Bahrain: Takaful contributions grow 13% in first half

Source: Middle East Insurance Review | Oct 2023

Total gross written contributions (GWP) for takaful operators in Bahrain reached BHD46.67m ($124m) in the first half of 2023 against BHD41.3m generated in the corresponding period of the past year, a 13% increase, according to a recent statement released by the Central Bank of Bahrain (CBB).

Growth of takaful operations outpaced the market’s in 1H2023 where GWP for the market as a whole (conventional and takaful) grew by 3.1% to BHD151.49m against BHD146.86m in same period of the past year. Takaful contributions represented around 31% of the market premium income in the first half of this year, up from 28% in 1H2022.

According to the CBB, medical and motor insurance branches are the largest lines of business in Bahrain and dominate 35% and 26%, respectively, of the market GWP.

There are 17 locally incorporated direct providers in the Bahrain insurance market, five of which are takaful firms. In addition, the market includes a retakaful player. M

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