JEDDAH – Insurance companies in the Kingdom have lost SR182 million in the first half of this year while they have made SR138 million in profits during the same period, a study conducted by Argaam.com. said. The Cooperative Insurance Company (Tawuniya) lost SR70 million, the Arabian Cooperative Insurance Company SR69 million, Bupa Arabia for Cooperative Insurance SR25 million. However, 17 insurance companies have made profits while 16 have incurred losses. The volume of insurance premiums reached SR12.7 billion this year, an increase of 19 percent from SR10.7 billion last year. The volume of claims reached SR7.1 billion this year compared with SR5.3 billion last year. Claims have increased in 28 companies while decreased in five others. Bupa Arabia Cooperative Insurance and Arabia Reinsurance Company came top in terms of retaining all premiums by 100 percent, while AlAhli Takaful Company came at the bottom of the list at 21 percent. Twenty six companies have seen an increase in total premiums, while seven have seen a decrease. Some insurance companies have raised their premiums for medical insurance over the past two years by 20 percent amid losses.
