Middle East: Total assets of top 5 insurers in the region jump by 7% in 2020
Source: Middle East Insurance Review | Jun 2021
The total assets of the five largest listed insurance companies in the Arab region increased by 7% in 2020 to reach $26.2bn, compared to $24.5bn in 2019, according to a Forbes Middle East report.
Qatar Insurance Company (QIC) topped the ranking, as its assets grew by 8% to QAR42.58bn ($11.7bn) at the end of last December.
Morocco’s Wafa Assurance is placed second with total assets of $5bn, followed by Saudi Arabia’s Tawuniya with a value of $3.8bn; then by Bupa Arabia with a value of $3.1bn while Kuwait’s Gulf Insurance Group ranked fifth with total assets of $2.7bn.
In terms of ranking by net profit, Bupa Arabia leads the pack with $185.6m, followed by Tawuniya with $105m.
The following table summarises the positions of the top 5 insurers in the Arab insurance sector. M
| Rank |
Assets as at 31 Dec 2020 ($bn) |
2020 net profit ($m) |
| 1 |
QIC |
11.7 |
Bupa Arabia |
185.6 |
| 2 |
Wafa |
5.0 |
Tawuniya |
105.0 |
| 3 |
Tawuniya |
3.8 |
Gulf Insurance Group |
54.2 |
| 4 |
Bupa Arabia |
3.1 |
Wafa |
42.3 |
| 5 |
Gulf Insurance Group |
2.7 |
QIC |
27.7 |