DAMANA

What DAMANA does

DAMANA is a Bahrain-headquartered regional insurance organization (legal entity: Saudi Arabian Insurance Company B.S.C. (c)) that has operated in the Gulf insurance market for more than 50 years, originally founded in 1964 with the acquisition of Al Nisr Insurance Co in Lebanon. The company provides a full multi-line insurance portfolio to corporate and individual customers across five countries — Bahrain, UAE (Dubai and Abu Dhabi), Kuwait, Oman, and Lebanon — including medical/health insurance under the SAICOHEALTH brand, motor, property, engineering, marine, liability and financial risk, general accident, group employee benefits, and SME package products.

The company's underlying technology stack centers on three digital platforms: SAICOHEALTH Connect, a member-facing iOS/Android mobile app and web portal that delivers 89% first-phase user engagement and connects members to a network of more than 3,750 healthcare providers; the SAICOHEALTH Provider Portal, which gives healthcare providers account management, eligibility verification, and pre-authorization tracking; and Buy Damana, an online portal for direct motor insurance purchase. These platforms are supported by an in-house Third Party Administrator (SAICO HEALTH CARE W.L.L., wholly-owned, established 2011) that manages medical claims processing, including a DRG (Diagnosis Related Groups) system for tariff optimization. Additional value-added services include the Chronic Care Management Programme (with Medcare Hospitals) and the Disease Management Program for chronic conditions.

DAMANA generates revenue primarily through recurring insurance premiums across corporate and individual policies, distributed via three motions: enterprise field sales for corporate clients, a broker partner network offering exclusive products and dedicated support, and direct-to-consumer digital self-service via Buy Damana and the SAICOHEALTH Connect app. The company is privately held, holds an AM Best rating, and operates with 200+ professional employees. No venture capital or private equity backing is indicated in the source materials.

Name

DAMANA

Legal name

Saudi Arabian Insurance Company B.S.C. (c)

Website

https://damana.com

Company type

Private

Founded year

1964

Operating status

Operating

Headcount range

251–500 employees

Short description

DAMANA is a Bahrain-headquartered regional insurance organization offering corporate and individual insurance products — medical (SAICOHEALTH), motor, property, marine, engineering, liability, and general accident — across five countries in the Gulf and Lebanon, supported by an in-house TPA and digital member/provider platforms.

Ownership category

akta.pro rank

Product category

Multi-line General Insurance

NAICS

Direct Health and Medical Insurance Carriers (524114), Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Accident & Health Insurance (6321), Fire, Marine & Casualty Insurance (6331), Hospital & Medical Service Plans (6324)

akta.pro primary industry

Large Group Health Insurance (Mid-Market & National Accounts) (FSAIAFAE)

akta.pro secondary industry

Self-Funded Employer Plan TPA (ASO Administration) (HLAEALAA)

Keywords

• Corporate insurance
• Medical insurance
• Motor insurance
• Property insurance
• Multi-line insurance

Headquarters

HQ city

Manama

HQ country

Bahrain

HQ region

Middle East

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Insurance Premiums - Corporate & Individual: DAMANA generates revenue through insurance premiums collected from corporate and individual policyholders. The company offers a wide range of insurance solutions including medical/health, motor, property, engineering, marine, liability, and general accident insurance. Premiums are collected on subscription basis with annual or multi-year policy terms.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

DAMANA provides multi-line general insurance — including medical (SAICOHEALTH), motor, property, engineering, marine, liability, and general accident coverage — to corporate and individual clients across Bahrain, the UAE, Kuwait, Oman, and Lebanon. Insurance products are distributed through direct enterprise sales, broker partnerships, and digital self-service platforms (SAICOHEALTH Connect member app, Buy Damana motor portal, and Motor Broking Portals). An in-house TPA subsidiary (SAICO HEALTH CARE W.L.L.) handles medical claims administration across a 3,750+ provider network.

Product overview

DAMANA is an insurance company offering a comprehensive portfolio of products and services for both corporate and individual clients across Bahrain, UAE, Kuwait, Oman, and Lebanon. The core offerings are organized around SAICOHEALTH (the medical/health insurance division) and general insurance products including motor, property, engineering, marine, liability, and general accident coverage. SAICOHEALTH Connect serves as the primary digital platform for members, providing mobile app and web portal access for claims management, policy benefits, and provider network access. The SAICOHEALTH Provider Portal enables healthcare providers to manage accounts and verify eligibility. Additional digital platforms include the Buy Damana motor insurance sales portal and Motor Broking Portals for broker partners. DAMANA also offers specialized programs like the Disease Management Program for chronic conditions and SME-focused cyber and package insurance products.

Differentiator

Problem solved

Functional benefit

Brands

• SAICOHEALTH Connect: Mobile application and online portal for SAICOHEALTH members to submit claims, check claim status, view policy benefits, review approvals, and search for healthcare providers
• Buy DAMANA
• DAMANA Gives
• DAMANA Holding

Products and services

• Medical Insurance (SAICOHEALTH) — Corporate Corporate medical insurance offered under the SAICOHEALTH brand providing outpatient and inpatient benefits through the SAICOHEALTH medical network, with options for alternative medicine, dental care, vision care, and emergency assistance. Targeted at corporate clients providing group employee benefits.
• Motor Insurance Motor vehicle insurance covering individual vehicles and fleet policies with benefits such as discounted fleet ratings based on loss experience and vehicle count. Sold through direct enterprise sales, broker partners, and the Buy Damana online self-service portal.
• Property Insurance Protection against physical loss or damage to property due to fire, natural perils, burglary, accidental causes, and political violence including sabotage and terrorism. Designed for corporate and commercial property exposures.
• Engineering Insurance Engineering insurance covering project works, machinery at construction sites, electronic equipment, and loss of profits due to project delays. Includes CAR, EAR, Contractors Plant, Machinery, and Electronic Equipment Insurance for construction and engineering projects.
• Marine Insurance Protection for cargo, hull, and liabilities for companies in transportation, domestic and international trade, logistics, shipping, and aviation. Includes Marine Cargo, Hull & Machinery, Builder Risks, and Hauliers' Liability coverage.
• Liability & Financial Risk Insurance Coverage against legal liabilities, professional negligence, and financial risks including Directors and Officers, Professional Indemnity, General Liability, Medical Malpractice, Cyber Risk, and Workmen's Compensation. Targets corporate legal and financial exposures including cyber risk.
• General Accident Insurance Business protection against fraud, dishonesty, loss of money, accidental glass breakage, and accidental death or disablement of employees. Includes Group Travel, Money, Fidelity Guarantee, Plate Glass, and Personal Accident coverage.
• Group Employee Benefits Lump sum benefits for employees in the event of death or permanent/total disability, offered with flexible options including multiple salary multiples or fixed sum assured. Corporate group life and disability benefit coverage.
• SAICOHEALTH Connect (Member Portal and Mobile App) Digital member portal and mobile app (iOS and Android) for SAICOHEALTH members to submit and track claims, check claim status, review policy benefits, check approvals, and search healthcare providers. Provides access to more than 3,750 providers across the network and achieved 89% user engagement in first phase.
• SAICOHEALTH Provider Portal Online portal enabling healthcare providers within the SAICOHEALTH network to manage accounts, verify member eligibility, and track pre-authorizations and claims processing. Used by hospitals, clinics, and other providers.
• Buy Damana Motor Insurance Portal Online self-service sales portal for purchasing individual motor insurance policies directly from DAMANA, enabling quote requests and hassle-free onboarding from home.
• Disease Management Program (DMP) Structured proactive healthcare initiative for SAICOHEALTH members diagnosed with Type 2 Diabetes Mellitus and/or Hypertension, providing self-care education and evidence-based guidance to support better health outcomes.
• Cyber Insurance for SMEs Insurance coverage designed for small and medium enterprises against cyber risks arising from cyber-attacks on IT systems. Targeted at SME customers needing cyber risk protection.
• SME Package Policy Bundled insurance package tailored for small and medium enterprises combining multiple coverage lines into a single policy framework.
• Chronic Care Management Programme (CCM) Chronic care programme delivered in partnership with Medcare Hospitals & Medical Centres for SAICOHEALTH members in the UAE aged over 30 with diabetes, hypertension, high cholesterol, or obesity. Provides real-time support from case managers, treating physicians, and monitoring tools to help patients manage chronic conditions.

Quantifiable outcome

• 89% user engagement rate achieved by SAICOHEALTH Connect mobile application
• +1 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability6 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core, support and minor.

• Medcare Hospitals & Medical CentrescoreStrategic or Co-development Partner · 27 July 2021Partnership to launch Chronic Care Management Programme (CCM) specifically designed for patients with chronic conditions including diabetes, hypertension, high cholesterol and obesity. The initiative provides real-time support of case managers, treating physicians and monitoring tools to help patients manage their conditions and lead healthier lifestyles. Available to DAMANA SaicoHealth members in UAE over age 30 with one of the four chronic conditions.
• Assist AmericasupportOthersAssist America provides international medical assistance services including emergency evacuation, repatriation, and 24/7 support for SAICOHEALTH members traveling abroad. Services include member guide and second medical opinion flyer available through DAMANA download centre.
• TruDocsupportTechnology or IntegrationTelemedicine service provider integrated into SAICOHEALTH offerings, providing virtual doctor consultations for members as part of the healthcare network services.
• BinSinasupportOthersHome delivery pharmacy service available for UAE SAICOHEALTH members, providing medication delivery as part of member benefits.
• Jobs for HumanityminorStrategic or Co-development PartnerSustainability initiative under DAMANA Gives program, providing coaching and guidance to job seekers from diverse backgrounds. DAMANA employees participate as mentors, dedicating four sessions of 45 minutes each week over eight weeks to help job seekers build confidence and skills. Partnership aims to promote inclusive economic growth and sustainable employment.

Scale indicators7 records

Recent moves13 records

Expansion highlights1 record

Direct peers

• AXA Insurance Gulf: Multi-line insurer offering motor, medical, property, and marine coverage across the GCC. Directly comparable to DAMANA in product breadth, corporate/individual segmentation, and Gulf regional footprint.
• Abu Dhabi National Insurance Company (ADNIC): UAE-listed multi-line insurer covering motor, medical, property, engineering, marine, and liability for both corporate and individual clients. Closely matches DAMANA's product mix and Gulf corporate client focus.
• Sukoon Insurance (formerly Oman Insurance Company): UAE-headquartered multi-line insurer with motor, medical, life, and general insurance lines serving corporate and individual customers in the Gulf. Comparable to DAMANA in product breadth and regional presence.
• Bupa Arabia: Leading health insurance specialist in the GCC serving corporate and individual members with provider network management. Closely comparable to DAMANA's SAICOHEALTH medical division in target customers and operating model.
• GIG Gulf (formerly AXA Cooperative / MetLife Gulf): Multi-line insurer offering motor, medical, life, and general insurance across the GCC with both direct and broker distribution. Matches DAMANA's multi-channel GTM and product diversification across the Gulf.

Regional players

• Bahrain National Insurance (BNI): Bahrain-based multi-line insurer serving corporate and individual clients across the Gulf. Compares to DAMANA as a Bahraini-headquartered regional competitor with similar product scope.

Broad incumbents

• Tawuniya (Company for Cooperative Insurance): Saudi Arabia's largest cooperative insurer with broad medical, motor, and general insurance offerings. Larger incumbent comparable to DAMANA's corporate medical and motor franchise but at greater scale and geographic concentration.
• QIC (Qatar Insurance Company): Largest insurer in Qatar with a diversified portfolio spanning motor, medical, marine, aviation, and general insurance across the MENA region. Comparable to DAMANA in multi-line product strategy and Gulf corporate focus, but at significantly larger scale.
• Allianz Saudi Arabia / Allianz Care: Global insurance group with established medical and general insurance operations across the Gulf and broader MENA. Overlaps with DAMANA in corporate medical and motor insurance but operates as a broad incumbent with global capital backing.

Emerging players

• MedNet (MedNet Gulf): Regional managed-care and TPA provider serving health insurers and corporate clients across the Gulf. Adjacent peer to DAMANA's in-house SAICO HEALTH CARE TPA operations and SAICOHEALTH provider network management capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DAMANA