The Bahraini insurance market
Insurance market features
- Regulatory authority: Central Bank of Bahrain
- Life and non life premiums (2008): 500 million USD
- Insurance density (2008): 625 USD
- Penetration rate (2008): 2.17%
Market structure in 2007
Actors | Number |
|---|---|
Insurance companies | 26 |
-National companies | 11 |
-Takaful companies | 7 |
-Foreign companies | 8 |
Identity
- Area: 665 Km2
- Population (2008): 800 000 inhabitants
- GDP (2008): 23 billion USD
- GDP per capita (2008): 28 750 USD
- GDP growth rate (2008): 5.7%
- Inflation rate (2008): 3.1%
- Main economic sectors: aluminium, tourism, services and ship maintenance
Major cities
(in number of inhabitants)
- Al Manama: 150 000
- Al Muharrak: 75 000
- Rifaa: 50 000
- Jidhafs: 44 750
Life and non life premiums split per class of business: 2003-2008
in USD| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |
|---|---|---|---|---|---|---|
Non life | 167 589 498 | 189 574 393 | 208 131 434 | 237 010 663 | 277 530 444 | 361 088 173 |
Life | 42 043 322 | 49 400 442 | 44 145 226 | 61 570 321 | 102 165 746 | 138 968 085 |
Grand total | 209 632 820 | 238 974 835 | 252 276 660 | 298 580 984 | 379 696 190 | 500 056 258 |
Premiums' breakdown per class of business in 2008
in USD| Premiums | Market share | |
|---|---|---|
| Non life | ||
Property | 82 829 000 | 16.6% |
Marine | 20 155 000 | 4.0% |
Motor | 146 128 000 | 29.2% |
Engineering | 34 570 000 | 6.9% |
Health | 56 762 000 | 11.4% |
Miscellaneous | 20 644 000 | 4.1% |
Total | 361 088 000 | 72.2% |
| Life | ||
Total | 138 968 000 | 27.8% |
Grand total | 500 056 000 | 100.0% |
Loss experience: 2003-2008
in USD| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |
|---|---|---|---|---|---|---|
Non life | 79 556 982 | 86 961 437 | 105 167 553 | 120 061 063 | 154 938 597 | 194 011 541 |
Life | 12 063 175 | 12 600 800 | 21 127 612 | 17 215 351 | 24 090 657 | 57 724 916 |
Grand total | 91 620 157 | 99 562 237 | 126 295 165 | 137 276 414 | 179 029 254 | 251 736 457 |
Evolution: 2003-2008
Claims' growth | Claims - premiums' growth |
|---|
Claims 'breakdown per class of business in 2008
in USD| Claims | % | |
|---|---|---|
| Non life | ||
Property | 25 871 000 | 10.2% |
Marine | 7 499 000 | 3.0% |
Motor | 113 201 000 | 45.0% |
Engineering | 8 948 000 | 3.6% |
Health | 35 431 000 | 14.1% |
Miscellaneous accident | 3 061 000 | 1.2% |
Total | 194 011 000 | 77.1% |
| Life | ||
Total | 57 725 000 | 22.9% |
Grand total | 251 736 000 | 100.0% |
Ranking per company: 2007-2008
in thousands USD| 2008 premiums | Market shares | 2007 premiums | Market shares | 2007/08 growth | |
|---|---|---|---|---|---|
| National companies | |||||
Bahrain Kuwait Insurance Co. | 62 259 | 12.5% | 40 711 | 10.7% | 55% |
Bahrain National Insurance Co. | 57 249 | 11.4% | 56 928 | 15.0% | 2% |
Life Insurance Corporation | 57 057 | 11.4% | 24 812 | 6.5% | 133% |
Al Ahlia Insurance Co. | 31 568 | 6.3% | 26 725 | 7.0% | 20% |
Gulf Union Ins & Re.Co. | 31 541 | 6.2% | 30 690 | 8.1% | 4% |
AXA Insurance (Gulf) Co. | 25 756 | 5.2% | 20 532 | 5.4% | 27% |
United Insurance Co. | 13 824 | 2.8% | 12 596 | 3.3% | 11% |
Bahrain National Life Assurance | 11 341 | 2.3% | 10 652 | 2.8% | 8% |
Mediterranean Gulf Ins & Re | 8 713 | 1.7% | 6 020 | 1.6% | 47% |
Saudi National Insurance | 3 847 | 0.8% | 1 949 | 0.5% | 100% |
Trade Union Ins.Co. | 1 310 | 0.3% | 2 185 | 0.6% | -39% |
Total | 304 465 | 60.9% | 233 800 | 61.5% | 32% |
| Takaful | |||||
Takaful International | 37 487 | 7.5% | 24 898 | 6.6% | 53% |
Solidarity | 14 354 | 2.9% | 16 762 | 4.4% | -13% |
Solidarity Family Takaful | 9 066 | 1.8% | - | 0.0% | - |
Solidarity General Takaful | 6 242 | 1.2% | - | 0.0% | - |
AIG Takaful - Enaya | 3 058 | 0.6% | 976 | 0.3% | 218% |
Allianz Takaful | 1 759 | 0.4% | - | 0.0% | - |
T'azur Company | 639 | 0.1% | - | 0.0% | - |
Total | 72 605 | 14.5% | 42 636 | 11.3% | 73% |
| Foreign companies | |||||
Americain Life Insurance | 36 623 | 7.3% | 43 300 | 11.4% | -14% |
Zurich International Life Ltd. | 34 832 | 7.0% | 34 076 | 9.0% | 4% |
ACE American Insurance Co. | 21 529 | 4.3% | - | 0.0% | - |
New India Assurance Co. | 9 916 | 2.0% | 9 332 | 2.5% | 8% |
Royal & Sun Alliance Insurance | 9 418 | 1.9% | 6 616 | 1.7% | 44% |
Arabia Insurance Company | 4 187 | 0.8% | 3 421 | 0.9% | 24% |
Iran Insurance Company | 3 596 | 0.7% | 3 797 | 1.0% | -4% |
Al Nisr Insurance Co. | 2 885 | 0.6% | 2 719 | 0.7% | 8% |
Total | 122 986 | 24.6% | 103 261 | 27.2% | 21% |
Grand Total | 500 056 | 100.0% | 379 697 | 100.0% | 23% |
Exchange rate BHD/USD as at 31/12 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 |
2.65358 | 2.65280 | 2.65823 | 2.65710 | 2.71047 | 2.67344 |
