- Date of creation: 1st January 1975, Manama, Bahrain
- Classes of business: Life and non life
- Rating: A.M. Best / A- / Stable
- Number of entities: 5 branches and 1 regional office (Kuwait)
- Number of employees: 164
GIG Bahrain in 2019
Murad Ali Murad Chairman of the board | Abdulla Salah Sultan CEO |
Share capital | 37 703 000 USD |
Turnover | 215 290 000 USD |
Assets | 647 903 000 USD |
Shareholder’s equity | 98 989 000 USD |
Net result | 7 451 000 USD |
Net non-life loss ratio | 74.36% |
Net non-life management expenses ratio | 33.20% |
Net non life combined ratio | 107.56% |
Management
Murad Ali Murad | Chairman of the board |
Abdulla Salah Sultan | Chief executive officer |
Waleed Mahmood | General manager, commecial |
Ali Ebrahim Noor | Chief operating officer |
Ahmed Bucheeri | Chief investment officer |
R. Sundaram | Chief financial officer |
Manoj Badoni | Chief underwriting officer |
Abdulla Rabia | General manager, Kuwait |
Shareholding
Gulf Insurance Group | 56.12% |
Warba Insurance Company | 13.33% |
Bank of Bahrain & Kuwait | 6.82% |
Bahraini and other shareholders | 23.73% |
Read also | Bahraini insurance market [4]
GIG Bahrain: Major technical highlights (2015-2019)
Figures in USDHighlights | 2015 | 2016 | 2017 | 2018 | 2019 |
---|---|---|---|---|---|
Gross written premiums | 100 461 000 | 110 774 000 | 157 168 000 | 215 746 000 | 215 290 000 |
Non life gross written premiums | 100 461 000 | 110 774 000 | 154 191 000 | 211 929 000 | 211 641 000 |
Net written premiums | 32 650 000 | 31 869 000 | 69 735 000 | 88 252 000 | 87 560 000 |
Net non life written premiums | 32 650 000 | 31 869 000 | 68 290 000 | 86 914 000 | 86 147 000 |
Net earned premiums | 32 152 000 | 32 456 000 | 63 877 000 | 83 866 000 | 87 729 000 |
Net non life earned premiums | 32 152 000 | 32 456 000 | 62 218 000 | 82 510 000 | 86 289 000 |
Net incurred losses | 21 638 000 | 24 526 000 | 48 986 000 | 64 391 000 | 64 545 000 |
Net non life incurred losses | 21 638 000 | 24 526 000 | 47 911 000 | 63 249 000 | 64 166 000 |
Management expenses | 13 766 000 | 13 633 000 | 23 911 000 | 27 528 000 | 29 028 000 |
Non life management expenses | 13 766 000 | 13 633 000 | 23 216 000 | 26 886 000 | 28 598 000 |
Net non life loss ratio (1) | 67.30% | 75.57% | 77.00% | 76.66% | 74.36% |
Net non life management expenses ratio (2) | 42.16% | 42.78% | 34.00% | 30.93% | 33.20% |
Net non life combined ratio (3) | 109.46% | 118.35% | 111.00% | 107.59% | 107.56% |
Net result | 7 135 000 | 7 522 000 | 6 856 000 | 8 653 000 | 7 451 000 |
(1) Net non-life loss ratio = Net non-life incurred losses / Net non-life earned premiums
(2) Net non-life management expenses ratio = Non-life management expenses / Net non-life reinsurance written premiums
(3) Net non-life combined ratio = Net non-life loss ratio + Net non-life management expenses ratio
GIG Bahrain: Turnover breakdown per class of business (2015-2019)
Figures in USDClass of business | 2015 | 2016 | 2017 | 2018 | 2019 | Shares 2019 |
---|---|---|---|---|---|---|
Fire and accident | 73 027 000 | 84 866 000 | 102 950 000 | 149 558 000 | 150 462 000 | 69.89% |
Motor | 21 551 000 | 20 953 000 | 45 346 000 | 55 984 000 | 52 726 000 | 24.49% |
Marine (1) | 5 883 000 | 4 955 000 | 5 895 000 | 6 387 000 | 8 453 000 | 3.93% |
Total non-life | 100 461 000 | 110 774 000 | 154 191 000 | 211 929 000 | 211 641 000 | 98.31% |
Family Takaful | - | - | 2 977 000 | 3 817 000 | 3 649 000 | 1.69% |
Grand total | 100 461 000 | 110 774 000 | 157 168 000 | 215 746 000 | 215 290 000 | 100% |
* In 2017, GIG introduced the Family Takaful class of business
(1) Including aviation and marine transportation
Turnover breakdown per class of business in 2019
GIG Bahrain: Net written premiums per class of business (2015-2019)
Figures in USDClasses of business | 2015 | 2016 | 2017 | 2018 | 2019 | 2018-2019 evolution* |
---|---|---|---|---|---|---|
Fire and accident | 12 282 000 | 12 156 000 | 25 379 000 | 33 214 000 | 34 787 000 | 5.01% |
Motor | 19 633 000 | 19 236 000 | 42 000 000 | 52 833 000 | 50 582 000 | -4% |
Marine (1) | 735 000 | 477 000 | 911 000 | 867 000 | 778 000 | -10.06% |
Total non-life | 32 650 000 | 31 869 000 | 68 290 000 | 86 914 000 | 86 147 000 | -0.62% |
Family Takaful | - | - | 1 445 000 | 1 338 000 | 1 413 000 | 5.93% |
Grand total | 32 650 000 | 31 869 000 | 69 735 000 | 88 252 000 | 87 560 000 | -0.52% |
* Evolution in local currency
(1) Including aviation and marine transportation
GIG Bahrain: Net earned premiums per class of business (2015-2019)
Figures in USDClasses of business | 2015 | 2016 | 2017 | 2018 | 2019 | 2018-2019 evolution* |
---|---|---|---|---|---|---|
Fire and accident | 11 412 000 | 12 304 000 | 25 041 000 | 32 342 000 | 34 080 000 | 5.66% |
Motor | 19 941 000 | 19 618 000 | 36 329 000 | 49 293 000 | 51 402 000 | 4.56% |
Marine (1) | 799 000 | 534 000 | 848 000 | 875 000 | 807 000 | -7.55% |
Total non-life | 32 152 000 | 32 456 000 | 62 218 000 | 82 510 000 | 86 289 000 | 4.86% |
Family Takaful | - | - | 1 659 000 | 1 356 000 | 1 440 000 | 6.43% |
Grand total | 32 152 000 | 32 456 000 | 63 877 000 | 83 866 000 | 87 729 000 | 4.89% |
* Evolution in local currency
(1) Including aviation and marine transportation
GIG Bahrain: Net non life incurred losses (2015-2019)
Figures in USDClasses of business | 2015 | 2016 | 2017 | 2018 | 2019 | 2018-2019 evolution* |
---|---|---|---|---|---|---|
Fire and accident | 6 331 000 | 6 393 000 | 17 865 000 | 22 867 000 | 20 787 000 | -8.86% |
Motor | 15 094 000 | 17 988 000 | 29 824 000 | 40 397 000 | 43 102 000 | 6.98% |
Marine (1) | 213 000 | 145 000 | 222 000 | -15 000 | 277 000 | -1850% |
Total non-life | 21 638 000 | 24 526 000 | 47 911 000 | 63 249 000 | 64 166 000 | 1.72% |
* Evolution in local currency
(1) Including aviation and marine transportation
GIG Bahrain: Net non-life management expenses (2015-2019)
Figures in USDClasses of business | 2015 | 2016 | 2017 | 2018 | 2019 | 2018-2019 evolution* |
---|---|---|---|---|---|---|
Fire and accident | 7 596 000 | 7 596 000 | 12 794 000 | 14 291 000 | 14 738 000 | 3.40% |
Motor | 4 987 000 | 4 934 000 | 9 154 000 | 11 384 000 | 12 526 000 | 10.33% |
Marine (1) | 1 183 000 | 1 103 000 | 1 268 000 | 1 211 000 | 1 334 000 | 10.48% |
Total non-life | 13 766 000 | 13 633 000 | 23 216 000 | 26 886 000 | 28 598 000 | 6.66% |
* Evolution in local currency
(1) Including aviation and marine transportation
GIG Bahrain: Net non life loss ratio
Classes of business | 2015 | 2016 | 2017 | 2018 | 2019 |
---|---|---|---|---|---|
Fire and accident | 55.47% | 51.96% | 71.34% | 70.70% | 60.99% |
Motor | 75.69% | 91.69% | 82.09% | 81.95% | 83.85% |
Marine (1) | 26.73% | 27.09% | 26.17% | -1.81% | 34.31% |
Total non-life | 67.30% | 75.57% | 77% | 76.66% | 74.36% |
(1) Including aviation and marine transportation
GIG Bahrain: Net non life management expenses ratio per class of business
Classes of business | 2015 | 2016 | 2017 | 2018 | 2019 |
---|---|---|---|---|---|
Fire and accident | 61.85% | 62.49% | 50.41% | 43.03% | 42.37% |
Motor | 25.40% | 25.65% | 21.80% | 21.55% | 24.76% |
Marine (1) | 160.93% | 231.49% | 139.13% | 139.63% | 171.53% |
Total non-life | 42.16% | 42.78% | 34% | 30.93% | 33.20% |
(1) Including aviation and marine transportation
GIG Bahrain: Net non life combined ratio per class of business
Classes of business | 2015 | 2016 | 2017 | 2018 | 2019 |
---|---|---|---|---|---|
Fire and accident | 117.32% | 114.45% | 121.75% | 113.73% | 103.36% |
Motor | 101.09% | 117.34% | 103.89% | 103.50% | 108.61% |
Marine (1) | 187.66% | 258.58% | 165.30% | 137.82% | 205.84% |
Total non-life | 109.46% | 118.35% | 111% | 107.59% | 107.56% |
(1) Including aviation and marine transportation
Exchange rate SAR/USD as at 31/12 | 2015 | 2016 | 2017 | 2018 | 2019 |
2.6356 | 2.6329 | 2.64117 | 2.64362 | 2.63655 |
GIG Bahrain: Contact
Head office | BKIC Tower 2775, road 2835, block 428, Seef District, Manama, Bahrain |
Phone | +973 1 7119999 |
Fax | +973 1 7921111 |
info [at] gig [dot] com [dot] bh | |
Website | www.gigbh.com |