“Al Bayan Economic” magazine published in its December 2024 issue (Issue No. 637) an overview on the top 370 insurance companies in the MENA region in terms of insurance premiums. More specifically, the article unveiled that written premium collections rose by 13.17% in 2023 to $48.20 billion, from $42.59 billion in 2022. The article also provided insights on some key financial metrics of the concerned companies such as total assets, shareholders’ equity, net profit and return on equity. In details, the total assets of the combined 370 insurance companies increased by 3.65% in 2023 to $100.83 billion while shareholders’ equity rose by 8.12% to $29.56 billion, and net profit soared by 62.20% to $2.35 billion.   

From a ranking perspective, Saudi based Bupa Arabia came in first with some $4.24 billion in written premiums in 2023 (23.42% y-o-y increase), followed by its compatriot Tawuniya ($4.07 billion in written premiums, 33.81% y-o-y increase) and Kuwaiti-based Gulf Insurance Group which completed the top 3 list with some $2.89 billion in written premiums (5.33% y-o-y increase).

On the local front, 42 Lebanese companies made it to the list, with Arabia occupying the first position (36^th regionally with some $264.37 million in written premiums and an annual growth of 5.66%), followed by Medgulf Group (50^th regional rank with $202.00 million in written premiums), Bankers (84^th regional rank with written premiums of $110.81 million), LIAASSUREX (89^th regional rank and written premiums of $92.22 million) and Fidelity (94^th regional rank with some $87.79 million in written premiums), only to name a few.