Four Saudi insurers grab 58% of premiums in Q1: Albilad
29/05/2016 Argaam Special
Four Saudi insurance companies accounted for 58 percent of the total SAR 11.31 billion written premiums during the first quarter of 2016, Albilad Capital said in a report.
These companies are BUPA Arabia For Cooperative Insurance Co. (BUPA), Malath Cooperative Insurance and Reinsurance (Malath Insurance), Mediterranean & Gulf Insurance & Reinsurance Co. (Medgulf), and The Company for Cooperative Insurance (Tawuniya).
Seven companies, which have market shares between 2 percent to 5 percent, accounted for 22 percent of the total written premiums. The remaining 20 percent of the market was held by 21 companies with shares less than 2 percent each.
The insurance written premiums during Q1 2016 rose 10 percent year-on-year to SAR 11.31 billion, from SAR 10.2 billion, due to a 25.8 percent rise in vehicle insurance during the same quarter.
In Q1 2016, Malath Insurance increased its market share by 3.3 percent y-o-y to 10.5 percent, followed by Bupa (1.3 percent). Meanwhile, Medgulf decreased its market share by 3.9 percent, followed by Saudi Arabian Cooperative Insurance Co. (SAICO) (1.4 percent).
Consolidated profit of the insurers reached SAR 351 million by the end of Q1 2016 compared to SAR 23 million in Q1 2015.
Of the sector, 27 companies made profits while 6 companies suffered losses in Q1 2016.