Medical insurance represents 48% of premiums in Saudi Arabia

22/08/2016 Argaam Special

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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