The Director General of Kuwait Institute of Banking Studies (KIBS), Prof. Yaqoub Al-Refaei, announced the commencement of the “Reinsurance” training program, held in cooperation with the Kuwait Insurance Federation, from January 26 to 28, 2020. The program was attended by a select group of professionals from insurance companies, including: Warba Insurance Company, Al-Ahli Takaful Insurance Company, Kuwait Reinsurance Company, Ta’azur Takaful Insurance Company, Wethaq Takaful Insurance Company, and Kuwait Finance House Takaful Insurance Company. This initiative is part of a series of training programs offered by KIBS to the insurance sector, aiming to support this vital and important industry in the State of Kuwait.
The objective of this program is to familiarize participants with the principles of reinsurance, its types and characteristics, methods of practice, and how to handle it. Reinsurance is fundamental for insurance companies to protect their capital and to expand their acceptance of insured risks, in addition to other significant benefits.
The program covered an introduction to reinsurance, reinsurance markets and functions, and delved into the clauses of reinsurance contracts, explaining the types of reinsurance (proportional and non-proportional), along with clarifying their characteristics and types.
It is noteworthy that KIBS offers multiple specialized training programs in the field of insurance, in accordance with the specific training needs of this sector and in coordination with the Kuwait Insurance Federation. KIBS collaborates with several accredited external entities, such as the Insurance Institute of the Arab Republic of Egypt, the Bahrain Institute of Banking and Finance, and the Jordanian Insurance Federation, to provide professional, accredited training for all professionals in this sector. This collaboration contributes to the development and enhancement of the capabilities of participants in these programs, thereby aiding in the advancement and growth of the institutions and entities they work for.
KIBS will continue to offer innovative and necessary training to professionals in various sectors, aiming to develop their capabilities to support these sectors and work towards their advancement and increased productivity.
