side by side and now we
about the epidemic exclusion but now when they got hit with the Corona see, as a result of this hand work, a growth in our GWP because the focus
virus, there has been a denial of access in the property side where a lot was on how to underwrite more profitable business. Also, the technical prof-
of people couldn’t get embedded in their business interruption because its are going up year-on-year, the investment side is also picking up and that
of the denial access imposed by the public authorities and thus they had is the success story of Warba now. We needed to change the way of think-
a huge loss in their profit. As a result, they became very aware about it ing and we started investing in our systems & infrastructure and coping with
and it created a demand. We always need to have an event that triggers the digital transformation to improve our efficiency.
the demand of any market. With respect to cyber policy, it is very impor- Moreover, in August, Warba will be an insurance and reinsurance com-
tant. However, we require an event especially in the Middle East area. pany which means we are expanding to be a reinsurance player in the
We only see cyber insurance in the banking sector not in the investment
region under the name Warba Insurance & Reinsurance Company.
sector.
Most of the companies in the region have to encounter an event in order
to consider a certain policy a must that can prevent them from huge loss- We are happy to see everyone here
es and risks. • What is the added value from your participation in the 33rd GAIF
General Conference?
We needed to change the way of thinking and we - After not being able to meet face-to-face for the passed two years due to Covid-
started investing in our systems 19 pandemic, it is good to be back here and see everybody. Things started
returning back to normal. Most of the people we are meeting at GAIF, we
• What are the latest realizations of Warba Insurance and did you
create new products? already know them but we are having more the personal touch and relationship
- We own a Takaful company which is KIB Takaful and I am a board mem- that will help to advance the sector. We are sharing ideas & information and
ber in it so whoever requires a Takaful business, it is being placed by KIB shedding light on the available opportunities and how to tackle them, the obsta-
Takaful and whoever requires conventional business, it will be placed by cles that we are facing, the weakness that we need to work on to strengthen it,
Warba Insurance. Both companies have different management and struc- so we are happy to see everyone here.

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75 AL BA Y AN ECONOMIC MAG - ISSUE 608 - JULY 2022