Saudi Arabia’s Top 5 Insurers

International desk: Saudi Arabia’s insurance sector maintained a strong growth trajectory in 2025, supported by regulatory reforms, mandatory health coverage and economic diversification initiatives under Vision 2030. Total gross written premiums (GWP) are estimated at approximately SAR 76–80 billion, equivalent to around $20–21 billion, with health insurance continuing to account for the majority of premiums, often exceeding 60%, according to industry estimates.

The market remains highly concentrated and operates largely under a cooperative (takaful-aligned) model. Medical, motor and property insurance dominate the landscape, while insurers are increasingly investing in digital transformation, artificial intelligence-driven underwriting and claims efficiency. At the same time, the sector continues to navigate challenges such as claims inflation and competitive pressures.

Based on the latest available 2025 data and company disclosures, the following are the top five insurance companies in Saudi Arabia, ranked primarily by gross written premiums and market share.

Tawuniya

Tawuniya remains the largest insurer in the Kingdom, with estimated GWP of approximately SAR 19.8 billion and a market share of around 25%. The company maintains a diversified portfolio across health, motor, property, engineering and liability lines, supported by long-standing relationships with corporate and institutional clients. Growth has been particularly strong in medical insurance, reinforcing its leading position in the market.

Bupa Arabia

Bupa Arabia follows closely, with estimated GWP of approximately SAR 18.4 billion and a market share of approximately 24–26%. The company is a leading provider of health insurance, serving a significant share of insured individuals in the Kingdom. Its performance is supported by expertise from the global Bupa group, particularly in healthcare management, network development and digital health solutions.

Al Rajhi Takaful

Al Rajhi Takaful reported estimated GWP of around SAR 10.9 billion, representing approximately 14% of the market. The company is a prominent provider of Shariah-compliant insurance products across health, motor and protection segments. Its growth reflects strong demand for Islamic financial solutions, supported by brand recognition and links to the broader Al Rajhi financial ecosystem.

MedGulf

MedGulf recorded estimated GWP of about SAR 3.7 billion, with a market share of approximately 4–5%. The company offers a balanced portfolio across health, motor, property and commercial insurance lines. Its position in the market is supported by a focus on underwriting discipline and established corporate relationships, although it continues to face pressure from rising claims costs.

Walaa Cooperative Insurance

Walaa Cooperative Insurance reported estimated GWP of approximately SAR 3.5 billion, corresponding to a market share of around 4–5%. The company provides a broad range of insurance products, including motor, health, property and specialty lines, and has been working to enhance operational efficiency and customer service through digital initiatives.

Tawuniya and Bupa Arabia together account for more than half of the Saudi insurance market, underscoring the sector’s high level of concentration. At the same time, mid-sized insurers continue to strengthen their positions through product specialisation, operational improvements and targeted growth strategies.

Overall, the sector is expected to remain on a growth path, supported by expanding health coverage requirements, demographic trends and continued regulatory development. Increasing adoption of digital technologies and innovation in product offerings are also likely to shape the competitive landscape, while insurers remain focused on managing costs and improving efficiency in a maturing market.