Insurance in Saudi Arabia

The insurance industry in Saudi Arabia has undergone significant development and transformation over the years, reflecting the Kingdom’s commitment to economic diversification and financial stability. In this article, we will delve into the historical developments of insurance in Saudi Arabia along with overview of existing market including insurance companies, insurance brokers and regulators.


Insurance Companies in Saudi Arabia

Below is the list of insurance companies in Saudi Arabia (KSA) as updated on 29 December (F.Y. 2023/24). This list includes Insurance, Reinsurance, Takaful or Retakaful companies operating life insurance or non-life insurance business in Saudi Arabia (KSA). Foreign companies may be operating through their branch office registered in KSA.

  1. Al Alamiya for Cooperative Insurance Company
  2. Al Sagr Cooperative Insurance Company
  3. Al-Etihad Co-operative Insurance Co.
  4. Alinma Tokio Marine Company
  5. Aljazira Takaful Taawuni Co
  6. Allianz Saudi Fransi Cooperative Insurance Company
  7. Allied Cooperative Insurance Group (Acig)
  8. Alrajhi Takaful
  9. Amana Cooperative Insurance
  10. Arabia Insurance Cooperative Company
  11. Arabian Shield Cooperative Insurance Company
  12. Bupa Arabia For Cooperative Insurance Company
  13. Buruj Cooperative Insurance
  14. Chubb Arabia Cooperative Insurance Company
  15. Gulf General Cooperative Insurance Company
  16. Gulf Insurance Group Company
  17. Gulf Union Al Ahlia Cooperative Insurance Co.
  18. Malath Cooperative Insurance Co
  19. Salama Cooperative Insurance Co. “Salama”
  20. Saudi Arabian Cooperative Insurance Company (Saico)
  21. Saudi Enaya Cooperative Insurance Company
  22. Saudi Indian Company for Cooperative Insurance (Wafa) – Inactive
  23. Saudi Reinsurance Company “Saudi Re”
  24. The Company For Cooperative Insurance (Tawuniya)
  25. The Mediterranean And Gulf Cooperative Insurance And Reinsurance Company (MEDGULF)
  26. The Saudi Mortgage Guarantee Services Company “Dhamanat”
  27. United Cooperative Assurance (Uca)
  28. Walaa Cooperative Insurance Company
  29. Wataniya Insurance Company

Besides these 29 companies, there is branches of foreign companies as well:

  • Branch of Cigna Worldwide Insurance Company

Insurance Aggregator Companies in Saudi Arabia

An insurance aggregator is an online platform that allows users to compare and purchase insurance products from multiple providers in one place. It simplifies the process of obtaining quotes and policies by offering a centralized and convenient platform for consumers to review different insurance options based on their preferences and needs. Below is the list of insurance aggregator companies in Saudi Arabia as updated on 28 December (F.Y. 2023/24):

  1. Manafith for Insurance Services
  2. Tameeni – insurance aggregator company
  3. al-Tzam For electronic insurance brokerage
  4. Einayat Alwasit – Insurance Brokerage and aggregator Company
  5. Damin – Insurance Brokerage and aggregator Company

Insurance and Reinsurance Brokers in Saudi Arabia

Below is the list of insurance or reinsurance brokers in Saudi Arabia (KSA) as updated on 28 December (F.Y. 2023/24). There are large numbers of insurance brokers in Saudi Arabia with good presence of reinsurance brokers as well. We have highlighted reinsurance brokers in bold text in the list below:

  1. Abdul Latif Jameel – Insurance Brokerage Company
  2. Ace – Gallagher Insurance and Reinsurance Brokerage Company
  3. Ace Gallagher Re – Reinsurance Brokerage Company
  4. Al Afaq – Reinsurance Brokerage Company
  5. Al Aman – Insurance and Reinsurance Brokerage Company (Inactive)
  6. Al Mamoun – Insurance Brokerage Company
  7. Al Mostashar – Insurance and Reinsurance Brokerage Company
  8. Al Sabil Asia – Insurance and Reinsurance Brokerage Company (Inactive)
  9. Al Tayyar – Insurance Brokerage Company (Inactive)
  10. Al Yamama – Insurance Brokerage Company
  11. Alafdal – Insurance Brokerage Company
  12. Al-Ahdaf Alkhalijia – Insurance Brokerage Company
  13. Alaietimad Alealamiu – Insurance Brokerage Company (Inactive)
  14. Alaimtiaz – Insurance Brokerage Company
  15. Alarabia for Marketing Services -Insurance and Reinsurance Brokerage Company (Inactive)
  16. Alasalah – Insurance Brokerage Company
  17. Alballorat Company for Insurance Brokerage Services (Inactive)
  18. Albassami – Insurance Brokerage Company
  19. Alderaa AlAkahdar – Insurance Brokerage Company
  20. Alealamia Almutahida -Insurance Brokerage Company
  21. Alkhalij – Insurance Brokerage Company
  22. Almakhatir Alrayiysia – Insurance Brokerage Company
  23. Almustaqila Company for Insurance Brokerage Services
  24. Alnukhba – Insurance Brokerage Company
  25. Altahaluf AlSaudi – Insurance Brokerage Company
  26. Al-Thaneyan – Insurance Brokerage Company
  27. Altheqa – Insurance Brokerage Company
  28. Al-uwlaa – Insurance Brokerage Company
  29. Alwasit Aldhahabi – Insurance Brokerage Company
  30. Alwatania – Insurance Brokerage Company
  31. Alwathiqa – Insurance Brokerage Company
  32. Alwathiqa Almasia – Insurance Brokerage Company
  33. Alwathiqa Almuetamada – Insurance Brokerage Company
  34. Alwathiqa Alshamila – Insurance and Reinsurance Brokerage Company
  35. Ameen Altameen – Insurance Brokerage Company
  36. Amin – Insurance Brokerage Company
  37. Andalusia Arabia – Insurance Brokerage Company
  38. Aon Saudi Arabia – Insurance and Reinsurance Brokerage Company
  39. Aon Saudi Arabia – Reinsurance Brokerage Company
  40. Arkan – Insurance Brokerage Company
  41. Artkom International – Insurance Brokerage Company
  42. Bayt Altaamin – Insurance Brokerage Company
  43. Chedid & Associates Saudi Arabia – Insurance Brokerage Company
  44. Chedid Re – Reinsurance Brokerage Company
  45. Daam – Insurance Brokerage Company
  46. Daman – Insurance Brokerage Company
  47. Damen – Insurance Brokerage Company
  48. Dar Alwisata Liltaamin – Insurance Brokerage Company
  49. Deraya – Insurance Brokerage Company
  50. Einayat Alwasit -Insurance Brokerage Company
  51. Esnad – Insurance Brokerage Company
  52. Fenchurch Faris – Insurance and Reinsurance Brokerage Company
  53. Fenchurch Faris – Reinsurance Brokerage Company
  54. First Lighthouse Insurance Broker Company
  55. Hulul – Insurance Brokerage Company
  56. Ittihad Wusata Altaamin – Insurance and Reinsurance Brokerage Company
  57. Izar – Insurance Brokerage Company (Inactive)
  58. Jadara Alalamia – Insurance Brokerage Company
  59. Kayan Alshaq Alawsat – Insurance Brokerage Company
  60. Laval – Insurance Brokerage Company (Inactive)
  61. Madarat Altaamin – Insurance Brokerage Company
  62. Marina – Insurance and Reinsurance Brokerage Company
  63. Marsh Guy Carpenter Saudi Arabia – Reinsurance Brokerage Company
  64. Marsh Saudi Arabia – Insurance and Reinsurance Brokerage Company
  65. Masarat Altaamin – Insurance Brokerage Company
  66. Najam Aleinaya – Insurance Brokerage Company (Inactive)
  67. Namar – Insurance and Reinsurance Brokerage Company
  68. Nasco Arabia – Reinsurance Brokerage Company
  69. Nasco Saudi Arabia – Insurance and Reinsurance Brokerage Company
  70. Nouran Aldhahbia – Insurance Brokerage Company
  71. Ofoq – Insurance and Reinsurance Brokerage Company
  72. ReTech Reinsurance Brokers Co.
  73. RFIB Saudi Arabia – Reinsurance Brokerage Company
  74. Ruyat Almustaqbal – Insurance and Reinsurance Brokerage Company (Inactive)
  75. Ruyat Alwasit – Insurance Brokerage Company (Inactive)
  76. S I A C I  International Insurance Brokers Co
  77. Safqat Alwathayiq – Insurance Brokerage Company
  78. Saudi Brokers – Insurance and Reinsurance Brokerage Company
  79. Saudi International – Insurance Brokerage Company
  80. Taghtiat Alkhalij – Insurance Brokerage Company
  81. Tahawut Insurance Brokerage Company
  82. Takaful Emarat – Insurance Brokerage Company
  83. Tawafoq Alwustaa – Insurance Brokerage Company
  84. Tawkol – Insurance Brokerage Company
  85. TUWAIQ Insurance Broker
  86. UIB Saudi – Reinsurance Brokerage Company
  87. Val – Insurance Brokerage Company
  88. Wajeef Company for Insurance Brokerage Services (Inactive)
  89. Waken – Insurance Brokerage Company
  90. Wasattat Almamlaka – Reinsurance Brokerage Company
  91. Wasitaa Almamlaka – Insurance Brokerage Company
  92. Wasitaa Altheqa – Insurance Brokerage Company
  93. Wasl – Insurance Brokerage Company (Inactive)
  94. Wathiat Aman for Insurance Brokerage
  95. Yader – Insurance Brokerage Company
  96. Yaqeen United Insurance Brokerage Company
  97. Yaseer Mohammed Ahmad Bugshan – Insurance Brokerage Company

History of Insurance in Saudi Arabia

Formation of the Kingdom (1932)

In the early years of the Kingdom of Saudi Arabia, insurance activities were limited. Traditional risk-sharing mechanisms within communities were prevalent, and formal insurance was not widely practiced.

Saudi Arabian Monetary Authority (SAMA) Regulation (2003)

The first Saudi Arabian legislation regulating insurance emerged as the Control of Cooperative Insurance Companies Regulation, Royal Decree No M/32 of 2 Jumada Thani 1424 Hejra (31 July 2003). This legislation, effective from 20 November 2003, established regulatory frameworks for various insurance entities, including brokers, agents, consultants, surveyors, loss adjusters, and actuaries.

1970s and 1980s

The formalization of the insurance sector gained momentum in the 1970s and 1980s, aligning with the government’s recognition of insurance’s role in supporting economic development and risk management.

Pioneering Establishment (1985)

A significant milestone marked the Kingdom’s insurance landscape on January 9, 1985, with the establishment of the first insurance company, “The Company for Cooperative Insurance,” headquartered in Riyadh. This event signaled the beginning of a structured and regulated insurance market.

Introduction of Takaful

Over three decades ago, the landscape of insurance in Saudi Arabia witnessed the emergence of Takaful, a distinctive form of Islamic insurance. The inception of Takaful in the Kingdom dates back to 1979, with the establishment of the Islamic Insurance Company, operating under the name Weqaya Takaful Insurance and Reinsurance Company. This pioneering institution marked a significant milestone in the Saudi insurance sector, introducing a Takaful model that aligns with Islamic principles. The company’s foundation in 1979 laid the groundwork for the growth and development of Takaful insurance, offering a unique approach to risk coverage that reflects the values of Sharia law.

First Reinsurance Company

In 2008, Saudi Reinsurance Company, known as “Saudi Re,” made history as the first reinsurance company established in Saudi Arabia. Operating as a Saudi joint stock company, Saudi Re played a pivotal role in shaping the reinsurance sector, contributing to the resilience and growth of the broader insurance industry in the Kingdom.

Market Growth and Diversification

Over the years, the Saudi insurance market experienced significant growth and diversification. Numerous insurance companies, both conventional and Takaful, entered the market, offering a wide range of insurance products to meet the evolving needs of individuals and businesses.



In Saudi Arabia, the regulatory authority overseeing the insurance landscape is the Saudi Arabian Monetary Authority (SAMA). Established in 1952, SAMA, as the central bank, plays a pivotal role in ensuring the stability and proper functioning of the financial system, with a dedicated focus on the insurance sector.

SAMA holds comprehensive powers, including licensing insurance companies and professionals, as well as policing and controlling the Saudi insurance market. The regulator ensures that insurers operate with integrity, adhere to regulatory standards, and contribute to the overall stability of the financial ecosystem.

In addition to SAMA’s oversight, health insurance receives specialized attention through the Council of Cooperative Health Insurance (CCHI). This dual-regulatory approach reflects Saudi Arabia’s commitment to tailoring regulations to specific aspects of the insurance industry, ensuring a nuanced and effective governance structure.

Regulatory Framework

The regulatory framework governing insurance and reinsurance in Saudi Arabia is primarily anchored in the 2003 Co-operative Insurance Companies Control Law, Royal Decree No M/32, commonly known as ‘The Insurance Law.’ This legislation serves as a comprehensive guide, outlining the principles and guidelines that cooperative insurance companies must follow.

Under ‘The Insurance Law,’ the licensing process is a crucial component of regulatory oversight. Entities seeking to engage in insurance and reinsurance activities must obtain approval from SAMA, demonstrating their financial soundness, operational capabilities, and adherence to stringent compliance criteria. This meticulous licensing process is designed to ensure that insurers and reinsurers operate within the defined legal and ethical boundaries.

The regulatory framework extends to continuous supervision and monitoring by SAMA. This involves assessing the financial stability of insurance entities, evaluating risk management practices, and ensuring compliance with established regulatory requirements. SAMA’s authority includes the enforcement of corrective measures or sanctions in cases of non-compliance. It reinforces the regulator’s commitment to maintaining a transparent and accountable insurance market in Saudi Arabia.