Business insurance · Saudi Arabia · Head-to-head

GIG Saudi vs Walaa Cooperative Insurance

Two Saudi Arabia business insurance options, compared side by side for Saudi Arabia trades.

Which should you choose?

GIG Saudi and Walaa Cooperative Insurance are both Tier A, which every business insurance entry without a reputation warning receives, so the tier does not separate them. Weigh the pros, cons, pricing and Saudi Arabia-specific notes below against your trade and region.

GIG Saudi

Tier A · Listed

Riyadh-based Gulf Insurance Group company with engineering cover for projects and equipment

GIG Saudi is the Saudi company of Gulf Insurance Group (GIG), the Boursa Kuwait-listed group in which Fairfax Financial Holdings holds 97.06% after a 2024 tender offer. It was formerly AXA Cooperative Insurance Company: GIG completed its purchase of AXA's Gulf operations in 2021 and shareholders approved the rebrand to Gulf Insurance Group in 2022. Headquartered in Riyadh and supervised by the Insurance Authority, it sells engineering insurance that it says protects construction and installation projects at any stage, plus the machines and equipment used on them.

Pros

+ Engineering cover for construction and installation projects at any stage
+ Covers the machines and equipment used on projects
+ Liability and property cover also sold to businesses
+ Claims guided by a named GIG Account Manager

Cons

− No published prices or limits
− Engineering page does not list specific covers or exclusions
− Each Gulf country is served by a separate GIG company

Saudi Arabia note

GIG Saudi (gig.sa, Riyadh, commercial registration 1010271203) is a separate company from GIG's businesses in the UAE, Bahrain, Oman and Qatar, which trade as GIG - Gulf on their own country websites.

Typical Saudi Arabia pricing: No prices or limits are published on GIG Saudi's engineering insurance page.

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Walaa Cooperative Insurance

Tier A · Listed

Al Khobar-based listed insurer; pool leader for PIF's contractor surety bonds

Walaa Cooperative Insurance is a Saudi insurer listed on the Saudi Exchange (Tadawul: 8060) and headquartered in Al Khobar, with three regional offices and over 70 retail offices according to Reinsurance News (June 2025). It completed a merger with SABB Takaful in October 2022. Reinsurance News reported in December 2024 that Walaa is the co-insurance pool leader issuing surety bonds, under a programme developed by the Public Investment Fund, for qualified contractors on projects of PIF's development companies.

Pros

+ Surety bonds for qualified contractors on PIF development-company projects
+ Three regional offices and over 70 retail offices, per Reinsurance News
+ Listed insurer that publishes quarterly results

Cons

− Engineering (contractor's and erection all risks) products could not be confirmed this run
− No published rates confirmed
− Surety programme is limited to qualified contractors on PIF development-company projects

Saudi Arabia note

For contractors on projects of PIF's development companies, Walaa leads the co-insurance pool issuing surety bonds under the PIF-developed programme, reinsured by Saudi Re, according to Reinsurance News (December 2024). Its engineering cover needs a direct check with Walaa or a broker.

Typical Saudi Arabia pricing: No prices confirmed: walaa.com refused automated access this run, so no published rates could be checked; ask Walaa or a licensed broker for a quote.

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More Saudi Arabia options

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