The health insurance segment accounted for 49 percent of Saudi-listed insurers’ gross written premiums (GWP) in the first nine months of 2016, even as total premiums declined 4 percent year-on-year (YoY) to SAR 29 billion, a study by Argaam showed.
Motor insurance segment made up 34 percent of GWP, compared to 29 percent in the same period of 2015. Automobile premiums jumped 18 percent YoY to SAR 9.9 billion in the same period, driven by higher insurance costs.
Insurance premiums for other segments including property, marine, fire and engineering insurance dropped by 9 percent YoY to SAR 5.5 billion in the nine-month period, representing 17 percent of GWP.
|
GWP by Segment for 9M (SAR mln) |
||||
|
Sector |
Sept-2015 |
Sept-2016 |
Variation |
Percentage |
|
Healthcare |
14,612.2 |
14,098.3 |
(4%) |
49% |
|
Motor |
8,354.0 |
9,875.4 |
+18% |
34% |
|
Other |
5,455.5 |
4,989.5 |
(9%) |
17% |
|
Total |
28,421.7 |
28,963.2 |
+2% |
-- |
Bupa Arabia for Cooperative Insurance, The Company for Cooperative Insurance (Tawuniya) and The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) accounted for 83 percent of the health insurance sector’s GWPs in the same period.
Bupa alone held 49 percent of that percentage, with its premiums growing by 10 percent YoY. Tawuniya followed with a 3 percent YoY rise in insurance premiums. Meanwhile, MedGulf saw its premiums falling by 24 percent YoY.
|
Health Insurance Premiums for 9M (SAR mln) |
|||
|
Company |
Sept-2015 |
Sept-2016 |
Variation |
|
Bupa Arabia |
6,228.0 |
6,852.4 |
+10% |
|
Tawuniya |
2,885.7 |
2,978.5 |
+3% |
|
Medgulf Insurance |
2,434.0 |
1,843.3 |
(24%) |
|
SAICO |
314.6 |
269.4 |
(14%) |
|
Arabian Shield |
181.4 |
225.6 |
+24% |
|
Trade Union |
42.9 |
223.3 |
+421% |
|
AXA Insurance |
301.7 |
176.5 |
(41%) |
|
Al Rajhi Takaful |
181.1 |
162.3 |
(10%) |
|
ACIG |
152.1 |
154.4 |
+2% |
|
Wala Insurance |
47.5 |
127.3 |
+168% |
|
Solidarity Takaful |
100.4 |
126.6 |
+26% |
|
Arabia Insurance |
217.4 |
119.0 |
(45%) |
|
Buruj Insurance |
60.6 |
111.6 |
+84% |
|
Enaya Insurance |
61.9 |
89.3 |
+44% |
|
Metlife Insurance |
62.9 |
84.2 |
+34% |
|
Allianz SF |
86.9 |
82.5 |
(5%) |
|
Amana Insurance |
271.2 |
79.6 |
(71%) |
|
Wafa Insurance |
118.6 |
68.7 |
(42%) |
|
Malath Insurance |
73.6 |
67.9 |
(8%) |
|
Alahlia Insurance |
65.6 |
54.5 |
(17%) |
|
Al Sagr Insurance |
508.1 |
53.6 |
(89%) |
|
United Cooperative Insurance |
99.6 |
47.7 |
(52%) |
|
Gulf Union |
23.2 |
39.8 |
+71% |
|
Gulf General |
64.3 |
28.3 |
(56%) |
|
Salama Insurance |
24.2 |
23.1 |
(5%) |
|
Alinma Tokio Marine |
-- |
7.1 |
-- |
|
Al Alamiya |
4.8 |
1.6 |
(66%) |
|
Sanad Insurance |
(0.158) |
(0.037) |
+77% |
|
Total |
14,612.2 |
14,098.3 |
(4%) |
In the motor insurance segment, Malath Cooperative Insurance and Reinsurance Co. led with 18 percent of GWPs. A total of 15 insurers reported an increase in premiums over the nine-month period.
As for net written premiums (NWPs), they grew by 2 percent YoY in the first nine months of 2016.
|
Motor Insurance Premiums for 9M (SAR mln) |
|||
|
Company |
Sept-2015 |
Sept-2016 |
Variation |
|
Malath Insurance |
1,293.8 |
1,758.8 |
+36% |
|
Al Rajhi Takaful |
694.3 |
1,188.7 |
+71% |
|
Tawuniya Insurance |
896.1 |
1,148.8 |
+28% |
|
AXA Insurance |
501.0 |
599.3 |
+20% |
|
Saudi Reinsurance |
298.6 |
530.2 |
+78% |
|
Medgulf Insurance |
580.5 |
499.1 |
(14%) |
|
Trade Union |
511.7 |
474.6 |
(7%) |
|
Wala Insurance |
342.5 |
429.7 |
25% |
|
United Cooperative Insurance |
532.5 |
420.5 |
(21%) |
|
Salama Insurance |
270.2 |
377.1 |
+40% |
|
Wafa Insurance |
213.9 |
346.2 |
+62% |
|
Arabian Shield |
185.0 |
267.8 |
+45% |
|
ACIG |
248.2 |
238.4 |
(4%) |
|
Wataniya Insurance |
225.5 |
228.4 |
+1% |
|
Allianz SF |
137.2 |
206.5 |
+50% |
|
SAICO |
216.1 |
180.9 |
(16%) |
|
Buruj Insurance |
208.3 |
180.1 |
(14%) |
|
Alinma Tokio Marine |
68.5 |
158.5 |
+131% |
|
Arabia Insurance |
230.4 |
151.4 |
(34%) |
|
Gulf General |
115.7 |
103.9 |
(10%) |
|
Al Alamiya Insurance |
142.1 |
74.9 |
(46%) |
|
Gulf Union |
66.9 |
70.5 |
+5% |
|
CHUBB Arabia |
62.4 |
64.5 |
+3% |
|
Al Ahlia Insurance |
139.1 |
55.2 |
(60%) |
|
Amana Insurance |
38.0 |
42.8 |
+13% |
|
Al Sagr Insurance |
42.9 |
40.4 |
(6%) |
|
Solidarity Takaful |
92.4 |
27.9 |
(70%) |
|
MetLife Insurance |
-- |
10.2 |
-- |
|
Sanad Insurance |
0.22 |
-- |
-- |
|
Total |
8,354.0 |
9,875.4 |
+18% |
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