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 [4] 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 [5] 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 [6] 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 [7] in third place (98.15%).
Over the period 2017-2021, reinsurers Milli Re [8] and Arab Re [9] 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% | |
Read also | Middle Eastern reinsurers: ranking according to turnover 2021 [10]
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 [11] 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 [12]