Magazine date:
Feb 2023 Bahrain insurance market: turnover per class of business
Figures in thousands| Class of business | 2021 turnover | 2020 turnover | 2020-2021 evolution (1) | 2021 shares | ||
|---|---|---|---|---|---|---|
| BHD | USD | BHD | USD | |||
| Motor | 71 935 | 189 669 | 71 861 | 189 564 | 0.10% | 26.07% |
| Health | 69 708 | 183 797 | 66 273 | 174 824 | 5.18% | 25.26% |
| Fire | 36 739 | 96 869 | 35 456 | 93 530 | 3.62% | 13.32% |
| Property damage | 7 868 | 20 745 | 7 480 | 19 732 | 5.19% | 2.85% |
| Engineering | 7 539 | 19 878 | 5 683 | 14 991 | 32.66% | 2.73% |
| Marine | 6 940 | 18 299 | 7 305 | 19 270 | -5.00% | 2.52% |
| Third party liability | 4 752 | 12 529 | 6 051 | 15 962 | -21.47% | 1.72% |
| Miscellaneous financial losses | 4 290 | 11 311 | 4 063 | 10 718 | 5.59% | 1.55% |
| Aviation | 2 574 | 6 787 | 2 356 | 6 215 | 9.25% | 0.93% |
| Other risks | 10 583 | 27 904 | 7 903 | 20 848 | 33.91% | 3.84% |
| Total non-life | 222 928 | 587 788 | 214 431 | 565 654 | 3.96% | 80.79% |
| Total life | 53 001 | 139 746 | 62 441 | 164 715 | -15.12% | 19.21% |
| Grand total | 275 929 | 727 534 | 276 872 | 730 369 | -0.34% | 100% |
(1) Growth rate in local currency
Sources: Insurance Market Review 2021 and CBB
Read also | Bahrain insurance market in H1 2022 [4]
Bahrain insurance market: turnover per company and per class of business
Figures in thousands| Class of business | National companies | Foreign companies | Grand total | |||||
|---|---|---|---|---|---|---|---|---|
| Traditional companies | Takaful companies | |||||||
| BHD | USD | BHD | USD | BHD | USD | BHD | USD | |
| Motor | 43 022 | 113 435 | 24 074 | 63 475 | 4 839 | 12 759 | 71 935 | 189 669 |
| Health | 31 667 | 83 495 | 28 646 | 75 530 | 9 395 | 24 772 | 69 708 | 183 797 |
| Fire | 29 006 | 76 479 | 5 879 | 15 501 | 1 854 | 4 889 | 36 739 | 96 869 |
| Property damage | 6 427 | 16 946 | 1 441 | 3 799 | - | - | 7 868 | 20 745 |
| Engineering | 4 990 | 13 157 | 2 352 | 6 201 | 197 | 520 | 7 539 | 19 878 |
| Marine | 3 054 | 8 052 | 2 462 | 6 492 | 1 424 | 3 755 | 6 940 | 18 299 |
| Third party liability | 3 574 | 9 424 | 840 | 2 215 | 338 | 890 | 4 752 | 12 529 |
| Miscellaneous financial losses | 1 450 | 3 823 | 2 444 | 6 444 | 396 | 1 044 | 4 290 | 11 311 |
| Aviation | - | - | 2 574 | 6 787 | - | - | 2 574 | 6 787 |
| Other risks | 4 306 | 11 354 | 4 989 | 13 154 | 1 288 | 3 396 | 10 583 | 27 904 |
| Total non-life | 127 496 | 336 165 | 75 701 | 199 598 | 19 731 | 52 025 | 222 928 | 587 788 |
| Total life | 25 492 | 67 214 | 6 458 | 17 028 | 21 051 | 55 504 | 53 001 | 139 746 |
| Grand total | 152 988 | 403 379 | 82 159 | 216 626 | 40 782 | 107 529 | 275 929 | 727 534 |
Read also | Bahraini insurance market in H1 2022 [4]
Bahrain insurance market: turnover per company type
Figures in thousands| 2021 turnover | 2020 turnover | 2020-2021 evolution (1) | 2021 shares | |||
|---|---|---|---|---|---|---|
| BHD | USD | BHD | USD | |||
| Traditional companies | 152 988 | 403 379 | 156 525 | 412 902 | -2.26% | 55.44% |
| Takaful companies | 82 159 | 216 626 | 79 583 | 209 934 | 3.24% | 29.78% |
| Total national companies | 235 147 | 620 005 | 236 108 | 622 836 | -0.41% | 85.22% |
| Foreign companies | 40 782 | 107 529 | 40 764 | 107 533 | 0.04% | 14.78% |
| Grand total | 275 929 | 727 534 | 276 872 | 730 369 | -0.34% | 100% |
(1) Growth rate in local currency
Bahrain insurance market: net earned premiums by non-life class of business
Figures in thousands USD
| Class of business | Net earned premiums | 2020-2021 evolution (1) | ||||
|---|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2020 | 2021 | ||
| Motor | 200 988 | 198 676 | 206 769 | 186 312 | 182 574 | -1.96% |
| Health | 92 076 | 106 686 | 116 646 | 120 332 | 121 384 | 0.92% |
| Fire | 14 804 | 13 660 | 10 380 | 10 196 | 9 386 | -7.89% |
| Property damage | 1 674 | 1 692 | 1 970 | 2 137 | 1 788 | -16.30% |
| Third party liability | 5 594 | 3 915 | 2 900 | 2 501 | 2 397 | -4.11% |
| Engineering | 8 983 | 9 977 | 5 901 | 4 885 | 2 323 | -52.43% |
| Marine | 3 626 | 4 092 | 3 583 | 3 416 | 3 900 | 14.21% |
| Credit-bond | 1 566 | 2 022 | 1 157 | 1 050 | 1 120 | 6.78% |
| Aviation | - | - | - | 5 | - | - |
| Other risks | 10 425 | 5 245 | 7 585 | 5 882 | 7 264 | 23.54% |
| Total non-life | 339 736 | 345 965 | 356 891 | 336 716 | 332 136 | -1.31% |
Bahrain insurance market: net incurred losses by non-life class of business
Figures in thousands USD
| Class of business | Net incurred losses | 2020-2021 evolution (1) | ||||
|---|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2020 | 2021 | ||
| Motor | 155 520 | 143 321 | 135 999 | 101 426 | 98 031 | -3.30% |
| Health | 70 068 | 79 208 | 86 099 | 86 666 | 89 684 | 3.53% |
| Fire | 7 699 | 9 337 | 841 | 2 991 | -150 | -105.03% |
| Property damage | 444 | 1 277 | 1 173 | 844 | 823 | -2.50% |
| Third party liability | 428 | 571 | 614 | 330 | 287 | -12.80% |
| Engineering | 10 890 | 12 726 | 2 228 | 1 773 | 1 376 | -22.32% |
| Marine | 2 068 | 1 687 | 915 | 1 021 | 662 | -35.14% |
| Credit-bond | 512 | 95 | 538 | 163 | 670 | 309.68% |
| Aviation | - | - | - | - | - | - |
| Other risks | 3 441 | 2 057 | 3 338 | 1 000 | 3 203 | 220.58% |
| Total non-life | 251 070 | 250 279 | 231 745 | 196 214 | 194 586 | -0.78% |
(1) Growth rate in local currency
Bahrain insurance market: net loss ratio by non-life class of business
| Class of business | Net loss ratio | ||||
|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2020 | 2021 | |
| Motor | 77.38% | 72.14% | 65.77% | 54.44% | 53.69% |
| Health | 76.10% | 74.24% | 73.81% | 72.02% | 73.88% |
| Fire | 52.01% | 68.35% | 8.10% | 29.34% | -1.60% |
| Property damage | 26.52% | 75.47% | 59.54% | 39.49% | 46.03% |
| Third party liability | 7.65% | 14.58% | 21.17% | 13.19% | 11.97% |
| Engineering | 121.23% | 127.55% | 37.76% | 36.29% | 59.23% |
| Marine | 57.03% | 41.23% | 25.54% | 29.89% | 16.97% |
| Credit-bond | 32.69% | 4.70% | 46.50% | 15.52% | 59.82% |
| Aviation | - | - | - | - | - |
| Other risks | 33.01% | 39.22% | 44.01% | 17.00% | 44.09% |
| Total non-life | 73.90% | 72.34% | 64.93% | 58.27% | 58.59% |
Source: Central Bank of Bahrain
Exchange rate as at 31/12/2021 : 1 BHD = 2.63667 USD ; at 31/12/2020 : 1 BHD = 2.63793 USD ; at 31/12/2019 : 1 BHD = 2.63655 USD ; at 31/12/2018 : 1 BHD = 2.64362 USD ; at 31/12/2017 : 1 BHD = 2.64117 USD
Read also | Top 10 insurance companies in Bahrain [5]
