Bupa Arabia, Medgulf, Tawuniya, and Malath Cooperative dominated 56 percent of the insurance market’s written premiums in Saudi Arabia, Albilad Capital said in a report covering the first quarter of 2015.
Bupa’s market share recorded the highest quarter-on-quarter increase of 3.1 percent to 19.8 percent, while Malath followed with a 2.6 percent rise.
A total of eight companies accounted for a market share of 24 percent, while 21 insurers controlled a combined market share of 20.6 percent.
Written premiums grew 22.9 percent in Q1-2015, which was driven mainly by growth witnessed at Malath, Bupa Arabia, MEDGULF, Saudi Arabian Cooperative Insurance Co. (SAICO) and AXA Cooperative Insurance Co. (AXA).
Sixteen Saudi listed insurers grew their market share quarter-on-quarter, while 16 others saw declines. Two companies saw no change over the period.
|
Market Shares |
|||
|
Change |
Q1-2015 |
Q1-2014 |
Company |
|
+3.1% |
19.8% |
16.7 % |
Bupa Arabia |
|
+0.9% |
14.5% |
13.6 % |
MEDGULF |
|
(3.1%) |
14.4% |
17.5 % |
Tawuniya |
|
+2.6% |
7.1% |
%4.5 |
Malath |
|
+1.1% |
4.3% |
%3.2 |
SAICO |
|
+0.1% |
3.8% |
%3.7 |
AXA |
|
+0.3% |
3.6% |
%3.3 |
Al-Rajhi Takaful |
|
(1.3%) |
3.2% |
%4.5 |
UCA |
|
+0.4% |
2.4% |
%2.0 |
Arabian Shield |
|
(1.2%) |
2.3% |
%3.5 |
Saudi Re |
|
(1.0%) |
2.0% |
%3.0 |
Trade Union |
|
-- |
2.0% |
%2.0 |
Wataniya |
|
(0.2%) |
1.9% |
%2.1 |
Walaa |
|
(0.3%) |
1.9% |
%2.2 |
AICC |
|
+0.7% |
1.8% |
%1.1 |
ACIG |
|
(0.4%) |
1.7% |
%2.1 |
Allianz SF |
|
(0.4%) |
1.4% |
%1.8 |
Gulf General |
|
+0.6% |
1.2% |
%0.6 |
Sagr |
|
+0.2% |
1.1% |
%0.9 |
Al Alamiya |
|
+0.1% |
1.1% |
%1.0 |
Salama |
|
+0.3% |
1.0% |
%0.7 |
Wafa |
|
(0.1%) |
1.0% |
%1.1 |
Buruj |
|
(0.9%) |
0.9% |
%1.8 |
Gulf Union |
|
(0.1%) |
0.9% |
%1.0 |
ATC |
|
+0.3% |
0.9% |
%0.6 |
Solidarity Takakful |
|
(0.2%) |
0.9% |
%1.1 |
ACE |
|
(0.7%) |
0.7% |
%1.4 |
Amana |
|
(0.5%) |
0.6% |
1.1% |
Al Ahlia |
|
+0.4% |
0.6% |
%0.2 |
Alinma Tokio M |
|
-- |
0.5% |
%0.5 |
SABB Takaful |
|
+0.3% |
0.3% |
0.0% |
ANB Insurance |
|
(0.1%) |
0.1% |
%0.2 |
Enaya |
|
+0.1% |
0.1% |
%0.0 |
Aljazira Takaful |
|
(0.9%) |
0.0% |
%0.9 |
Sanad |
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