The insurance industry in Bahrain: 2016 turnover

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Oct 2017

The insurance industry in Bahrain: turnover per company (2015-2016)

in thousands USD

	2015 turnover		2016 turnover		2016 shares	2015-2016 Evolution ⁽¹⁾
	In BHD	In USD	In BHD	In USD	2016 shares	2015-2016 Evolution ⁽¹⁾
Conventional companies
Bahrain Kuwait Insurance	23 768	63 556	26 179	69 964	9.6%	10.1%
Bahrain National Insurance	21 500	57 491	21 824	58 325	8.0%	1.5%
Life Ins. Corporation	21 767	58 205	20 042	53 562	7.4%	-7.9%
AXA Insurance (Gulf)	19 174	51 271	19 448	51 975	7.1%	1.4%
Saudi National Insurance	18 676	49 940	17 682	47 255	6.5%	-5.3%
Gulf Union Ins.& Re	15 529	41 525	14 099	37 680	5.2%	-9.2%
Al Ahlia Insurance	10 926	29 216	13 529	36 156	4.88%	23.8%
Saudi Arabian Insurance	4 202	11 236	10 731	28 679	4%	155.4%
United Insurance	7 686	20 552	8 234	22 005	3.0%	7.1%
Bahrain National Life Assurance	5 446	14 563	5 473	14 627	2.0%	0.5%
Royal & Sun Alliance Ins. (ME)	1 792	4 792	1 936	5 174	0.7%	8.0%
Al Hilal Life	476	1 273	610	1 630	0.2%	28.2%
Mediterranean & Gulf Ins&Reins.	390	1 043	54	144	0.02%	-86.2%
Total	151 332	404 663	159 841	427 176	58.6%	5.6%
Takaful companies
Takaful International	18 643	49 851	19 643	52 496	7.2%	5.4%
Solidarity General Takaful	14 840	39 682	15 876	42 429	5.8%	7.0%
T'azur Company	13 805	36 915	14 180	37 896	5.2%	2.7%
Medgulf Takaful	8 039	21 496	6 747	18 031	2.5%	-16.1%
Al Hilal Takaful	4 059	10 854	3 709	9 912	1.4%	-8.6%
Chartis Takaful - Enaya	3 838	10 263	275	735	0.1%	-92.8%
Total	63 224	169 061	60 430	161 500	22.2%	-4.4%
Total national companies⁽²⁾	214 556	573 724	220 271	588 676	80.8%	2.7%
Foregin companies
American Life Insurance Co.	17 863	47 766	16 802	44 904	6.2%	-5.9%
ACE American Insurance Co.	17 983	48 087	14 039	37 519	5.2%	-21.9%
Zurich International Life Ltd	10 492	28 056	10 174	27 190	3.7%	-3.0%
The New India Assurance Co.	7 154	19 130	7 321	19 565	2.8%	2.3%
Arabia Insurance Company	2 837	7 586	3 000	8 018	1,1%	5.7%
Orient Insurance	-	-	229	612	0.1%	-
Zurich Insurance Company⁽³⁾	1 257	3 361	204	545	0.1%	-83.8%
Iran Insurance Company⁽⁴⁾	664	1 775	2	5	0.0%	-99.7%
Total foreign companies	58 250	155 761	51 771	138 358	19.2%	-11.1%
Grand total	272 806	729 485	272 042	727 034	100%	-0.3%

⁽¹⁾ growth rate in local currency
⁽²⁾ conventional and takaful companies
⁽³⁾ under run-off
⁽⁴⁾ under administration

Read also | Bahrain insurance market in 2018 [4]

The insurance industry in Bahrain: turnover of the top ten companies (2015-2016)

in thousands USD

	2015 turnover		2016 turnover		2016 shares
	In BHD	In USD	In BHD	In USD	2016 shares
Bahrain Kuwait Insurance	23 768	63 556	26 179	69 964	9.6%
Bahrain National Insurance	21 500	57 491	21 824	58 325	8.0%
Life Ins. Corporation	21 767	58 205	20 042	53 562	7.4%
Takaful International	18 643	49 851	19 643	52 496	7.2%
AXA Insurance (Gulf)	19 174	51 271	19 448	51 975	7.1%
Saudi National Insurance	18 676	49 940	17 682	47 255	6.5%
American Life Insurance Co.	17 863	47 766	16 802	44 904	6.2%
Solidarity General Takaful	14 840	39 682	15 876	42 429	5.9%
T'azur Company	13 805	36 915	14 180	37 896	5.2%
Gulf Union Ins.& Re	15 529	41 525	14 099	37 680	5.2%
Total of the top ten companies	185 565	496 202	185 775	496 486	68.3%
Rest of the market	87 241	233 283	86 267	230 548	31.7%
Grand total	272 806	729 485	272 042	727 034	100%

Market shares of the top ten companies in 2016

⁽¹⁾ 17 companies Source: CBB (Central Bank of Bahrain)

Exchange rate BHD/USD as at 31/12	2015	2016
Exchange rate BHD/USD as at 31/12	2.67401	2.67251

Read also | Top 5 insurance companies in Bahrain - 2017 [5]