The Bahraini insurance market
Insurance market features
- Regulatory authority: Ministry of Economy
- 2002 written premiums: 180.5 millions USD
- Insurance density: 94.5 BD/inhabitant
- Insurance penetration ratio: 0.7%
- Obligatory insurance: Motor liability
Market structure in 2002
Actors | Number |
|---|---|
National insurance companies | 9 |
Foreign companies branches | 9 |
Foreign companies | 81 |
Contact offices | 7 |
Insurance brokers | 23 |
Loss adjusters | 7 |
Insurance consultants | 6 |
Actuaries | 7 |
Total | 149 |
Identity
- Area: 665 km²
- Population (2002): 720 000 inhabitants
- GDP (2002): 9.91 billion USD
- GDP per capita (2002): 15 100 USD
- GDP growth rate (2002): 2.9%
- Inflation rate (2002): 0.5%
- Main economic sectors: Oil conveyance and refining, aluminium extraction, ship mending, services and tourism
Main cities
(in number of inhabitants)
- Al-Manama: 148 000
- Al-Muharrak : 74 000
- Al-Rifaa: 45 000
- Sitra: 37 000
1998-2002 Turnover evolution
in millions USD  |
|
The 2002 turnover by class of business
in thousands USD
|  |
The 2002 turnover by class of business and per company
in thousands USD| Branches | ||||||
|---|---|---|---|---|---|---|
| Companies | Life | Fire | Marine | Motor | Misc. | Total |
| National companies (66% of the market) | ||||||
Bahrain National Insurance Co. | 0 | 13,061 | 2,175 | 14,308 | 11,178 | 40,721 |
Bahrain National Life Ins. Co. | 2,910 | 0 | 0 | 0 | 724 | 3,634 |
Bahrain Kuwait Ins. Co. | 0 | 9,244 | 1,592 | 6,210 | 4,931 | 21,976 |
Al Ahlia Insurance Company | 1,005 | 1,305 | 4,422 | 3,634 | 3,003 | 13,369 |
United Insurance Company | 0 | 0 | 0 | 6,671 | 0 | 6,671 |
Takaful International Ins. Co. | 782 | 2,671 | 708 | 4,122 | 1,355 | 9,639 |
Norwich Union Ins. (Gulf) Co. | 0 | 1,716 | 1,615 | 4,072 | 1,517 | 8,920 |
Gulf Union Ins. & Reins. Co. | 0 | 2,952 | 387 | 16,621 | 3,109 | 23,069 |
Sub-total | 4,698 | 30,950 | 10,899 | 55,637 | 25,817 | 128,000 |
| Foreign companies (34% of the market) | ||||||
American Life Insurance Co. | 15,337 | 0 | 0 | 0 | 1,141 | 16,477 |
New India Insurance Co. | 0 | 1,939 | 592 | 2,549 | 464 | 5,544 |
Arabia Insurance Company | 154 | 512 | 141 | 2,265 | 122 | 3,194 |
Iran Insurance Company | 0 | 196 | 74 | 3,966 | 40 | 4,276 |
General Acc. Fire & Life | 0 | 0 | 0 | 0 | 0 | 0 |
Northern Assurance Co.1 | 0 | 780 | 178 | 1,801 | 202 | 2,960 |
AXA Insurance Company2 | 0 | 93 | 95 | 451 | 8 | 647 |
Al- Nisr Insurance Co. | 0 | 61 | 5 | 1,467 | 13 | 1,546 |
Royal Exchange In. Co.2 | 0 | 0 | 0 | 0 | 0 | 0 |
Zurich International Life Ltd. | 17,825 | 0 | 0 | 0 | 0 | 17,825 |
Sub-total | 33,316 | 3,581 | 1,085 | 12,499 | 1,989 | 52,469 |
Overall total | 38,013 | 34,531 | 11,984 | 68,135 | 27,806 | 180,469 |
