Saudi Arabia – 4 insurers control 59% of market
Wednesday, 12 21 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The “Al Bilad Capital” company said that the insurance sector in Saudi Arabia is characterized by a high degree of concentration since 4 companies control 59% of the total insurance market. These companies are “Bupa Arabia”, “Tawuniya”, “MedGulf” and “Malath”.
The company clarified in a recent report that 8 other companies control 24% of the market where their market shares range between 2.1% and 5.3%, whereas 21 companies combined control 17% of the market where the market share of each company was below 2%.
“Bupa” had the largest increase in market share during the first nine months of year 2016 i.e. approximately compared to the same period last year reaching 24.5%. It was followed by Takaful Rajhi of which the share increased by 1.7%.