Medical insurance represents 48% of premiums in Saudi Arabia

Medical and health premiums accounted for about 48 percent of total value of gross written premiums in Saudi Arabia in the first half of 2016, followed by motor insurance at 35 percent, an analysis by Argaam of the listed firms’ financial data found.

Medical insurance premiums gained 1 percent, or SAR 69 million, to SAR 9.83 billion in the first half of this year, compared with the same period last year. It represents almost half of the total SAR 20.63 billion worth of premiums in the market.

The value of motor insurance premiums rose 30 percent to SAR 7.23 billion during the period, helped by premium rates increases due to higher traffic accidents in Saudi Arabia. As a result, motor premiums’ share of the total market rose to 35 percent, from 29 percent in the first half last of 2015.

The value of freight, engineering, and other business and property insurances reached SAR 3.57 billion.

Gross Written Premiums (SAR mln)
Sector	H1-2015	H1-2016	Change	Percentage
Healthcare	9760.0	9829.0	+1%	%48
Motor	5547.8	7232.0	+30%	%35
Other	3887.3	3570.1	(8%)	%17
Total	19195.1	20631.0	+7%	--

Medical Insurance

The insurance market is dominated by three companies: Bupa, Tawuniya and Medgulf, which grabbed 82 percent of the total medical gross written premiums in the first half of 2016. Bupa alone accounts for 43 percent of total medical premiums.

In the first half, Bupa’s medical premiums gained 8 percent, while Tawuniya’s added 20 percent. Medgulf, however, witnessed a 21 percent drop in the value of premiums.

As many as 12 firms saw increases in their premiums, while 15 companies witnessed decreases.

Medical Insurance Premiums (SAR mln)
Company	H1-2015	H1-2016	Change
Bupa Arabia	3970.8	4273.8	+8%
Tawuniya	1935.5	2315.3	+20%
Medgulf Insurance	1918.6	1517.1	(21%)
AXA Insurance	194.7	187.8	(4%)
Saico	246.3	180.9	(27%)
Arabian Shield	147.8	172.4	+17%
Trade Union	22.5	145.4	+547%
Al Rajhi Takaful	137.7	127.8	(7%)
ACIG	115.7	98.2	(15%)
Wala Insurance	30.2	94.5	+213%
Arabia Insurance	76.8	88.2	+15%
Buruj Insurance	25.8	84.0	225%
Amana Insurance	190.1	80.0	(58%)
Enaya Insurance	36.3	67.9	+87%
Metlife	10.5	60.2	+474%
Malath Insurance	65.9	55.8	(15%)
Allianz SF	53.7	54.9	+2%
Alsagr Insurance	312.5	50.3	(84%)
Wafa Insurance	84.9	40.3	(52%)
United Cooperative Insurance	48.2	29.8	(38%)
Alahlia Insurance	31.8	29.6	(7%)
Gulf General	61.5	25.2	(59%)
Gulf Union	17.9	21.8	+22%
Salama Insurance	20.4	19.0	(7%)
Alinma Tokio Marine	--	7.1	--
Al Alamiya	3.8	1.6	(58%)
Sanad Insurance	(0.005)	(0.037)	(674%)
Total	9760.0	9829.0	+1%

Motor Insurance

Up to 16 companies posted higher motor gross written premiums in the first half, while 12 other reported lower premiums.

Malath insurance controlled up to 18 percent of total market premiums.

Net written premiums gained 7 percent in the first half of 2016 from the same period last year, led by the motor insurance sector, which saw the value of its net premiums rise 18 percent to SAR 6.10 billion.

Motor Insurance Premiums (SAR mln)
Company	H1-2015	H1-2016	Change
Malath Insurance	892.6	1306.7	+46%
Al Rajhi Takaful	481.7	827.2	+72%
Tawuniya Insurance	590.3	813.6	+38%
Reinsurance Co.	20.6	519.6	+2423%
United Cooperative Insurance	372.0	415.3	+12%
Medgulf Insurance	440.0	382.1	(13%)
AXA Insurance	301.8	361.1	+20%
Trade Union	288.8	297.2	+3%
Wafa Insurance	159.1	285.9	+80%
Wala Insurance	249.5	282.2	+13%
Salama Insurance	193.4	253.6	+31%
Arabian Shield	158.2	178.6	+13%
ACIG	191.4	170.1	(11%)
Allianz SF	96.9	148.3	+53%
Alinma Tokio Marine	57.4	143.0	+149%
Saico	170.0	142.1	(16%)
Wataniya	138.7	135.2	(3%)
Buruj Insurance	149.9	114.3	(24%)
Gulf General	95.5	86.2	(10%)
Arabia Insurance	125.5	78.6	(37%)
Al Alamiya Insurance	103.1	62.1	(40%)
ACE Insurance	50.7	55.6	+10%
Gulf Union	57.7	51.0	(12%)
Alahlia Insurance	92.7	44.8	(52%)
Alsagr Insurance	38.4	35.1	(9%)
Amana Insurance	31.6	32.9	+4%
Metlife Insurance	--	9.5	--
Sanad Insurance	0.220	--	--
Total	5547.8	7232.0	+30%

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