Bahrain facing competition of the regional hubs

Despite the political turmoil disrupting the country, the insurance market shows a growth in 2012. This latter is sustained by a demand higher than expectations. The 2013 forecasts remain optimistic. A.M. Best has, however, referred to the growing competition from other regional hubs. Dubai’s centers, (DIFC, Dubai International Financial Center) and Qatar’s (QFC, Qatar Financial Center) are challenging the regional leadership of Bahrain. Unlike the DIFC and QFC, Bahrain is not attracting new insurers or reinsurers anymore since the events of 2011/2012. A.M. Best, nonetheless, noted that no actor has left the Bahraini kingdom since trouble broke out. In June 2013, 25 local insurance and reinsurance companies and 11 foreign insurers or reinsurers are still registered there.