Bahrain: Insurance market sees gross premiums rise to $402m in H1
Source: Middle East Insurance Review | Oct 2023
The insurance industry in Bahrain has shown steady results for the six months ended 30 June 2023, with gross premiums (conventional and takaful) generated in the domestic market amounting to BHD151.49m ($402m), 3.1% higher than the BHD146.86m posted for the corresponding period in 2022.
General insurance business (including medical insurance business) contributed to around 90% of the GPW in 1H2023, announced the Central Bank of Bahrain (CBB).
Total gross premiums of the medical insurance branch grew to BHD52.31m in 1H2023 from BHD46.78m in the six months ended 30 June 2022, showing an increase of around 12%. The medical insurance branch is the largest in terms of total gross premiums with a share of around 35% in the period ended 30 June 2023.
Total gross contributions of takaful companies amounted to BHD46.67m in the six months ended 30 June 2023 compared to BHD41.30m in the corresponding half of 2022. Takaful gross contributions represent around 31% of the total gross premiums of the Bahraini insurance market in the six months ended 30 June 2023.
As of mid-2023, Bahrain’s domestic insurance market comprised 21 locally incorporated insurers and 10 overseas insurers (branches of foreign companies) carrying out insurance, reinsurance, takaful, retakaful and captives business.
CBB financial institutions supervision executive director Abeer Al Saad said the insurance industry can develop the use of data analysis techniques and artificial intelligence to improve their risk assessment and provide innovative services.
“Raising insurance awareness and need will positively affect the insurance sector, and we urge companies to go beyond traditional approaches to provide services and explore innovative solutions to enhance work efficiency and gain a competitive advantage,” she said. M