Tawuniya and Bupa Arabia dominated about 42 percent of the insurance sector’s written premiums in 2015, according to a report by Albilad Capital.

 

MedGulf, Tawuniya, Bupa Arabia, and Malath Insurance— which are all listed on the Saudi bourse— together accounted for about 58 percent of premiums in the sector.

 

The firm added that 10 other insurers dominated 26 percent of the market share, while the remaining 20 companies accounted for 16 percent of the market share.

 

Insurance is one of the largest and fastest-growing sectors within the kingdom, as gross written premiums have increased 19 percent to SAR 35.6 billion in 2015 on higher medical and motor vehicle insurance, Albilad added.

 

Market Shares of Saudi Insurers

Company

2014

2015

Change

Tawuniya

20.80%

21.20%

0.40%

Bupa Arabia

19.20%

20.60%

1.40%

MedGulf

14.80%

11.30%

(3.50%)

Malath

4.70%

5.20%

0.50%

Al Rajhi Takaful

3.20%

3.80%

0.60%

United Assurance

3.90%

3.60%

(0.30%)

AXA

3.50%

3.20%

(0.30%)

SAICO

2.70%

2.50%

(0.20%)

Al Sagr

0.80%

2.40%

1.60%

Trade Union

2.70%

2.40%

(0.30%)

Alliance SF

2.40%

2.30%

(0.10%)

Walaa

2.20%

2.10%

(0.10%)

AICC

2.20%

1.80%

(0.40%)

ACIG

1.00%

1.50%

0.50%

Arabian Shield

1.50%

1.50%

--

Wafa

0.70%

1.50%

0.80%

Al Wataniya

1.50%

1.50%

--

Buruj

1.30%

1.30%

--

Amana

1.30%

1.20%

(0.10%)

Al Alamiya

1.10%

1.10%

--

Salama

1.10%

1.10%

--

Al Ahli Takaful

1.10%

1.00%

(0.10%)

Gulf General

1.20%

1.00%

(0.20%)

Solidarity

0.60%

0.90%

0.30%

ACE

0.80%

0.80%

--

Al Ahliya

0.80%

0.70%

(0.10%)

Gulf Union

1.10%

0.60%

(0.50%)

Alinma Tokio M

0.30%

0.60%

0.30%

SABB Takaful

0.60%

0.60%

--

ANB Insurance

0.00%

0.40%

0.40%

Aljazira Takaful

0.10%

0.20%

0.10%

Enaya

0.10%

0.20%

0.10%

Sanad

0.40%

0.00%

(0.40%)

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