GCC: Strong start to 2026 for listed insurers despite regional tensions
Source: Middle East Insurance Review | Jul 2026
GCC insurers entered the ongoing regional geopolitical escalation from a position of relative strength, with 1Q2026 results continuing to reflect strong premium growth and profitability across most markets, according to a report by research and consulting firm Insurance Monitor and Lux Actuaries and Consultants.
The “GCC Performance Periodical 1Q2026” states that listed insurers reported insurance revenue growth of 13.6% to $10.8bn in 1Q2026, while net profit increased by 14.7% to $714m.
Performance, however, remains uneven beneath the aggregate results, with 29 out of 74 insurers reporting losses or declines in profit.
UAE insurers registered broad-based revenue growth of 11.2% and a significant improvement in underwriting performance following repricing actions implemented after the 2024 rainfall losses. The aggregate Net Combined Ratio (NCR) improved to 90.9% (Q1 2025: 92.5%) and profitability increased by 10.0% despite a 5.5% decline in investment income, indicating improving earnings quality driven by underwriting.
In Saudi Arabia, insurance revenue increased by 14.7% and net profit rose by 23.7%, supported by strong investment income growth of 10.7%.
Outside the UAE, profitability across Oman, Bahrain, Kuwait and Qatar remained significantly supported by investment returns. M