Top Insurance Companies
View the latest ranking of the top insurance companies in Saudi Arabia for 2015. The largest insurance company in Saudi Arabia is Tawuniya, followed by Bupa Arabia and Medgulf. Insurance sector in Saudi Arabia is one of the fastest growing insurance markets in the world. The insurance industry is divided into 9 sub-segments: in 2013, health insurance gross written premiums represented 51% of the insurance market, up from 32% in 2006. This is mainly attributed to the implementation of the mandatory health insurance program. Motor represented 36% of the market's gross written premium, followed by property & Casualty 20% and Pensions &Savings 3.3%., the Saudi insurance industry witnessed a significant growth recording 17.5% average annual growth, making it one of the world's fastest growing markets. In 2013, the market's gross written premiums reached SAR 25.2 billion, up from SAR 14.6 billion in 2009.
As of 2015, the number of insurance and reinsurance companies licensed in the Saudi market totaled 35 companies, 28 of them are qualified by the Cooperative Health Insurance Council to provide medical insurance services. Marcopolis.net prepared the ranking of the top 10 insurance companies in Saudi Arabia. The top 3 insurance companies; Tawuniya, Bupa Arabia and Medgulf effectively control about 54.1% of the total insurance market, 9 other companies control 27.1% of the market and the last 23 insurers control 18.8%, according to a report by Albilad Capital.
Tawuniya is currently the largest insurance company followed by Bupa Arabia and Medgulf. Due to many players in the sector, there will be consolidation in the industry. The ranking of the insurance companies changes from segment to segment. For health insurance, the largest insurance company is currently Bupa Arabia, followed by Tawuniya and MEDGULF. In vehicle insurance, the market leader is Malath Insuranc, followed by Tawuniya and MEDGULF.