Sharjah Insurance Company

What Sharjah Insurance Company does

Sharjah Insurance Company PSC (SICO) is a UAE Public Share Holding Company founded in 1970 under a royal decree by the Ruler of Sharjah, making it the first national insurance company in the Emirates. Registered with the UAE Federal Ministry of Economy under Registration No. 12 and listed on the Abu Dhabi Securities Exchange (ticker: SICO), it offers a multi-line insurance portfolio spanning personal lines (motor comprehensive and third-party, travel inbound/outbound, and home) and commercial lines (marine cargo and hull, fire and property all-risk, engineering including contractors all-risks and machinery breakdown, general accident, public/product/professional indemnity liability, group life, and motor fleet). The company serves both individual policyholders (140,000+ clients) and enterprise customers, with named accounts anchored in the Sharjah public and semi-public sector including Sharjah Police, Sharjah Municipality, Sharjah International Airport, Sharjah Electricity and Water Authority, University of Sharjah, American University of Sharjah, and Red Eagle (NBQ).

Distribution is sales-led and multi-channel: direct sales through the Sharjah headquarters (Al Raha Tower, Al Khan) and a Dubai office in Al Nahda 2, supplemented by an online quote-request system and a mobile application on iOS and Android for policy management, claims filing, and self-service support. Underwriting risk is supported by a 12-partner reinsurance panel spanning global tier-1 reinsurers (Munich Re, Swiss Re, Hannover Re, Generali, Mapfre, PartnerRe, GICRE) and regional players (ARIG, Trust Re, ACR, Arab Re, Arab War Insurance Syndicate). The revenue model is subscription/recurring through insurance premiums across all lines, with quote-based pricing and annual billing cadence for personal and commercial policies.

The company's technology footprint is conventional: a website, a mobile app for self-service, and no disclosed AI/ML, public API, or proprietary data assets. 2020 net profit was AED 11.76 million, down from AED 14.73 million in 2019; revenue is not explicitly disclosed. Headcount sits at 51-100 employees. The company maintains social media presence across Facebook, Instagram, LinkedIn, and X, and a careers page, with no recent funding rounds, acquisitions, or leadership changes recorded in the available data.

Name

Sharjah Insurance Company

Legal name

Sharjah Insurance Company PSC

Website

https://shjins.com

Company type

Public

Founded year

1970

Operating status

Operating

Headcount range

51–100 employees

Short description

Sharjah Insurance Company PSC (SICO) is the first national insurer in the UAE, founded in 1970 and listed on ADX, offering personal and commercial insurance across motor, marine, fire, engineering, liability, life, and fleet lines to individuals and Sharjah-anchored enterprise clients.

Ownership category

akta.pro rank

Product category

Multi-line Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers and Related Activities (524), Direct Life Insurance Carriers (524113)

SIC

Fire, Marine & Casualty Insurance (6331), Life Insurance (6311)

akta.pro primary industry

Motor Vehicle Liability Insurance (FSAJAMAC)

akta.pro secondary industries

Property Insurance (Homeowners, Renters & Commercial Property) (FSAJAMAD), General Liability Insurance (FSAJAMAE), Commercial Auto & Fleet Insurance (FSAJAMAB)

Keywords

• Motor insurance
• Travel insurance
• Marine insurance
• Commercial liability
• Group life insurance

Headquarters

HQ city

Al Khan

HQ country

United Arab Emirates

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premiums: Collection of insurance premiums across multiple lines including motor, travel, home, marine, fire, engineering, general accident, liability, and life insurance. Premiums can be one-time (per trip, per policy period) or recurring (annual policies, group life)
2. Fleet Insurance: Specialized fleet insurance policies for corporate clients managing multiple vehicles, offering one policy for all vehicles with discounted premiums based on fleet size and claims history

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Sharjah Insurance Company provides multi-line personal and commercial insurance products underwritten directly and supported by regional and global reinsurance partners. Personal lines cover motor (comprehensive and third-party), travel (outbound, inbound, and combined), and home insurance for individuals. Commercial lines span marine (cargo and hull), fire and property all-risk, engineering (contractors all-risks, erection, plant and machinery, electronics, machinery breakdown, deterioration of stock), general accident (personal accident, money, fidelity guarantee, bond guarantee, plate glass, bankers blanket), liability (public, workmen's compensation, product liability, professional indemnity), life and group life, and commercial motor fleet insurance.

Product overview

Sharjah Insurance Company (SICO) operates as a multi-line insurance provider offering a comprehensive portfolio of personal and commercial insurance products. The personal insurance offerings include Motor Insurance (Comprehensive and Third-Party), Travel Insurance (Outbound, Inbound, and combined), and Home Insurance. The commercial insurance portfolio spans Marine Insurance (Cargo, Hull & Machinery), Fire Insurance (including Property All Risk), Engineering Insurance (Contractors All Risks, Erection All Risks, Machinery Breakdown, Electronics Equipment, Deterioration of Stock), General Accident Insurance (Personal Accident, Money, Fidelity Guarantee, Bond Guarantee, Plate Glass, Bankers Blanket), Liability Insurance (Public, Workmens Compensation, Product Liability, Professional Indemnity), Life Insurance (Individual and Group Life), and Motor Fleet Insurance (Comprehensive and Third-Party). The company offers these products as distinct, standalone insurance solutions rather than a unified platform with modules, allowing customers to select specific coverage types based on their needs.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Comprehensive (Personal) Complete personal motor protection covering accidents, theft, fire, natural calamities, agency repairs, driver and passenger accident coverage, and 24/7 roadside assistance for individual vehicle owners.
• Motor Third Party (Personal) Mandatory third-party liability motor coverage for individual vehicle owners, protecting against legal liability for bodily injury or property damage caused to third parties in accidents.
• Travel Insurance Outbound Coverage for UAE residents traveling abroad, including medical emergencies, trip delays, and lost baggage.
• Travel Insurance Inbound Protection for travelers entering the UAE, covering medical emergencies, trip interruptions, and local travel-related issues.
• Travel (outbound/inbound) Combined travel insurance covering both inbound and outbound travel with emergency medical, evacuation, trip cancellation, delayed flights, and lost baggage coverage.
• Home Insurance Property insurance covering private residences and buildings for owners and tenants, combining personal insurance protections including losses to home, contents, and loss of rent.
• Marine Cargo Insurance coverage for goods shipped worldwide via sea, air, and land transportation with options including Institute Cargo Clauses A, B, C and open/voyage policies.
• Hull and Machinery Marine hull insurance covering physical loss or damage to ship hull and machinery on all risks or named peril basis.
• Property All Risk All-risk commercial property insurance covering accidental loss and damage to buildings, contents, and business operations from fire, floods, storms, and other perils.
• Contractors All Risks All-risk coverage for accidental physical loss or damage during civil project execution, covering contract works from commencement to handover.
• Erection All Risks Coverage for erection of mechanical and electrical plants including risks during storage, assembly, erection, and testing of machinery.
• Contractor Plant and Machinery Insurance for construction equipment such as cranes and excavators, covering accidental loss or damage when at work, at rest, or during dismantling.
• Electronics Equipments Material damage coverage for electrical equipment including EDP equipment, medical radiation equipment, and communication facilities.
• Machinery Breakdown Insurance covering loss due to all kinds of accidental electrical and mechanical breakdowns from internal and external causes.
• Deterioration of Stock Coverage for deterioration of stock in cold storage due to sudden physical loss or damage to refrigerating machinery.
• Personal Accident Compensation for accidental injury, disability, or death globally with worldwide 24/7 coverage including travel as airline passenger.
• Money Insurance Compensation against loss of money during transit or while in insured premises up to specified maximum limits.
• Fidelity Guarantee Indemnity against loss of money or goods caused by infidelity of employees including forgery, embezzlement, and fraudulent conversion.
• Bond Guarantee Coverage for financial institutions against loss from employee dishonesty, theft, and forgery.
• Plate Glass Coverage for breakage of plate glass including windows, doors, showcases, and exhibitory items with refixing costs.
• Bankers Blanket Comprehensive policy for banks and financial institutions covering employee infidelity, premises risks, transit risks, forged checks, securities, counterfeit currency, and office damage.
• Workmens Compensation Coverage for employer's legal liability for compensation when employees suffer bodily injury or death due to work-related accidents.
• Product Liability Coverage for manufacturers and suppliers against legal liability for property damage and injuries caused by goods manufactured, sold, or supplied.
• Professional Indemnity Indemnity for professionals such as architects, accountants, lawyers, and medical practitioners against claims for financial loss or negligence.
• Group Life Insurance Group life insurance providing financial protection for employees' beneficiaries with coverage for accidental death, disability, and medical expenses.
• Motor Comprehensive - Fleet Comprehensive coverage for commercial fleets including corporate vehicles and logistics operations, protecting against accidental damage, theft, and third-party liability, with fleet-size and claims-history-based premium discounts.
• Motor Third Party - Fleet Third-party liability fleet policy protecting businesses against legal and financial responsibility for bodily injury or property damage to third parties.

Named customers7 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

13 partnerships are on record, tiered core and minor.

• Arab RecoreOthersRegional reinsurance partner providing risk capacity and financial protection for insurance portfolio.
• Arab War Insurance SyndicatecoreOthersRegional reinsurance partner specializing in war and political violence risk coverage.
• ARIGcoreOthersRegional reinsurance partner providing financial strength and underwriting expertise.
• GeneralicoreOthersGlobal reinsurance partner providing international risk management solutions and financial capacity.
• GICREcoreOthersInternational reinsurance partner providing risk coverage and financial stability.
• Hannover RecoreOthersGlobal reinsurance partner, one of the largest reinsurers worldwide, providing substantial risk capacity.
• MapfrecoreOthersInternational reinsurance partner providing underwriting support and risk management expertise.
• Munich RecoreOthersLeading global reinsurance partner providing financial strength and sophisticated risk solutions.
• Partner RecoreOthersInternational reinsurance partner providing specialized risk coverage and underwriting expertise.
• Swiss RecoreOthersGlobal reinsurance leader providing financial protection and risk management solutions worldwide.
• Trust RecoreOthersRegional reinsurance partner providing financial capacity and specialized coverage solutions.
• ACRcoreOthersRegional reinsurance partner providing risk capacity for the insurance portfolio.
• The Art & ScienceminorOthersMarketing and branding partner supporting company communications and visual identity.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Emirates Insurance Company: ADX-listed UAE insurer providing general P&C, life and medical cover. Its multi-line, domestically listed structure and breadth of products make Emirates Insurance one of the closest peer benchmarks for SICO.
• Oman Insurance Company (OIC): UAE-domiciled multi-line P&C insurer (part of Mashreq Group) offering motor, property, marine, engineering, liability and medical lines. Closely comparable in product breadth, distribution model and target segments to SICO.
• Al Ain Ahlia Insurance Company: UAE public shareholding insurer offering motor, property, marine and engineering lines. Operates across similar UAE customer segments as SICO and competes for personal and small-to-mid enterprise business.
• Arabian Scandinavian Insurance Company (Ascana): UAE insurance carrier offering personal and commercial P&C lines for individuals and SMEs. Comparable scale and product mix, making it a relevant peer for benchmarking premium and claims performance.
• Dubai Insurance Co. Long-standing UAE insurer based in Dubai offering personal and commercial P&C lines including motor, property and marine. Similar heritage, scale and customer base to SICO, making it a direct regional competitor.
• Abu Dhabi National Insurance Company (ADNIC): ADX-listed UAE P&C and life insurer offering a comparable multi-line product suite (motor, property, marine, engineering, liability) across personal and commercial segments. ADNIC is one of the largest UAE insurers and competes directly with SICO for personal and corporate accounts.
• Al Dhafra Insurance Company: ADX-listed UAE P&C insurer targeting personal and commercial customers with motor, property, marine and engineering cover. Comparable in scale, listing status and product scope to SICO.

Broad incumbents

• AXA Gulf (AXA Insurance Gulf): Global insurer's UAE/Gulf arm offering motor, home, health and commercial lines. Competes with SICO on personal and SME segments and brings global brand, underwriting models and digital infrastructure.
• Orient Insurance (Al-Futtaim Group): Large UAE P&C carrier and part of Al-Futtaim, offering a broader commercial book and deeper agency network than SICO. Overlaps significantly on personal motor and commercial property, but at greater scale.

Regional players

• Qatar Insurance Company (QIC): GCC-domiciled multi-line insurer with operations across the MENA region. While Qatar-headquartered, QIC writes significant UAE personal and commercial P&C business and overlaps with SICO on fleet, marine and engineering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SharjahInsCo
• Facebookfacebook.com/SharjahinsuranceCompany
• LinkedInlinkedin.com/company/sharjah-insurance-company-p-s-c---sharjah
• Instagraminstagram.com/sharjahinsuranceco

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 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 Sharjah Insurance Company