The insurance industry in Bahrain: results 2015

Magazine Issue:

Loss of rationality [3]

Magazine date:

Jul 2017

The insurance industry in Bahrain : turnover per company (2014-2015)

in thousands

	2014 turnover		2015 turnover		2015 shares	2014-2015 evolution ⁽¹⁾
	In BHD	In USD	In BHD	In USD	2015 shares	2014-2015 evolution ⁽¹⁾
Conventional companies
Bahrain Kuwait Insurance	26 687	71 208	23 768	63 555	8.7%	-10.9%
Life Ins. Corporation	19 339	51 602	21 767	58 205	8.0%	12.6%
Bahrain National Insurance	20 642	55 079	21 500	57 491	7.9%	4.2%
Axa Insurance (Gulf)	20 080	53 579	19 174	51 271	7.0%	-4.5%
Saudi National Insurance	14 085	37 583	18 676	49 939	6.9%	32.6%
Gulf Union Ins. &Re	14 815	39 530	14 815	39 615	5.4%	0.0%
Al Ahlia Insurance	10 781	28 766	10 926	29 216	4.0%	1.3%
United Insurance	7 058	18 832	7 686	20 552	2.8%	8.9%
Bahrain National Life	3 795	10 126	5 446	14 562	2.0%	43.5%
Saudi Arabian Insurance	2 976	7 940	4 202	11 236	1.5%	41.2%
Royal &Sun Alliance (ME)	1 874	5 000	1 792	4 791	0.7%	-4.4%
Al Hilal Life⁽²⁾	692	1 846	476	1 272	0.2%	-31.2%
Mediterranean & Gulf Ins & Re	1 369	3 652	390	1 042	0.1%	-71.5%
Total	144 193	384 750	150 618	402 754	55.2%	8%
Takaful companies
Takaful International	19 081	50 913	18 643	49 851	6.9%	-2.3%
Solidarity General Takaful	13 876	37 025	14 840	39 682	5.5%	6.9%
T'azur Company	11 113	29 652	13 805	36 914	5.1%	24.2%
Medgulf Takaful	8 170	21 800	8 039	21 496	3.0%	-1.6%
Al Hilal Takaful ⁽³⁾	4 963	13 242	4 059	10 853	1.5%	-18.2%
Chartis Takaful-Enaya⁽⁴⁾	4 046	10 795	3 838	10 262	1.4%	-5.1%
Total	61 249	163 430	63 224	169 061	23.4%	3.2%
Total national companies	205 442	548 180	213 842	571 815	78.6%	4.1%
Foreign companies
Ace American Insurance	20 809	55 524	17 983	48 086	6.6%	-13.6%
American Life Insurance	24 532	65 458	17 863	47 765	6.6%	-27.2%
Zurich International Life	11 178	29 826	10 492	28 055	3.9%	-6.1%
The New India Assurance	6 342	16 922	7 154	19 129	2.6%	12.8%
Arabia Insurance Company	2 625	7 004	2 837	7 586	1.0%	8.1%
Zurich Insurance Company	1 365	3 642	1 257	3 361	0.5%	-7.9%
Iran Insurance Company⁽⁵⁾	1 652	4 408	664	1 775	0.2%	-59.8%
Total	68 503	182 786	58 250	155 761	21.4%	-15%
Grand total	273 945	730 967	272 092	727 576	100%	-0.7%

⁽¹⁾ growth rate in local currency
⁽²⁾ former Legal & General Gulf
⁽³⁾ former Legal & General Gulf Takaful
⁽⁴⁾under liquidation
⁽⁵⁾ under provisional administration

The insurance industry in Bahrain : turnover per life and non life insurance (2014-2015)

in thousands

	2014 turnover		2015 turnover		2015 shares
	In BHD	In USD	In BHD	In USD	2015 shares
Fire & property damage ⁽¹⁾	49 010	130 773	47 438	126 849	17.4%
Miscellaneous accident	5 143	13 723	4 756	12 717	1.8%
Marine & aviation	7 939	21 183	7 411	19 817	2.7%
Motor	73 114	195 090	75 780	202 636	27.9%
Engineering	19 155	51 111	16 964	45 361	6.2%
Health	47 894	127 795	53 389	142 762	19.6%
Others	10 853	28 959	11 326	30 285	4.2%
Total non life	213 108	568 636	217 064	580 431	79.8%
Life	60 837	162 331	55 028	147 145	20.2%
Grand total	273 945	730 967	272 092	727 576	100%

⁽¹⁾ including third party liability

The insurance industry in Bahrain : retention rate and loss ratio per class of business (2014-2015)

	Retention ratio ⁽¹⁾		Loss ratio ⁽²⁾
	2014	2015	2014	2015
Fire & property damage ⁽³⁾	18%	18%	41%	41%
Miscellaneous accident	25%	19%	-46%	83%
Marine & aviation	22%	24%	21%	21%
Motor	91%	93%	78%	74%
Engineering	32%	29%	76%	17%
Health	57%	61%	72%	70%
Others	40%	37%	35%	33%
Life	95%	94%	-	-

⁽¹⁾ retention rate= net written premiums / gross written premiums
⁽²⁾ incurred losses / earned premiums
⁽³⁾ including third party liability Source: CBB (Central Bank of Bahrain)

Exchange rate as at BHD/USD au 31/12	2014	2015
Exchange rate as at BHD/USD au 31/12	2.6683	2.67401