According to the Central Bank of Bahrain, the gross premiums generated by the insurance sector amounted to 272.1 million BHD (727 million USD) in 2015 compared to 274.9 million BHD (733 million USD) in 2014. The share of non life premiums amounted to 80%. Health insurance has reported substantial growth with an 11% increase at 53.4 million BHD (142.7 million USD) followed by motor insurance with a 4% increase at 75.8 million BHD (202.6 million USD). Untapped, the life class of business accounted for 20% of the turnover.
The growth potential of the life business remains quite substantial, with the country quickly turning into a hub for reinsurance companies which opened offices there. In 2015, seven reinsurers, two of which specialized in Takaful business were reported. The premiums generated by this sector amounted to 397.4 million BHD (1 billion USD) in 2015, compared to 412.5 million BHD (1.1 billion USD) in 2014.
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