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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