Saudi Arabia's Most-Valuable Insurance Companies
In our 2020 ranking of the 20 Most-Valuable Insurance Companies In The Middle East, Saudi Arabia dominated the list with eight entries. Market value here is as of October 8, 2020. 1 Bupa Arabia for Cooperative Insurance
CEO: Tal Hisham Nazer
Market Value: $4.2 B Established in: 1997 Leading British health insurer, Bupa, established its Saudi presence in 1997 as a joint venture between the British United Provident Association Limited and the Saudi Nazer Group. The company went public in 2008—it was oversubscribed by more than 900%, making it one of the most successful IPOs for an insurance company in the kingdom. In 2019, Bupa
Arabia's total comprehensive income jumped by 61.5% to reach $174.2 million. 2 Company for Cooperative Insurance (Tawuniya)
CEO: Abdulaziz Hassan ALBoug
Market Value: $3 B Established in: 1986 Tawuniya was the first national insurance licensed company in Saudi Arabia to practice all types of insurance business in accordance with Islamic Shari'ah. It provides more than 60 types of insurance including medical, motor, fire, property, engineering, casualty and marine, among others. In 2018, Tawuniya launched a 360° integrated insurance program for SMEs. Among the company's clients are Saudi Arabian Airlines (SAUDIA), the Ministry of Hajj and Umrah and Fawaz Al Hokair Group. Tawuniya's gross written premiums exceeded $2.2 billion in 2019, compared to $2 billion in 2018. 3 Al-Rajhi Takaful
CEO: Abdulaziz Mohammed Al Sedeas
Market Value: $851 M Established in: 2008 Saudi's AlRajhi Takaful offers Shari'ah compliant insurance products for corporates and individuals, including motor, health, and travel insurance. It has also developed services to specifically benefit women on the road, such as its “Guardian Angel on Call” and roadside assistance. Al Rajhi Takaful's gross written premiums exceeded $685.2 million in 2019. It provides services to more than a million customers, and in the last quarter of last year signed an agreement with Abdul Latif Jameel United Finance Company and United Instalment Sales Co. to provide motor insurance for vehicles owned by Abdul Latif Jameel.