GCC insurance market: 2022 turnover
The latest study published by Sigma (n°3/2023) indicates that insurance companies operating in the Gulf Cooperation Council (GCC) countries have recorded a 17.4% increase in their overall turnover in 2022. The premium volume went up from 28.194 billion USD in 2021 to 33.086 billion USD a year later.
The ranking by country places Saudi Arabia as the market leader, ahead of the United Arab Emirates, which now occupies the second position.
GCC insurance market: premium breakdown by country
Figures in millions USD| Country | Turnover | Evolution | 2022 Shares | |
|---|---|---|---|---|
| 2022 | 2021 | |||
| Saudi Arabia | 14 228 | 11 208 | 26.9% | 43% |
| United Arab Emirates | 13 255 | 11 859 | 11.8% | 40.1% |
| Qatar | 1 762 | 1 606 | 9.8% | 5.3% |
| Kuwait | 1 698 | 1 539 | 10.3% | 5.1% |
| Oman | 1 344 | 1 248 | 7.7% | 4.1% |
| Bahrain | 799 | 734 | 8.9% | 2.4% |
| Total | 33 086 | 28 194 | 17.4% | 100% |
