Engineering boosted market growth in 2011

The Bahraini insurance market posted a 2% growth at 214.94 million BHD (571.9 million USD) in 2001. With 16.46 million BHD (43.79 million USD) in premiums, the engineering class of business has considerably contributed to this growth by exhibiting a 31% leap over one year, accounting for 8% of written premiums in 2011. Health insurance comes second in terms of growth with a 10% increase at 34.84 million BHD (92.7 million USD), that is, 16% of the market’s premiums. Fire and third party liability have totaled 38.65 million BHD (102.83 million USD), that is, an 8.38% increase. Motor insurance, which accounts for 26% of the market (55.63 million BHD, 148 million USD), has dwindled down by 3% in comparison with 2010. Life insurance totaled 48.88 million BHD (130 million USD) in premiums, that is, 22.73% of the total market. In 2011, the takaful companies, whose market share rose by 4.3%, reported 18.69% of cash inflow versus 57.54% for traditional national insurance companies and 23.77% for foreign companies.