Saudi Arabia – 4 insurers represent 56% of market
Wednesday, 12 16 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
Al Bilad Capital” said that four listed insurance companies in the Saudi market represent 56% of gross written premiums which are “Bupa Arabia”, “Tawuniya”, “Medgulf”, and “Malath”.
“Al Bilad Capital” added in a recent report on the insurance sector in Saudi Arabia during the third quarter of year 2015 said ten companies have market shares ranging between 2% and 5% which have together a market share of 26% of the market whereas 20 companies have individual market shares below 2% with an aggregate market share altogether of 18% of the market.
It also showed that total written premiums of the insurance market during the past nine months of the current year reached SAR 28.4 billion with a 21% growth compared to the same period last year, indicating that health insurance represents 52% of total written premiums, whereas general insurance has a 17% share, motor insurance represents 29% and finally savings and protection has a 2% share.