Top 10 Insurance Companies in Saudi Arabia

By | February 7, 2024

Given that COVID-19 pushed insurers to undergo a quick change, it ended up being a blessing in disguise for the local insurance market. Insurers seized the chance to reconsider their long-term strategies as concepts of trust and societal purpose became more important than ever in the insurance industry, not to mention the pressing need to start the digital transformation. These factors included changes in the customer base and their fast-changing needs and expectations, as well as a dynamic shift in purchasing behavior towards online channels. Insurance companies in Saudi Arabia are helping people with all their life challenges. 

At Penieltech Saudi Arabia, we understand that the moment has come to evaluate the direction the sector is taking and identify the long-term adjustments required for the sector to fulfill a greater purpose in a world that is changing quickly and with uncertainty. Thus, here is a list of some top insurance companies in Saudi Arabia. 


Founded in Riyadh, Saudi Arabia, the Company for Cooperative Insurance (Tawuniya) is a Saudi Joint Stock Company. Its main business segments include insurance for 

  • cars, boats, 
  • fire, medical emergencies, 
  • engineering, energy, 
  • aviation, 
  • takaful, and 
  • casualties. 

Tawuniya can expand its product line to satisfy corporate and retail demands while also engaging in a variety of risk classes, from straightforward to complex. When Tawuniya introduces new insurance products, it makes an effort to listen to its customers and meet their needs. It constantly makes an effort to determine how the general public will react to Tawuniya’s media statements regarding the introduction of new products, changes to existing insurance plans, or both.

Gulf Union Al Ahlia

Since its founding, Gulf Union Al Ahlia Cooperative Insurance Company has enjoyed great success, and it takes pride in its solid reputation and prominent position in the insurance industry.

The business has maintained its position while offering a wide range of services to a sizable portion of the Saudi populace. 

Among its insurance offerings are 

  • car insurance, 
  • health insurance, 
  • property insurance, 
  • medical professional errors, 
  • marine insurance, 
  • and engineering

GIG Saudi

In the Middle East and North Africa, GIG is one of the biggest and most varied insurance groups. one of the top three GCC players, active in thirteen markets. 

GIG, formerly known as AXA, has been operating in the kingdom for more than 50 years, with a strategic focus on investments and expansion. It is a one-stop shop that provides a broad range of insurance products and services to meet the needs of individual consumers, SMEs, and corporations alike. With more than 1 million customers and more than 400 staff members spread throughout branches and retail stores throughout the region, GIG is a kind partner that inspires people to reach their objectives and lead inspirational and meaningful lives.

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    Al Rajhi Takaful

    At Al Rajhi Takaful, we are dedicated to offering premium insurance products that are both in keeping with the 2030 Kingdom vision and the rules of Islamic Sharia. At every stage of life, we want to take care of every one of our clients and fulfill their goals and needs. A crew is there, and all of our insurance plans provide customers with creative yet useful alternatives. Our work stands out for its proficiency in offering them round-the-clock support.

    Explore our extensive selection of insurance products for individuals.

    • Insurance for savings and protection
    • Vehicle insurance
    • Medical insurance
    • Help with insurance for domestic workers
    • Visit visa extension

    Bupa Arabia

    Bupa Arabia is a division of the Bupa Group, which has employed 80,000 people to provide healthcare services to over 30 million members in 190 countries for over 70 years. We take great satisfaction in having a top-notch workplace that draws top people and nurtures leaders to produce cutting-edge healthcare goods and services, allowing us to take the lead in the Saudi Arabian market.

    • Being the greatest healthcare organization in the Arab world is our goal. Join our team of Saudi men and women as we innovate new healthcare services and products daily to serve our customer segments, which include Saudi families, SMEs, and large corporations, in a way that will make their interactions with us positive and raise the bar for health insurance and the healthcare industry as a whole.
    • We effectively and consistently train our workforce to produce leaders at all levels and in all areas, and we encourage and reward them for achieving higher standards of performance.

    Allianz Saudi Fransi

    Our world is constantly evolving. Potentials and risks are ever-changing, just like our needs are.

    Allianz Saudi Fransi Cooperative Insurance Company is dedicated to providing adaptable insurance solutions. We cater to both individual and corporate clients in an uncertain environment. Our offerings integrate the global expertise of the Allianz Group with the local knowledge of Banque Saudi Fransi. We aim to meet the diverse needs of our clients. One of the best insurance companies in Saudi Arabia.

    In 2007, Banque Saudi Fransi and the Allianz Group established this joint venture. It ensures that our clients receive the best available products. We also provide top-notch risk management and calculation services.

    • Liability Insurance
    • Engineering Insurance
    • Pecuniary Insurance
    • Property & Casualty
    • Trade Credit Insurance
    • Marine Insurance
    • Health Insurance
    • Liability Insurance

    Arabia Insurance Cooperative Co

    The ARABIA Insurance Cooperative Company was founded in 2007 with SR 400 million in fully paid-up capital.

    The company’s shareholders have over fifty years of experience in the Saudi market and sixty-seven years of Arab-world exposure. Place a strong emphasis on maintaining professional ethics, integrity, and social responsibility; improving our internal controls; and improving our relationships with our stakeholders.

    • Professionally satisfy our client’s needs by providing high-quality goods, wise investment options, exceptional services, security, commitment, and a sophisticated distribution network.
    • Create and maintain a culture of innovation, open communication, trust, and leadership to benefit our stakeholders even more.
    • Improve our company’s reputation while contributing to the nation and employing effective marketing techniques.

    MetLife Gulf

    We have been assisting people and companies in the Gulf for more than 65 years as they navigate their ever-changing environments. We collaborate closely with businesses and middlemen to find fresh approaches to satisfy our clients’ changing requirements. 

    • We do this by launching cutting-edge investment and protection solutions and providing outstanding assistance at every turn. 
    • MetLife is a major worldwide supplier of insurance, annuities, and employee benefit plans through its subsidiaries and affiliates. In the US, Latin America, Asia, Europe, and the Middle East, MetLife, Inc. enjoys dominant market positions.
    • my MetLife App: No matter where you are, our app makes it simple to track your health, manage your plans, and access your products.

    SALAMA Cooperative Insurance Co.

    A Saudi joint stock company, Salama Cooperative Insurance Company was formerly known as Saudi IAIC Cooperative Insurance Co. In actuality, the company’s history began in 1979 when the Islamic Arab Insurance Company (Salama) was registered in the United Arab Emirates. 

    • Salama Cooperative Insurance Co. is regarded as a pioneer in Shariah-compliant insurance and is one of the major Takaful and Retakaful operators in the MENA area. 
    • One of the first cooperative insurance providers to receive a license under the Cooperative Insurance Regulations is Salama Saudi. The company is renowned for the high caliber of security and customer service it offers.

    Nasco Insurance Group

    The privately held Nasco Insurance Group was established in 1969 in Lebanon. 

    • The group has expanded its presence to include France, the UAE, the Kingdom of Saudi Arabia, Qatar, Oman, Türkiye, Nigeria, Egypt, Iraq, South Korea, Kenya, and Lebanon through a succession of effective strategic implementations throughout its neighboring nations and beyond.
    • We are here to help our diverse clients. Our team consists of over 1,000 professionals. They specialize in insurance and reinsurance brokerage, underwriting, and related services. This includes consulting and third-party administration. Our unified team is always ready to assist and counsel.

    The Bottom Line

    Here are the top insurance companies in Saudi Arabia. Let’s see some of the challenges the financial institutes face. It takes days, if not weeks, to close the books in banks. This is a result of the difficulties in combining several entities at the end of the month. Executives find it challenging to make better judgments when the team lacks access to real-time data for the entire month. It takes a lot of time to manually carry out the intricate accounting procedures that most banks deal with. It’s risky as well because there’s a considerable chance of data entry errors.  

    With its ERP software, Penieltech provides banks and other financial institutions with accounts payable automation and other bookkeeping operations.

    With its help, customers can effectively handle expense reports, fixed assets, prepaid and accruals, and invoicing. Here are some of Elate accounting software’s salient features:

    • Make unique workflows and processes for approval.
    • Reporting that is suitable for audits and research
    • Processing invoices using optical character recognition (OCR) and automated coding
    • Elate accounting Software makes online payments and billing simple.