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Insurance Monitor, in partnership with Lux Actuaries and Consultants, has published the key 2024 figures for the 78 listed insurers in the Gulf Cooperation Council (GCC) countries.
Insurance revenue stood at 37.485 billion USD at end-December 2024, climbing by 12.3% over one year.
The net combined ratio rose by 0.9 points to 97.4%.
Investment income amounted to 1.911 billion USD, reflecting a 52.4% increase over the same period in 2023.
Net result improved by 32.9% to 2.093 billion USD.
Evolution of insurance revenue and net result by GCC country
In millions USD| Country | Insurance Revenue | Net results | ||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | Evolution | 2024 | 2023 | Evolution | |
| Saudi Arabia | 17 323 | 15 142 | +14.4% | 851 | 867 | -1.9% |
| United Arab Emirates | 10 126 | 8 361 | +21.1% | 536 | 487 | 10% |
| Qatar | 4 114 | 4 329 | -5% | 402 | -107 | - |
| Kuwait | 3 573 | 3 384 | +5.6% | 236 | 227 | 4% |
| Oman | 1 676 | 1 543 | +8.7% | 14 | 49 | -71.4% |
| Bahrain | 673 | 614 | +9.7% | 54 | 52 | +5.7% |
| Total | 37 485 | 33 373 | +12.30% | 2 093 | 1 575 | 32.90% |
