What Saudi Arabian Cooperative Insurance does

Saudi Arabian Cooperative Insurance Company (SAICO) is a Saudi joint stock insurer headquartered in Riyadh, operating under the supervision of the Insurance Authority (formerly the Saudi Central Bank). The company traces its cooperative insurance activity back to 1952, was formally re-established as a Saudi joint stock company by Ministerial Decision No. 193 in 1428 AH (approximately 2007–2008), and is publicly listed on Tadawul under ticker 8100 with paid-up capital of SAR 300 million across 30 million shares. It operates three regional offices covering Central (Riyadh), Western (Jeddah), and Eastern (Al Khobar) Saudi Arabia, distributing 45+ insurance products across personal, SME, and corporate segments — including motor, medical/health, property, marine cargo, liability, engineering, cyber, life, travel, medical malpractice, and visitor visa extension lines.

SAICO runs a digital insurance stack comprising a corporate website, a dedicated claims portal (digital.saico.com.sa), a separate e-commerce portal for visitor visa extension products (buy.saico.com.sa) integrated with the Absher platform, and a mobile application on iOS and Android. The company is integrated with NPHIES (National Platform for Health Insurance) for real-time medical approvals, has an internal fraud detection and reporting function, and processes surplus distributions to policyholders through an e-service portal — a structural feature of cooperative insurers in Saudi Arabia. Pricing is not publicly disclosed; policies are quoted based on risk-specific factors (vehicle, driver profile, coverage limits) and distributed via direct sales at regional offices, insurance brokers/intermediaries, and digital self-serve channels.

The company generates revenue primarily through insurance premiums across its diversified product lines, supplemented by investment income and a cooperative surplus-distribution mechanism. As a listed entity, SAICO files annual reports and EGM materials with Tadawul, is chaired by Prince Ahmed bin Khalid Al-Saud, and reports a 98.6% claims settled rate alongside 60 awards including CHI & NPHIES prompt claim payment recognition and Marine Insurer of the Year.

Name

Saudi Arabian Cooperative Insurance

Legal name

Saudi Arabian Cooperative Insurance Company

Website

https://saico.com.sa

Company type

Public

Founded year

1952

Operating status

Operating

Headcount range

101–250 employees

Short description

Saudi Arabian Cooperative Insurance Company (SAICO) is a publicly listed Saudi insurer offering 45+ motor, medical, property, marine, liability, engineering, cyber, and travel products to individuals, SMEs, and corporates across three regional offices plus digital channels.

Ownership category

akta.pro rank

Product category

Cooperative Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321), Life Insurance (6311)

akta.pro primary industry

Retakaful (Life & Health) (FSAIANAM)

Keywords

• Cooperative insurance
• Motor insurance
• Medical insurance
• Property insurance
• Marine cargo insurance

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premium Revenue: SAICO generates revenue through收取 insurance premiums across multiple lines of business including motor, medical/health, property, marine cargo, liability, engineering, cyber, life, travel, and specialty insurance (medical malpractice, visitors visa extension). The company operates as a cooperative insurance company under Saudi regulatory supervision.
2. Surplus Distribution: As a cooperative insurance company, SAICO distributes surplus (profits) to policyholders based on the company's performance, processed through the surplus distribution e-service portal.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

SAICO is a Saudi joint stock cooperative insurance company that underwrites and distributes over 45 insurance products across personal, SME, and corporate customer segments, including motor, medical/health, property, marine cargo, liability, engineering, cyber, life, travel, visitor visa extension, and medical malpractice insurance. The company sells policies through regional offices in Riyadh, Jeddah, and Al Khobar, via insurance brokers and intermediaries, and through digital self-serve portals and a mobile application, processing claims including real-time medical approvals through NPHIES integration.

Product overview

Saudi Arabian Cooperative Insurance Company (SAICO) is a Saudi joint stock insurance company offering a diversified portfolio of over 45 insurance products across three customer segments: Personal (individuals), SME (Small and Medium Enterprises), and Corporate. The personal segment includes Motor, Travel, Visitors Visa Extension, Medical Malpractice, Home, and Personal Accident insurance. The SME segment adds Property, Professional Indemnity, Group Life, Liability, and Marine insurance. The Corporate segment encompasses Motor, Medical, Property, Marine Cargo, Liability, Engineering, Cyber, and Life insurance. SAICO also offers a bundled 'Variety Insurance Policy' combining Motor, Medical Malpractice, and Property coverage. The company operates through regional offices in Riyadh, Jeddah, and Khobar, providing digital platforms for policy purchases, claims submission, and complaints handling.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance (Personal)

Quantifiable outcome

• 98.6% Claims Settled rate
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered core.

• NPHIES (National Platform for Health Insurance)coreTechnology or IntegrationSAICO is integrated with NPHIES for real-time health insurance claim processing and approvals. This integration enables 60-minute medical approval turnaround and prompt claim settlement. SAICO has received recognition from CHI & NPHIES for its excellence in claim payment processing.
• Cooperative Health Insurance Council (CHI)coreTechnology or IntegrationSAICO operates under the supervision of the Cooperative Health Insurance Council (CHI) for health insurance products. The company holds awards from CHI & NPHIES for prompt claim payments and maintains compliance with CHI regulations for visitor visa extension insurance linking.
• Saudi Central Bank / Insurance Authority (SAMA/IA)coreTechnology or IntegrationSAICO operates under the supervision and regulation of the Saudi Central Bank (previously SAMA) and the Insurance Authority. The company cooperates with regulatory authorities for fraud prevention and compliance. Anti-fraud operations involve cooperation with SAMA and the Health Insurance Council (CCHI).
• Approved Repair Centers and Service Provider NetworkcoreTechnology or IntegrationSAICO maintains a wide network of approved vehicle repair centers and medical service providers across the Kingdom. The provider network is published quarterly (SAICO_Network_List_Q1_2025.pdf) and healthcare provider lists are available through the NPHIES-integrated system.
• Reinsurance PartnerscoreStrategic or Co-development PartnerSAICO collaborates with leading reinsurance partners providing best-in-class reinsurance support. The company was recognized for Best Reinsurance Support, indicating strong reinsurance capacity and partnerships that enable SAICO to underwrite complex risks.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• The Company for Cooperative Insurance (Tawuniya): Tawuniya is the largest cooperative insurer in Saudi Arabia, offering a similar multi-line portfolio (motor, medical, property, engineering) under the same cooperative-insurance legal framework as SAICO. Both operate under SAMA/Insurance Authority supervision with surplus-distribution mechanics.
• Walaa Cooperative Insurance: Walaa is a Saudi-listed cooperative insurer with a similar multi-line product set and broker-driven distribution, and an overlapping target customer base in SMEs and corporates across the Kingdom.
• Gulf Union Cooperative Insurance: Gulf Union is a Saudi-listed cooperative insurer providing motor, medical, property, and engineering lines under SAMA oversight. Comparable in size and product mix to SAICO.
• Salama Cooperative Insurance: Salama is a Saudi cooperative insurer offering general P&C and life/health products under the same legal structure as SAICO, competing for the same broker and direct-distribution channels in the Saudi market.
• MEDGULF (Mediterranean & Gulf Cooperative Insurance): MEDGULF is a Saudi-listed cooperative insurer providing motor, medical, and property insurance under the same regulatory framework, competing directly for SME and corporate accounts.
• Al Etihad Cooperative Insurance: Al Etihad is a publicly listed Saudi cooperative insurer offering motor, medical, property, and engineering lines under the same cooperative insurance regime. Comparable in scale and product breadth to SAICO.
• Arabian Shield Cooperative Insurance: Arabian Shield is a Saudi cooperative insurer offering multi-line P&C and health products with comparable broker-channel distribution and target segments.
• Bupa Arabia for Cooperative Insurance: Bupa Arabia is a leading Saudi cooperative insurer specializing in health/medical insurance, with similar cooperative-distribution mechanics and overlapping employer and individual health customers. SAICO competes head-to-head for corporate medical accounts.

Broad incumbents

• Allianz Saudi Fransi Cooperative Insurance: Allianz Saudi Fransi combines global Allianz underwriting expertise with local distribution, offering P&C and life products alongside SAICO in the Saudi market. It is a broader incumbent with stronger international backing and reinsurance capacity.
• AXA Cooperative Insurance (Saudi Arabia): AXA's Saudi cooperative entity is a multi-line insurer operating in motor, health, and P&C lines under the same cooperative regime, leveraging a global brand and broader portfolio to compete for the same enterprise and individual segments as SAICO.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/saico_insurance
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/saudi-arabian-cooperative-insurance-company-saico-

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

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 Saudi Arabian Cooperative Insurance