Pre-empting the legislative changes that have led to compulsory health insurance was a prudent move by both the international insurance giant Bupa and the local Nazer Group.

By setting up in the kingdom in 1997, Bupa Arabia was well positioned to capitalise on the booming health insurance sector, which grew by 57 per cent in 2007-2008. However, the competition is also increasing, as Sama’s increased regulation has created a transparent, open and level playing field full of publicly listed, financially stable companies.

In its favour, other organisations are continually recognising the company’s efforts. Jeddah Chamber of Commerce voted it the best Saudi medical insurer in 2006 and 2008 and in 2009 it was ranked number 12 in the Saudi Fast Growth 100, a ranking of the kingdom’s fastest growing firms. This was due to its achievement of 50 per cent growth in gross written premiums in 2008.

Bupa Arabia is working hard to maintain its competitive edge by digitising its processes and improving customer service, although it is not the only company doing this. As a pure health insurance company, it focuses closely on its provider relationships and can capitalise on the relationships of both parent companies with hospital and healthcare companies.

To date, Bupa Arabia has capitalised well on a growing market and, although market expansion is slowing down, it is still predicted to grow by 20 per cent year on year until 2012. Bupa Arabia will not see the stratospheric growth that led to its 2009 Saudi Fast Growth 100 award, but the potential in the market means growth is all but inevitable.