GCC market structure
The markets of Saudi Arabia, the United Arab Emirates, Kuwait, and Qatar represent the biggest insurance markets in the Gulf Cooperation Council region. Non-life insurances are the more significant segment of the insurance industry in this region. Most insurance policies have been adjusted to Islamic law requirements, in the same way as other financial products, to avoid interest-related income.The insurance penetration rate in the Gulf Cooperation Council region is generally very low. The United Arab Emirates has the highest insurance penetration rate at 3.2 percent. Qatar has the lowest insurance penetration rate at about one percent.
Insurance companies
About 9.7 thousand people are employed in the insurance industry in the United Arab Emirates, closely followed by Saudi Arabia at 9.6 thousand. This is reflected as well in the number of insurance companies operating in the region. The United Arab Emirates houses about 60 insurance companies.The Al National Life and general Insurance Co. has the highest return of investment ratio of all insurances in the region with 20 percent. The return of investment of Emirates Insurance Co. was only 2,3 percent for the same period.
Bupa Arabia for Cooperative Insurance Company reached a net written premium of 2.7 billion U.S. dollars for 2020 making it the most valuable insurance company in the region, followed by Qatar Insurance Co. at 2.39 billion U.S. dollars.
