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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