The Bahraini insurance market

Crédit photo: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Central Bank of Bahrain
  • Premiums (2006): 307.9 million USD
  • Insurance density (2006): 441 USD
  • Penetration rate (2006): 1.8%

Market structure in 2006

  • National companies: 10
  • Foreign companies: 9

Identity

  • Area: 665 Km2
  • Population (2006): 698 585 inhabitants
  • GDP (2006 est.): 17.03 billion USD
  • GDP per capita (2006 est.): 24 377 USD
  • GDP growth rate (2006): 7.8 %
  • Inflation rate (2006 est.): 3.5 %
  • Main economic sectors: aluminium, ship mending, services and tourism

Main cities

(by number of inhabitants)
  • Al Manama (capital): 150 000
  • Al-Muharrak: 75 000
  • Al-Rifaa: 50 000
  • Jidhafs: 44 750
 

Turnover evolution: 2001-2006

in millions USD
Gross premiums20002001200220032004200520062006/05
growth rate
Non life
102.9120.0142.8168190.1208.2243.2+22%
Life
35.135.838.142.149.444.164.7
Total
138155.8180.9210.1239.5252.3307.9


Premiums split by class of business: 2001-2006

in millions USD
Classes2000200120022003200420052006
Non life
Motor
556168.38190.498111
Property & misc. accident
40.947.962.573.88494.6113.4
Marine
711.11213.215.715.618.8
Non life total
102.9 120 142.8 168 190.1 208.2 243.2
Life
Life
35.1 35.8 38.1 42.1 49.4 44.1 64.7
Grand total
138 155.8 180.9 210.1 239.5 252.3 307.9

Turnover split by company: 2001-2006

in thousands USD
 200120022003200420052006
National companies
Gulf Union Ins. & Reins. Co.
20 45623 13427 44426 66425 120101 280
Bahrain National Holding1
29 05844 48050 73660 61862 91574 145
Bahrain Kuwait Ins.Co.
17 54422 03825 93324 74729 87671 240
Al-Ahlia Insurance Company
9 90713 40614 64317 95618 90323 970
Solidarity Insurance Company
NA  NANA9096 99618 540
Takaful International Ins.Co.
5 0369 66610 96313 58013 79115 250
United Insurance Company
6 0366 6907 8419 12810 269NA
Norwich Union Ins. (Gulf) Co2
17 2688 94610 29611 984--
Mediterranean & Gulf Ins.& Re
NANANA4 0667 031NA
Foreign companies
American Life Insurance Company
15 19616 52417 60519 89520 032NA
New India Insurance Company
3 9065 5596 9167 3187 730NA
Arabia Insurance Company
2 9303 2033 2443 0903 110NA
Iran Insurance Company
3 5264 2884 9114 9704 490NA
Northern Assurance Co.
3 2762 9693 4653 728NA NA
AXA Insurance Company(Gulf)
1 369649NA11 98413 730NA
Al-Nisr Insurance Co.
1 0181 5512 2872 4142 422NA
Royal & Sun Alliance Ins. PLC
1 231NANA3 7285 742NA
Zurich International Life Ltd.
18 03917 87523 77728 46717 531NA
New Hampshire Ins. Co.
NANANANA2 589NA
Total
155 796180 978210 061239 533252 277307 900
1 Includes the companies Bahrain National Insurance Co. and Bahrain National Life
  Insurance Co.
2 Merger with AXA Gulf in 2004NA: Non available
Exchange rate
BHD/USD as at 31/12
2000
2001
2002
2003
2004
2005
2006
2.659
2.659
2.66
2.659
2.659
2.658
2.657
0
Your rating: None
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