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Bupa Arabia tops Saudi insurance market with 22% of GWPs: Albilad Capital
Four Tadawul-listed insurance firms led by Bupa Arabia for Cooperative Insurance dominated 56 percent of the insurance market’s total gross written premiums (GWP) during the first nine months of this year, Albilad Capital said in a report on Monday.
Bupa alone controlled 22 percent of total GWPs. It was followed by The Company for Cooperative Insurance (Tawuniya) with 16.9 percent, The Mediterranean and Gulf Insurance and Reinsurance Co. (Medgulf) with 12 percent and Malath Cooperative Insurance and Reinsurance Co. with 5.4 percent.
Ten market players gained market shares between two percent and five percent, accounting for 26 percent of total GWPs in the local market.
The market shares of the remaining 20 insurers stood at less than two percent, holding collectively 18 percent of total GWPs.
GWPs totaled SAR 28.4 billion in the nine-month period, growing 21 percent year-on-year (YOY), the brokerage added.
Health insurance accounted for 52 percent of total GWPs, while auto and general coverage were 29 percent and 17 percent, respectively. Protection and savings represented only two percent.
A total of 14 firms increased their market shares, 16 saw decreases while the remaining four insurers’ market share remained unchanged.
During the same period, Malath came on top with a 2.1 percent increase in market share YOY to 5.4 percent. Al Sagr Co-operative Insurance Co. took the second place with a 1.3 percent growth.
However, Medgulf saw the steepest decline in its market share by 3.2 percent. Tawuniya followed with a 1.6 percent decrease, Albilad added.
|
Market shares of insurance companies |
|||
|
Change |
9-months 2015 |
9-months 2014 |
Company |
|
+1.0% |
22.0% |
21.0% |
Bupa Arabia |
|
(1.6%) |
16.9% |
18.5% |
Tawuniya |
|
(3.2%) |
12.0% |
15.2% |
Medgulf Insurance |
|
+2.1% |
5.4% |
3.3% |
Malath Insurance |
|
+0.4% |
3.5% |
3.1% |
Al-Rajhi Takaful |
|
+0.2% |
3.5% |
3.3% |
AXA Insurance |
|
(0.3%) |
3.2% |
3.5% |
United Cooperative Assurance |
|
(0.1%) |
2.7% |
2.8% |
SAICO |
|
(0.4%) |
2.6% |
2.2% |
Saudi Reinsurance |
|
(0.2%) |
2.4% |
2.6% |
Trade Union |
|
(0.1%) |
2.2% |
2.3% |
Walaa Insurance |
|
(0.1%) |
2.1% |
2.2% |
Allianz SF |
|
+1.3% |
2.0% |
0.8% |
Al Sagr Insurance |
|
(0.3%) |
2.0% |
2.3% |
Arabia Insurance |
|
-- |
1.6% |
1.6% |
Arabian Shield |
|
+0.1% |
1.6% |
1.5% |
Wataniya |
|
+0.8% |
1.6% |
0.8% |
ACIG |
|
+0.7% |
1.3% |
0.6% |
Metlife Insurance |
|
(0.3%) |
1.1% |
1.4% |
Buruj Insurance |
|
(0.4%) |
1.1% |
1.5% |
Amana Insurance |
|
+0.1% |
1.1% |
1.0% |
Al Alamiya |
|
-- |
1.1% |
1.1% |
Salama Insurance |
|
(0.3%) |
1.0% |
1.3% |
Gulf General |
|
+0.2% |
0.8% |
0.6% |
Solidarity Takaful |
|
-- |
0.8% |
0.8% |
Al-Ahlia Insurance |
|
(0.1%) |
0.8% |
0.9% |
Al-Ahli Takaful |
|
(0.1%) |
0.7% |
0.8% |
ACE Insurance |
|
(0.6%) |
0.6% |
1.2% |
Gulf Union |
|
+0.3% |
0.6% |
0.3% |
Alinma Tokio Marine |
|
-- |
0.6% |
0.6% |
SABB Takaful |
|
+0.4% |
0.4% |
0.0% |
ANB Insurance |
|
+0.1% |
0.2% |
0.1% |
Enaya |
|
+0.1% |
0.2% |
0.1% |
Al Jazira Takaful |
|
(0.5%) |
0.0% |
0.5% |
Sanad Insurance |
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