MENA insurance market: top 100 insurers ranked by turnover

Magazine Issue:

Covid-19, the real big crash test for insurers [3]

Magazine date:

Jul 2023

In USD

Ranking		Companies	Country	Turnover		2021/2022 evolution ⁽¹⁾
2022	2021	Companies	Country	2022	2021	2021/2022 evolution ⁽¹⁾
1	2	Tawuniya	Saudi Arabia	3 821 304	2 721 215	40.43%
2	1	Bupa Arabia	Saudi Arabia	3 700 740	3 031 078	22.09%
3	3	GIG Kuwait	Kuwait	2 710 835	1 808 694	51.63%
4	4	Orient Insurance	United Arab Emirates	1 652 697	1 363 213	21.23%
5	5	Abu Dhabi National Insurance	United Arab Emirates	1 395 361	1 161 665	20.11%
6	7	Sukoon (Ex Oman Insurance)	United Arab Emirates	1 195 097	963 367	24.04%
7	6	Wafa Assurance	Morocco	982 888	972 512	14.70%
8	9	Al Rajhi Takaful	Saudi Arabia	924 080	734 879	25.75%
9	8	RMA	Morocco	761 415	821 835	5.15%
10	15	Medgulf	Saudi Arabia	760 181	595 506	27.65%
11	11	Walaa ⁽²⁾	Saudi Arabia	703 546	622 831	12.96%
12	10	Mutuelle Taamine Chaabi	Morocco	692 496	674 999	16.43%
13	19	National Life & General Insurance	Oman	598 381	379 272	57.78%
14	14	Axa Assurance Maroc	Morocco	568 301	595 712	8.27%
15	13	Sanlam Assurance	Morocco	561 390	601 458	5.93%
16	12	Misr Insurance	Egypt	551 684	610 631	8.31%
17	16	AtlantaSanad	Morocco	509 451	577 886	0.05%
18	17	Misr Life Insurance Co.	Egypt	483 297	487 239	18.91%
19	21	Qatar Insurance Co. ⁽³⁾	Qatar	439 777	364 233	21.01%
20	18	Gulf Insurance Group ⁽⁴⁾	Saudi Arabia	417 359	387 325	7.75%
21	20	Al Ahleia Insurance	Kuwait	410 794	375 629	10.64%
22	25	Doha Insurance QSC	Qatar	405 004	306 200	32.56%
23	22	Dubai Insurance Co	United Arab Emirates	399 959	333 868	19.79%
24	24	Allianz Life Egypt	Egypt	324 978	321 070	21.34%
25	36	Al Etihad Cooperative	Saudi Arabia	313 356	230 477	35.96%
26	45	Bankers	Lebanon	312 113	178 895	74.47%
27	26	Emirates Insurance	United Arab Emirates	309 358	304 410	1.62%
28	27	Islamic Arab Ins. (SALAMA)	United Arab Emirates	304 452	296 196	2.78%
29	52	Arabian Shield ⁽⁵⁾	Saudi Arabia	294 604	148 640	98.20%
30	28	QLM Life & Medical Ins.	Qatar	285 850	280 496	2.14%
31	35	Wataniya Insurance	Saudi Arabia	277 596	240 229	15.55%
32	39	SAICO	Saudi Arabia	276 798	207 058	33.68%
33	33	GIG Bahrain	Bahrain	274 787	244 470	12.45%
34	29	Metlife Egypt	Egypt	265 164	260 118	22.21%
35	34	Al Buhaira National Ins.	United Arab Emirates	256 671	244 384	5.02%
36	30	Malath Insurance	Saudi Arabia	251 487	250 883	0.24%
37	23	Al Ain Al Ahlia Ins.	United Arab Emirates	251 391	328 351	-23.44%
38	32	Union Insurance	United Arab Emirates	236 391	245 021	-3.53%
39	42	Allianz Saudi Fransi	Saudi Arabia	225 890	203 218	11.16%
40	48	ACIG	Saudi Arabia	221 214	157 806	40.18%
41	43	Dar Al Takaful ⁽⁶⁾	United Arab Emirates	219 859	192 223	14.37%
42	72	UCA	Saudi Arabia	218 857	109 118	100.57%
43	40	SAA	Algeria	218 345	206 496	4.43%
44	37	MCMA	Morocco	214 025	221 169	9.83%
45	31	Marocaine Vie	Morocco	213 893	250 284	-3.01%
46	62	Salama	Saudi Arabia	210 938	124 504	69.42%
47	38	AXA Life Egypt	Egypt	210 649	210 632	19.89%
48	41	Qatar General Ins. & Reinsurance	Qatar	197 471	204 728	-3.33%
49	70	Arabia Ins Cooperative	Saudi Arabia	195 249	112 465	73.61%
50	44	CAAT	Algeria	193 842	182 147	5.10%
51	46	National General Ins.	United Arab Emirates	177 019	175 800	0.69%
52	54	Al Sagr National Ins.	United Arab Emirates	172 542	136 240	26.64%
53	53	Dhofar Insurance	Oman	168 499	142 483	18.26%
54	49	Kuwait Insurance	Kuwait	164 400	154 665	7.53%
55	51	Gulf Union Al Ahlia ⁽⁷⁾	Saudi Arabia	146 047	152 463	-4.21%
56	71	Orient Takaful	United Arab Emirates	144 620	109 266	32.35%
57	59	Gulf Insurance Group Jordan (GIG)	Jordan	141 272	126 598	11.59%
58	50	Allianz Assurance Maroc	Morocco	140 109	152 667	4.16%
59	67	CASH Assurances	Algeria	137 940	115 415	18.03%
60	69	Warba Insurance	Kuwait	133 210	112 815	19.46%
61	73	Fidelity	Lebanon	130 595	108 339	20.54%
62	64	Islamic Insurance QIIC	Qatar	127 360	117 067	9.04%
63	65	Sagr Cooperative	Saudi Arabia	126 563	116 719	8.43%
64	56	Medgulf	Lebanon	123 615	130 103	-4.99%
65	66	CAAR	Algeria	123 420	116 563	4.57%
66	63	Metlife ⁽⁸⁾	Lebanon	123 224	121 804	1.17%
67	57	STAR	Tunisia	123 016	127 763	4.92%
68	83	Solidarity Bahrain	Bahrain	121 836	83 395	46.16%
69	76	Abu Dhabi National Takaful	United Arab Emirates	121 718	100 798	20.74%
70	99	Al Alamiya	Saudi Arabia	121 210	70 135	72.82%
71	61	MAMDA	Morocco	120 490	125 415	9.04%
72	60	CAT	Morocco	119 142	125 960	7.35%
73	58	Ras Al Khaimah National Ins.	United Arab Emirates	117 876	127 711	-7.71%
74	89	Alimna Tokio Marine	Saudi Arabia	116 795	81 369	43.54%
75	68	Al Medina Takaful	Oman	115 773	114 264	1.32%
76	75	United Fidelity Ins.	United Arab Emirates	114 905	104 473	9.98%
77	87	Dubai National Ins. & Reinsurance	United Arab Emirates	114 099	82 003	39.13%
78	92	Aljazira Takaful Taawuni	Saudi Arabia	110 680	79 632	38.99%
79	74	Bahrain National Holding	Bahrain	110 598	105 108	5.27%
80	77	Damaan Insurance "BEEMA"	Qatar	106 990	100 408	6.79%
81	78	GIG Egypt	Egypt	106 373	93 174	36.87%
82	80	Jordan Insurance	Jordan	104 563	87 334	19.73%
83	55	LIA Assurex ⁽⁹⁾	Lebanon	100 168	131 451	-23.80%
84	93	Gulf General	Saudi Arabia	99 408	79 025	25.79%
85	88	Orient Takaful Insurance Company	Egypt	99 112	81 720	45.40%
86	84	Alliance Insurance	United Arab Emirates	98 576	82 768	19.09%
87	96	Buruj Insurance	Saudi Arabia	98 222	77 417	26.87%
88	95	Allianz Insurance Egypt	Egypt	98 164	78 790	49.36%
89	90	Oman & Qatar Insurance	Oman	97 509	81 298	19.94%
90	47	Takaful Emarat	United Arab Emirates	96 493	158 962	-39.30%
91	79	CNMA	Algeria	94 380	90 650	2.82%
92	86	Methaq Takaful Ins.	United Arab Emirates	89 152	82 098	8.58%
93	85	Al Khaleej Takeful Insurance	Qatar	86 940	82 427	5.71%
94	82	Al Dhafra Insurance	United Arab Emirates	86 421	85 617	0.93%
95	94	Oman United Insurance	Oman	83 350	78 874	5.68%
96	81	Al Wathba National Ins.	United Arab Emirates	83 339	86 151	-3.27%
97	100	Takaful Oman Insurance	Oman	81 695	69 026	18.36%
98	98	MATU	Morocco	81 335	76 409	20.81%
99	97	Chubb Arabia	Saudi Arabia	80 869	77 382	4.51%
100	91	COMAR	Tunisia	80 496	80 978	8.32%

⁽¹⁾ Growth rate in local currency
⁽²⁾ Merger - acquisition with SABB Takaful
⁽³⁾ Local market premiums only
⁽⁴⁾ Ex. AXA Cooperative Insurance Company
⁽⁵⁾Merger - acquisition with Al Ahli Takaful
⁽⁶⁾ Merger - acquisition with National Takaful (Watania)
⁽⁷⁾ Merger - acquisition with Al Ahlia Cooperative Insurance
⁽⁸⁾ Ex. Alico Insurance
⁽⁹⁾ Merger between LIA and Assurex

Exchange rate in USD
Country	Currency	31/12/2022	31/12/2021	Country	Currency	31/12/2022	31/12/2021
Tunisia	TND	0.31847	0.34703	United Arab Emirates	AED	0.27224	0.27222
Algeria	DZD	0.00726	0.00717	Oman	OMR	2.58954	2.58961
Morocco	MAD	0.09428	0.107	Qatar	QAR	0.27254	0.27315
Egypt *	EGP	0.05311	0.06367	Bahrain	BHD	2.63554	2.63667
Saudi Arabia	SAR	0.2663	0.2663	Jordan	JOD	1.41044	1.41044
Kuwait	KWD	3.25952	3.29754	Lebanon	LBP	0.00066	0.00066

* Financial year ending 30 June
Sources: Regulatory authorities and company reports