GCC region: Listed insurers' second-quarter 2024 results

According to a report published by Insurance Monitor, the 77 listed insurance companies in the Gulf Cooperation Council (GCC) region closed the second quarter of 2024 with a net profit of 1.2 billion USD, that is an 8% increase over one year.

Quarterly insurance income reached 18.239 billion USD against 15.827 billion USD during the same period of 2023, representing a 15.2% grwoth.

The overall combined ratio deteriorated by 0.8 points to 97.2%. This indicator was slightly impacted by the April 2024 floods in the United Arab Emirates.

The country rankings confirm Saudi Arabia as market leader, with insurance revenues of 8.423 billion USD, followed by the United Arab Emirates (4.753 billion USD) and Qatar (2.045 billion USD).

Kuwait (1.875 billion USD), Oman (818 million USD) and Bahrain (326 million USD) ranked 4^th, 5^th and 6^th respectively.