GCC zone: listed insurers' results at end-September 2024

Insurance Monitor, in partnership with Lux Actuaries and Consultants, has published the key performance indicators of the 77 listed insurance companies in the GCC (Gulf Cooperation Council) zone for the first nine months of 2024.

As at 30 September 2024, insurance revenue reached 27.876 billion USD, up 13.9% on the 24.476 billion USD recorded a year earlier.

Saudi Arabia is ranked first in the ranking of countries by revenue (12.874 billion USD), followed by the United Arab Emirates (7.365 billion USD), Qatar (3.061 billion USD), Kuwait (2.828 billion USD), Oman (1.246 billion USD) and Bahrain (502 million USD).

The overall combined ratio deteriorated by 1.3 points, from 95.2% at end-September 2023 to 96.5% twelve months later.

During the reporting period, investment income climbed by 21% to 1.401 billion USD.

Net income generated by insurers amounted to 1.677 billion USD, against 1.606 billion USD in the first three quarters of 2023, marking a 4.5% growth.