The Middle East reinsurance market
The Middle East, with a much smaller number of reinsurers than in 2017, accounts for 1.758 billion USD, that is, 2.7% of the region's total market (insurance and reinsurance).
The figure reported by these same reinsurers in 2021 was up by 46.3% over the last five years. This growth is due to IGI, Kuwait Re and Oman Re.
Middle East reinsurance market: turnover-related analysis
The top ranking is held by IGI with 545 million USD of underwritten premiums in 2021. Saudi Re and Kuwait Re come in second and third positions, far from the region's leader.
Together, these three reinsurers account for 61.37% of the acceptances reported by Middle Eastern reinsurers.
Middle East reinsurance market: growth rate-related analysis
It is Oman Re which with a rate of 123.63% in 2021 that recorded the highest growth rate of the last five years. Followed by Kuwait Re in second place (103.98%) and IGI in third place (98.15%).
Over the period 2017-2021, reinsurers Milli Re and Arab Re declined by 24.46% and 7.57% respectively.
Figures in thousands USD| Company | Country | 2017 | 2018 | 2019 | 2020 | 2021 | 2017-2021 evolution | 2021 shares |
|---|---|---|---|---|---|---|---|---|
| IGI | Jordanie | 275 341 | 301 556 | 349 292 | 467 273 | 545 582 | 98.15% | 31.03% |
| Saudi Re | Arabie Saoudite | 251 026 | 192 098 | 211 143 | 249 021 | 297 159 | 18.38% | 16.90% |
| Kuwait Re | Koweït | 115 822 | 152 688 | 187 405 | 186 515 | 236 256 | 103.98% | 13.44% |
| Milli Re | Turquie | 286 693 | 249 606 | 278 781 | 246 775 | 216 582 | -24.46% | 12.32% |
| Hannover ReTakaful | Bahreïn | 169 883 | 154 561 | 178 953 | 206 347 | 171 096 | 0.71% | 9.73% |
| Türk Reasürans | Turquie | - | - | - | 139 896 | 158 794 | - | 9.03% |
| Oman Re | Oman | 32 105 | 57 955 | 53 091 | 64 431 | 71 796 | 123.63% | 4.08% |
| Arab Re | Liban | 66 141 | 61 497 | 69 253 000 | 60 267 | 61 132 | -7.57% | 3.48% |
| Total Middle East | 1 197 011 | 1 169 961 | 1 327 918 | 1 620 525 | 1 758 397 | 46.90% | 100% | |
Middle East reinsurance market: return onequity-related growth
In terms of ROE, two Turkish companies are monopolizing the first two rankings in 2021: Türk Reasürans with a return on equity of 24.44% and Milli Re with 18.3%. IGI comes in third position with 10.87%.
Despite a relatively high premium volume and growth rate, Saudi Re has exhibited a modest ROE of 3.97%.
Read also | Middle Eastern reinsurers: 2021 technical ratios
