How GIG is shaping the sustainability model for insurance
As COP28 UAE fast approaches, more companies in the Gulf region and beyond are revealing their sustainability vision and goals.
Among those making clear their direction of travel, Gulf Insurance Group (GIG) has published its inaugural sustainability report.
The largest insurance Group in Kuwait in terms of written and retained premiums, GIG has become one of the largest insurance networks in the MENA region with assets standing at US$4.05 billion, an employee count of 3,800, and a direct presence in 13 countries across the region, from Kuwait to Jordan, Egypt to Turkey, the UAE to Saudi and Oman.
In the report, the Kuwait-listed company highlights how it is taking an inclusive approach to ESG, one that recognises the needs of both stakeholders and the planet.
Aligned with Kuwait’s national agenda and with the approach being taken by COP28 – which is expected to be the most inclusive climate conference yet – GIG’s approach is looking to set a regional sustainability model for the insurance industry.
“We want to enhance the insurance sector’s contribution to sustainable development, creating value in economic, environmental and social aspects thus benefiting the society at large,” says Khaled Saoud Al Hasan, GIG’s CEO.
Celebrating its 60th anniversary in 2022, the Group has committed to becoming carbon neutral by 2060 and has put in place an ESG steering committee along with specific goals to ensure growth that is sustainable and serves all stakeholders, including the planet.
Via a rigorous ESG materiality and risk assessment, GIG has identified the key material topics “crucial to our business and stakeholders” and established precise goals that prioritise exceptional customer service, innovative and sustainable solutions, equal opportunities and net-zero carbon emissions. The idea for this is to ultimately "create economic value, invest in human capital, serve a growing need for data privacy, cybersecurity and green insurance, and of course, contribute to social welfare and the protection of the environment," says Khaled.
Key milestones in its sustainable journey have already been met, earning GIG recognition as the Most Sustainable Insurance Group in the MENA region by World Business Outlook.
ESG Milestones made
Among key milestones, the signing of the United Nations Global Compact commitment is one of the most important – underscoring the company’s dedication to promoting sustainable practices and upholding the highest standards of ethical behaviour.
As part of the commitment, GIG has pledged to integrate the UNGC’s Ten Principles into its business operations and report back annually.
The company has also laid the foundations to developing sustainable insurance products for evolving situations, among these cybersecurity and green businesses – and drawn up an action plan to safeguarding and conserving the environment with a focus on various green insurance initiatives.
Committed to diversification and inclusion, the Group employs a workforce comprising more than 40 nationalities, with 40% of the workforce made up of female employees. Notably, three key assurance functions, Compliance GIG Kuwait, Internal Audit at GIG Kuwait, and the Group ESG, are led by female Kuwaiti leaders.
Investment in human capital is a priority for GIG. In 2022, more than 33,500 hours of learning were achieved an an emerging leadership programme put in place to prepare the next generation of managers and leaders.
The assurance teams underwent comprehensive training, with 50% of the team acquiring new professional certifications from international associations. More than 40% of the team now holds an MBA or Master’s degree.
Also a priority for GIG is creating value for the communities in which it operates, from charitable initiatives to donations and sponsorships, the Group focuses on health and education as areas of support.
Read GIG's inaugural sustainability report here
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