Top 5 insurance Companies In Saudi Arabia

View the latest ranking of the top insurance companies in Saudi Arabia for 2015. The largest insurance company in Saudi Arabia is Tawuniya, followed by Bupa Arabia and Medgulf. Insurance sector in Saudi Arabia is one of the fastest growing insurance markets in the world. The insurance industry is divided into 9 sub-segments: in 2013, health insurance gross written premiums represented 51% of the insurance market, up from 32% in 2006. This is mainly attributed to the implementation of the mandatory health insurance program. Motor represented 36% of the market's gross written premium, followed by property & Casualty 20% and Pensions &Savings 3.3%., the Saudi insurance industry witnessed a significant growth recording 17.5% average annual growth, making it one of the world's fastest growing markets. In 2013, the market's gross written premiums reached SAR 25.2 billion, up from SAR 14.6 billion in 2009.

As of 2015, the number of insurance and reinsurance companies licensed in the Saudi market totaled 35 companies, 28 of them are qualified by the Cooperative Health Insurance Council to provide medical insurance services. Marcopolis.net prepared the ranking of the top 10 insurance companies in Saudi Arabia. The top 3 insurance companies; Tawuniya, Bupa Arabia and Medgulf effectively control about 54.1% of the total insurance market, 9 other companies control 27.1% of the market and the last 23 insurers control 18.8%, according to a report by Albilad Capital. Tawuniya is currently the largest insurance company followed by Bupa Arabia and Medgulf. Due to many players in the sector, there will be consolidation in the industry. The ranking of the insurance companies changes from segment to segment. For health insurance, the largest insurance company is currently Bupa Arabia, followed by Tawuniya and MEDGULF. In vehicle insurance, the market leader is Malath Insuranc, followed by Tawuniya and MEDGULF.
THE LIST OF TOP INSURANCE COMPANIES IN SAUDI

BUPA

Bupa Arabia for Cooperative Insurance is a Saudi-owned and operated publicly traded company with SR 400 million in paid up capital. With years of deep knowledge of the Saudi healthcare market, Bupa Arabia provides health insurance in accordance with the requirements of the Council of Cooperative Health Insurance and the Saudi Arabian Monetary Agency (SAMA).

Bupa Arabia is associated with the Bupa Group, a worldwide healthcare organization with more than 60 years of expertise in the fields of health and wellbeing. The Bupa Group provides total healthcare solutions to more than 22 million members, 190 countries. Across the globe, Bupa offers personal and corporate health insurance, runs care homes for older people and hospitals, and provides workplace health services, health assessments and chronic disease management services, including health coaching and home healthcare.

At Bupa Arabia, we believe in offering affordable access to the best healthcare facilities available no matter what your life situation or financial means. This is why we offer a wide range of individual and company solutions to meet all your insurance needs for treatment and healthcare under different categories:

Bupa Corporate for 100 lives and above – insurance solutions for large companies
Bupa Business for less than 100 lives – insurance solutions for SMEs Small and medium enterprises
Bupa Family – insurance solutions for Saudi Families
Bupa Business for Individuals – insurance solutions for Saudi expatriate residents
Bupa business for Domestic Help

Our global presence has allowed Bupa Arabia to draw on our international expertise and experience to provide our members in the Kingdom of Saudi Arabia with the best healthcare services, support and advice.

Bupa Arabia has more than 1000 + employees across the Kingdom who shares the common purpose of helping people live longer, healthier, happier lives.

Because at Bupa Arabia, we care about your health.

MEDGUIF
Protect your company’s money from theft, damage or another unavoidable event.

MedGulf's Money Insurance protects you against money loss whether in a safe, in transit, on your premises during working hours. This includes cash money, bank drafts, money orders or money in other forms.

SAICO
SAICO, a Saudi joint stock company, was established on the basis of a Royal Decree No. M/60 dated 18/09/1427H (11/10/2006) and Decision of the Council of Ministers No. 233 dated 16/09/1427H. It chose Riyadh to be the Head Office location. In the year 2010 the company obtained SAMA's approval to market insurance products. The company aims at practicing all relevant activities to insurance. The company performs such works as may be necessary to realize its objectives whether in terms of insurance or investment of its capital. It can also own and activate fixed or capital assets as well as sell, replace or rent the same, whether directly or through companies it establishes for this purpose or via partnership with others. The major activity of the company includes offering insurance service in the fields of: vehicles, medical, sea shipment, fire, engineering, aviation, power, group life insurance and accidents.
SAICO has a capital of SR 100 million divided into 10 million shares with a face value of SR10 per share. The company's founders contributed a total nominal value of SR60 million (6 million shares) representing 60 percent of the company's capital, while the remaining 4 million shares with a nominal value of SR40 million were announced for initial public offering..

Trade Union

'Trade Union Cooperative Insurance & Reinsurance Company.' Was establish In February 2008, became a public company and was launched on the Saudi stock exchange (Tadawul symbol: 8170),

With a paid-up capital of SAR 275 million, Trade Union is one of the largest insurance companies in the Kingdom today. We are authorized to transact all classes of insurance and reinsurance Except life insurance.

Our experience and commitment to serving our clients' needs have made us the leader in tailor-made insurance to businesses throughout the Kingdom.

		Click here to see our senior management
		Click here to see the list of our reinsurers

Our Philosophy: Solutions - Security - Service

Our experience and commitment to serving our clients' needs have made us develop our corporate philosophy with the client always being our central focus.

Solutions: To offer one-stop integrated insurance solutions specifically tailored and developed to suit the needs of the client. Such commitment is reinforced by a wealth of experienced professionals equipped to analyze and develop both corporate and individual solutions.

Service: Since its inception Trade Union has been committed to maintaining the highest standards of service by providing expert advice to its valued clients. The company operates a wide network of branches throughout the Kingdom. our principal asset are the key corporate members and a highly experienced and capable staff who can offer expert advice based on their understanding of the unique needs of each individual client.

Our Mission: Integrity - Efficiency - Proficiency

Identify clients' needs
Design problem-solving strategies
Implement what was designed
Review results
Monitor needs

Product:

Individual Health Insurance

Product Overview:

Al Rajhi Takaful takes pride in offering high quality health insurance plans for you, your family and your staff. With Al Rajhi Takaful taking care of your health, you can enjoy extra peace of mind.

The product is designed especially for expatriate's (non-Saudi individuals) within the Saudi market. The product is based on the basic Council of Cooperative Health Insurance (CCHI) product/policy guidelines. The product overall cover limit is SR 500,000, while the C category hospital network applies (see the Al Rajhi Takaful hospital network). There's also shared room accommodation for in-patients, annual maternity cover, dental cover and optical cover, and extensive emergency/elective treatment.

To provide that extra peace of mind, we will issue a personalized health card to each insured member. This card guarantees you hospital admission in one of our network hospitals, we offer a 24 hours a day, 365 days a year, medical helpline service to guide and assist you in case of any medical emergency.

Policy Wording and Table Benefits:

Policy wording

Table of Benefits

Our Network Providers