Gulf countries: ranking of insurers per 2019’s turnover

Figures in thousands

Rank 2019	Company	Country	2019 turnover		2018 turnover		2018-2019 evolution*
Rank 2019	Company	Country	In local currency	In USD	In local currency	In USD	2018-2019 evolution*
1	Qatar Insurance Co.	Qatar	12 843 170	3 520 700	12 605 840	3 460 930	1.88%
2	Bupa Arabia	Saudi Arabia	10 410 870	2 772 520	8 566 650	2 280 530	21.53%
3	Tawuniya	Saudi Arabia	8 375 860	2 230 580	7 641 250	2 034 180	9.61%
4	Gulf Insurance	Kuwait	394 060	1 296 390	364 600	1 195 740	8.08%
5	Daman Health	United Arab Emirates	4 592 040	1 250 000	5 031 760	1 370 000	-8.74%
6	Orient Insurance	United Arab Emirates	3 881 000	1 057 000	3 678 000	1 001 000	5.52%
7	ADNIC	United Arab Emirates	3 756 000	1 022 000	2 909 000	792 000	29.12%
8	Oman Insurance Co	United Arab Emirates	3 545 000	965 000	3 699 000	1 007 000	-4.16%
9	AlRajhi Takaful	Saudi Arabia	2 569 800	684 370	2 973 590	791 600	-13.58%
10	Medgulf	Saudi Arabia	2 421 280	644 810	2 069 470	550 910	17.00%
11	National Life & General Insurance	Oman	148 600	384 990	134 590	348 680	10.41%
12	AXA Cooperative	Saudi Arabia	1 409 780	375 440	1 445 860	384 900	-2.50%
13	Walaa	Saudi Arabia	1 215 390	323 670	1 104 960	294 150	9.99%
14	Al Ahleia Insurance	Kuwait	97 870	321 960	83 980	275 420	16.54%
15	Al Ain Al Ahlia	United Arab Emirates	1 154 000	314 000	1 514 000	412 000	-23.78%
16	Emirates Insurance	United Arab Emirates	1 137 000	310 000	1 043 000	284 000	9.01%
17	Salama	United Arab Emirates	1 106 000	301 000	1 041 000	283 000	6.24%
18	Allianz Saudi Franzi	Saudi Arabia	1 011 670	269 420	870 720	231 790	16.19%
19	Dubai Insurance Co	United Arab Emirates	971 000	264 000	532 000	145 000	82.52%
20	Union Insurance	United Arab Emirates	927 000	252 000	952 000	259 000	-2.63%
21	Al Buhaira National Ins	United Arab Emirates	867 000	236 000	496 000	135 000	74.80%
22	Al Etihad (Ex. Trade Union)	Saudi Arabia	861 940	229 540	929 780	247 520	-7.30%
23	Malath Insurance	Saudi Arabia	835 240	222 430	729 080	194 090	14.56%
24	SAICO	Saudi Arabia	834 340	222 190	949 990	252 900	-12.17%
25	GIG Bahrain	Bahrain	81 660	215 290	81 610	215 750	0.06%
26	Wataniya	Saudi Arabia	735 040	195 750	712 320	189 630	3.19%
27	Qatar General Ins	Qatar	695 130	190 560	546 600	150 070	27.17%
28	Doha Insurance QSC	Qatar	655 910	179 810	623 930	171 300	5.13%
29	Ras Al Khaimah Ins	United Arab Emirates	615 000	167 000	510 000	139 000	20.59%
30	Takaful Emarat	United Arab Emirates	606 000	165 000	599 000	163 000	1.17%
31	Bahrain Kuwait Ins. BKIC	Kuwait	47 810	157 300	47 710	156 470	0.21%
32	Gulf Union	Saudi Arabia	558 800	148 810	328 000	87 320	70.37%
33	National General Ins.	United Arab Emirates	536 000	146 000	551 000	150 000	-2.72%
34	Arabian Shield	Saudi Arabia	543 720	144 800	625 100	166 410	-13.02%
35	ACIG	Saudi Arabia	529 350	140 970	500 010	133 110	5.87%
36	Salama	Saudi Arabia	503 500	134 090	734 980	195 660	-31.49%
37	Abu Dhabi National Takaful Company	United Arab Emirates	489 000	133 000	384 000	105 000	27.34%
38	Kuwait Insurance KIC	Kuwait	37 550	123 550	36 380	119 300	3.22%
39	Sagr Cooperative	Saudi Arabia	455 700	121 360	350 380	93 270	30.06%
40	Dhofar Insurance	Oman	45 630	118 220	40 040	103 720	13.96%
41	UCA	Saudi Arabia	420 290	111 930	391 970	104 350	7.23%
42	Islamic Insurance QIIC	Qatar	405 430	111 140	382 370	104 980	6.03%
43	Al Sagr National Ins.	United Arab Emirates	407 000	111 000	356 000	97 000	14.33%
44	Dar Al Takaful	United Arab Emirates	403 000	110 000	291 000	79 000	38.49%
45	Saudi Solidarity Takaful	Saudi Arabia	391 020	104 130	245 860	65 450	59.04%
46	Dubai National Ins & Reins Co.	United Arab Emirates	381 000	104 000	351 000	96 000	8.55%
47	Al Medina Takaful	Oman	38 910	100 820	30 470	78 950	27.70%
48	Warba Insurance	Kuwait	29 680	97 640	28 550	93 640	3.96%
49	National Takaful Co	United Arab Emirates	345 000	94 000	300 000	82 000	15.00%
50	Damaan Insurance "BEEMA"	Qatar	339 200	92 980	332 090	91 180	2.14%
51	Bahrain National Holding	Bahrain	33 800	89 130	33 580	88 780	0.66%
52	Arabia Ins. Cooperative	Saudi Arabia	332 420	88 530	350 790	93 380	-5.24%
53	Alimna Tokio Marine	Saudi Arabia	331 140	88 190	353 590	94 130	-6.35%
54	Al Dhafra Insurance	United Arab Emirates	324 000	88 000	334 000	91 000	-2.99%
55	Buruj	Saudi Arabia	305 540	81 370	320 000	85 190	-4.52%
56	Solidarity Bahrain	Bahrain	30 850	81 340	30 070	79 500	2.59%
57	Khaleej Takaful	Qatar	296 470	81 270	267 680	73 490	10.76%
58	Oman United Insurance	Oman	31 160	80 730	36 650	94 950	-14.98%
59	Alliance Insurance	United Arab Emirates	285 000	78 000	291 000	79 000	-2.06%
60	Methaq Takaful Ins.	United Arab Emirates	283 000	77 000	317 000	86 000	-10.73%
61	Al Fujairah National Ins.	United Arab Emirates	275 000	75 000	267 000	73 000	3.00%
62	Oman & Qatar Ins.	Oman	28 940	74 980	28 270	73 230	2.37%
63	Gulf General	Saudi Arabia	279 690	74 480	264 680	70 460	5.67%
64	Orient UNB Takaful	United Arab Emirates	255 000	69 000	190 000	52 000	34.21%
65	Chubb Arabia	Saudi Arabia	258 220	68 770	233 970	62 290	10.36%
66	KFH Takaful	Kuwait	20 720	68 150	18 940	62 100	9.40%
67	Al Wathba National Ins.	United Arab Emirates	250 000	68 000	271 000	74 000	-7.75%
68	Dubai Islamic Insurance & Reinsurance	United Arab Emirates	250 000	68 000	376 000	102 000	-33.51%
69	Vision Insurance SAOG	Oman	25 640	66 440	27 480	71 190	-6.70%
70	Amana Cooperative	Saudi Arabia	248 050	66 060	137 450	36 590	80.47%
71	Takaful Oman Insurance	Oman	25 260	65 430	23 110	59 870	9.30%
72	Al Ahlia Insurance	Oman	24 880	64 460	25 800	66 850	-3.57%
73	Insurance House	United Arab Emirates	236 000	64 000	211 000	58 000	11.85%
74	Ahli Takaful	Saudi Arabia	238 840	63 610	338 350	90 070	-29.41%
75	United Fidelity Ins.	United Arab Emirates	221 000	60 000	146 000	40 000	51.37%
76	Alamiya (RSA)	Saudi Arabia	219 940	58 570	293 530	78 140	-25.07%
77	GIG Takaful International	Bahrain	21 720	57 270	22 030	58 250	-1.41%
78	General Takaful	Qatar	192 240	52 700	197 780	54 300	-2.80%
79	Ahlia Cooperative	Saudi Arabia	192 250	51 200	172 980	46 050	11.14%
80	T'azur	Bahrain	19 080	50 310	17 170	45 400	11.12%
81	SEIB	Qatar	182 400	50 000	213 800	58 700	-14.69%
82	Muscat Insurance	Oman	18 450	47 800	18 590	48 160	-0.75%
83	Arabian Falcon Ins.	Oman	16 910	43 800	16 070	41 620	5.23%
84	Medgulf Takaful	Bahrain	15 700	41 400	15 660	41 400	0.26%
85	Sabb Takaful	Saudi Arabia	155 150	41 320	139 970	37 260	10.85%
86	Saudi Enaya	Saudi Arabia	154 030	41 020	138 240	36 800	11.42%
87	Gulf Union	Bahrain	14 980	39 500	14 750	39 000	1.56%
88	Arabian Scandanavian National Ins.	United Arab Emirates	141 000	38 000	168 000	46 000	-16.07%
89	Al Jazirah Takaful	Saudi Arabia	130 280	34 700	101 150	26 930	28.80%
90	Enaya	Kuwait	9 730	32 000	11 740	38 500	-17.12%
91	Sharq	Qatar	109 440	30 000	101 990	28 000	7.30%
92	Ilaf	Kuwait	8 510	28 000	8 540	28 000	-0.35%
93	SNIC Insurance	Bahrain	10 390	27 390	10 290	27 200	0.97%
94	United Insurance	Bahrain	9 620	25 350	9 120	24 110	5.48%
95	Al Hilal Life	Bahrain	8 950	23 600	8 720	23 060	2.64%
96	T'azur	Kuwait	6 230	20 500	7 560	24 800	-17.59%
97	Wethaq Takaful	Kuwait	5 760	18 960	5 040	16 540	14.29%
98	National Takaful	Kuwait	5 620	18 500	6 040	19 800	-6.95%
99	Kuwait Qatar	Kuwait	5 500	18 100	5 520	18 100	-0.36%
100	Ghazal	Kuwait	5 170	17 000	4 610	15 130	12.15%
101	First Takaful	Kuwait	4 610	15 180	5 240	17 190	-12.02%
102	Arab Islamic Takaful	Kuwait	4 560	15 000	4 120	13 500	10.68%
103	Gulf Takaful	Kuwait	3 970	13 070	3 900	12 800	1.79%
104	Axa Green Crescent Ins.	United Arab Emirates	46 000	13 000	40 000	11 000	15.00%
105	Sharjah Insurance	United Arab Emirates	44 000	12 000	53 000	14 000	-16.98%
106	Dar Al Salam	Kuwait	3 400	11 180	3 410	11 180	-0.29%
107	KITI	Kuwait	2 740	9 000	3 020	9 900	-9.27%
108	Boubyan Takaful	Kuwait	2 680	8 800	2 680	8 800	0.00%
109	Ritaj Takaful	Kuwait	1 310	4 300	1 310	4 300	0.00%
110	United	Kuwait	640	2 100	1 190	3 900	-46.22%

* Evolution in local currency
For the United Arab Emirates, only the top 30 companies of the market are included in the ranking.
Source: Companies' reports and Al Bayan Economic

Exchange rate as at 31/12/2019: United Arab Emirates: AED/USD: 0.27221 - Saudi Arabia: SAR/USD: 0.26631 - Bahrain: BHD/USD: 2.63655 - Kuwait: KWD/USD: 3.28983 - Qatar: QAR/USD: 0.27413 - Oman: OMR/USD: 2.59079

Exchange rate as at 31/12/2019: United Arab Emirates: AED/USD: 0.27227 - Saudi Arabia: SAR/USD: 0.26621 - Bahrain: BHD/USD: 2.64362 - Kuwait: KWD/USD: 3.27956 - Qatar: QAR/USD: 0.27455 - Oman: OMR/USD: 2.59062

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Tue, 23/02/2021 - 15:39

Gulf countries: ranking of insurers per 2019’s turnover

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