According to Argaam Business Publication, the 34 Saudi insurance companies posted 278.7 million USD in pre-tax overall profits in 2015, that is, 13% more than the previous year. Only 20 companies out of the 34 have indeed reported pre-tax profits while the other 14 have been loss-making companies.
Bupa Arabia (+172 million USD in pre-tax profits), followed by Tawuniya (+171.2 million USD in pre-tax profits), and Falcon Insurance (+27.7 million USD in pre-tax profits) are the top three best-performing insurers. The underwriting profits for all of the players amounted to 279.9 million USD, a 57% year-on-year growth. Only 19 companies have reported underwriting profits.
The overall written premiums were set at 9.7 billion USD in 2015, a 19% increase. Tawuniya (2 billion USD), Bupa Arabia (1.9 billion USD) and Medgulf (1.1 billion USD) are the market’s major insurers.