June 16th, 2022 at 02:03 pm
Top 5 most valued insurers in the Middle East
There is a large number of insurance companies in the Middle East. These companies offer a range of products for individuals and organizations. The products span property, health, life, and non-life insurances, as well as a number of other financial services, including pensions and asset management.
Insurance has seen a digital transformation globally which has led to the increase of insurtech start-ups. The insurance premium market in the Middle East and North Africa stood at $57billion in 2018.
Research from Zawa shows that immigrants in the middle East who earned a low income are mostly not insured. Also, this research also showed that there is an opportunity for insurers to grow in the Middle East.
These are some insurance companies in the Middle East that have been ranked by total assets in US dollars.
1 . Firstly, ERGO Sigorta A.Ş (Turkey)
The company can be found in Turkey and provides insurance covers in seven areas. They are Fire, Car Accident, Non-Car Accident, Engineering, Transportation, Agriculture, as well as Health. ERGO has a target level capital of 144,6 million, and a target level premium of 694 million. The firm has more than 1500 agencies.
ERGO Sigorta is a leading insurance company in the Middle East and has total assets of $110.9bn.
2 . Secondly, Harel Insurance Investments & Finance Services (Israel)
It is one of Israel’s largest insurance and finance groups that offers wholesome financial and insurance solutions. Harel Insurance has been in existence for more than 80 years including life insurance, general insurance, health insurance, provident funds, pension funds, mutual funds, exchange-traded funds, as well as investment portfolio management. The firm’s total asset is worth $82.7bn.
3 . Also, Migdal Holdings (Israel)
Another leading insurance firm in Israel that insures both individuals and corporations with a wide range of products related to life assurance, provident funds management, pension funds management, general insurance, as well as health insurance. Its total asset is worth $74.8bn.
4 . Another is Qatar Insurance Company (Qatar)
It was established in 1964 and provides general insurance products to individuals and corporations. Fire Insurance, as well as Medical Insurance, are some of the products they offer to their clients. The worth of their total asset is $10.8bn
5 . Lastly, Tawuniya (Saudi Arabia)
Tawuniya is a Saudi joint-stock company that was incorporated in 1986. The company offers various insurance products that are in accordance with Islamic Sharia.
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