GCC insurance market performance as at 30 September 2022
In partnership with Lux Actuaries and Consultants, the UAE-based research firm Insurance Monitor has published a study on the key performance indicators of the insurance markets in the Gulf Cooperation Council (GCC) countries as at 30 September 2022.
The 80 listed insurers have recorded a 21.7% increase in their overall turnover to 23.9 billion USD during the first nine months of 2022.
This improvement is driven by the economic development, the population growth and the introduction of new compulsory covers.
During the first three quarters of 2022, insurance companies operating in the GCC zone have generated a net profit of 723 million USD, which represents a 28.6% decline.
The 98.8% combined ratio was impacted by rising inflation, claims experience, and distribution and administration expenses.
The investment income has declined by 4.5% to stand at 912 million USD.
Insurance premium evolution in the Gulf countries as at 30 September
Figures in millions USD| Country | Turnover | Evolution | Market share as at 30 September 2022 | |
|---|---|---|---|---|
| 2022 | 2021 | |||
| Saudi Arabia | 10 395 | 8 231 | 26.3% | 43.5% |
| United Arab Emirates | 6 290 | 5 522 | 13.9% | 26.3% |
| Qatar | 3 061 | 2 929 | 4.5% | 12.8% |
| Kuwait | 2 716 | 1 760 | 54.3% | 11.4% |
| Oman | 1 032 | 835 | 23.6% | 4.3% |
| Bahrain | 411 | 361 | 13.8% | 1.7% |
| Total | 23 905 | 19 638 | 21.7% | 100% |
Net result evolution of the Gulf countries as at 30 September
Figures in millions USD| Country | Net result | ||
|---|---|---|---|
| 2022 | 2021 | Evolution | |
| United Arab Emirates | 307 | 439 | -29.9% |
| Kuwait | 178 | 144 | 23.3% |
| Saudi Arabia | 123 | 113 | 9.4% |
| Qatar | 50 | 225 | -78% |
| Oman | 40 | 59 | -31.8% |
| Bahrain | 25 | 33 | -24.6% |
| Total | 723 | 1 013 | -28.6% |
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