Saudi health insurance accounted for 51 percent of the insurance sector’s gross written premiums (GWPs) in 2016 after posting around SAR 18.65 billion in GWPs, data compiled by Argaam showed.
Auto insurance GWPs rose 12 percent year-on-year (YoY) to SAR 11.92 billion in 2016 driven by higher insurance prices. It accounted for more than 32 percent of the GWPs, up from 29 percent in 2015.
Other sectors reported SAR 6.18 billion in GWPs in 2016, compared to GWPs of SAR 6.8 billion in 2015.
|
GWPs by sector in 2016 (SAR mln) |
||||
|
Period |
2015 |
2016 |
Variation |
Share % |
|
Healthcare |
18,961.4 |
18,645.1 |
( 2% ) |
51% |
|
Auto Insurance |
10,603.8 |
11,922.8 |
12% |
32% |
|
Other* |
6803.0 |
6,175.9 |
( 9% ) |
17% |
|
Total |
36,368.2 |
36,743.7 |
+1% |
-- |
*Includes property insurance, fire, robbery, accidents, professional malpractice, & others
Bupa, Medgulf, and Tawuniya accounted for 52 percent of the insurance market share.
Tawuniya posted GWPs of SAR 8.1 billion in 2016, accounting for the highest share of 21.9 percent. Bupa's GWPs hit SAR 7.9 billion in 2016, or 21.6 percent of the gross GWPs. Medgulf accounted for 9 percent of last year’s gross GWPs.
|
GWPs by company (SAR mln) |
||||
|
Period |
Healthcare |
Auto |
Other* |
Total |
|
Tawuniya |
5,231.1 |
1,512.4 |
1,311.6 |
8,055.14 |
|
Bupa Arabia |
7,938.6 |
-- |
-- |
7,938.63 |
|
MedGulf |
2,267.0 |
530.0 |
397.3 |
3,194.33 |
|
Malath |
95.2 |
1,900.6 |
172.1 |
2,167.86 |
|
Al Rajhi Takaful |
216.9 |
1,583.6 |
148.1 |
1,948.65 |
|
AXA |
319.7 |
646.6 |
187.7 |
1,153.97 |
|
Walaa |
148.9 |
572.3 |
295.4 |
1,016.61 |
|
Saudi Re |
-- |
530.9 |
454.6 |
985.51 |
|
Trade Union |
273.3 |
566.3 |
114.8 |
954.48 |
|
Allianz SF |
123.8 |
299.0 |
413.5 |
836.27 |
|
UCA |
65.7 |
491.8 |
262.1 |
819.60 |
|
SAICO |
320.9 |
216.4 |
264.5 |
801.81 |
|
Arabian Shield |
281.0 |
359.0 |
114.4 |
754.47 |
|
Salama |
30.0 |
523.3 |
18.1 |
571.35 |
|
Wafa |
88.8 |
416.3 |
45.7 |
550.81 |
|
ACIG |
186.8 |
278.9 |
45.0 |
510.62 |
|
Al Wataniya |
-- |
258.1 |
249.6 |
507.71 |
|
Buruj |
147.4 |
238.5 |
51.7 |
437.57 |
|
AICC |
156.7 |
180.0 |
82.3 |
419.10 |
|
Al Ahli Takaful |
-- |
-- |
356.28 |
356.28 |
|
Alinma Tokio M |
7.1 |
172.9 |
141.9 |
321.89 |
|
Al Alamiya |
2.4 |
84.3 |
224.1 |
310.75 |
|
Gulf Union |
59.3 |
128.5 |
89.6 |
277.38 |
|
Solidarity Takaful |
175.2 |
34.4 |
52.8 |
262.45 |
|
Gulf General |
31.5 |
122.8 |
100.9 |
255.15 |
|
Chubb Arabia |
-- |
72.2 |
142.7 |
214.84 |
|
Metlife AIG ANB |
127.3 |
13.6 |
67.2 |
208.09 |
|
SABB Takaful |
-- |
-- |
194.37 |
194.37 |
|
Al Sagr |
83.8 |
48.6 |
43.6 |
176.01 |
|
Amana |
79.4 |
71.2 |
19.3 |
169.87 |
|
Al Ahlia |
58.5 |
70.3 |
38.4 |
167.14 |
|
Eneya |
128.8 |
-- |
-- |
128.83 |
|
Aljazira Takaful |
-- |
-- |
76.2 |
76.17 |
|
Total |
18,645.1 |
11,922.8 |
6,175.9 |
36,743.7 |
Saudi net earned premiums (NEPs) rose by 13 percent YoY to SAR 30.72 billion in 2016. Car insurance premiums reached SAR 10.50 billion, accounting for 19 percent of NEPs.
|
NEPs by sector (SAR mln) |
|||
|
Period |
2015 |
2016 |
Variation |
|
Healthcare |
16,555.8 |
18,275.8 |
10% |
|
Auto |
8,828.8 |
10,503.8 |
19% |
|
Other* |
1,858.5 |
1,938.5 |
4% |
|
Total |
27,243.4 |
30,718.6 |
13% |
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