The Insurance Industry in Bahrain, Key Trends and Opportunities to 2017

The Insurance Industry in Bahrain, Key Trends and Opportunities to 2017

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Despite its small size, the Bahraini insurance industry is well developed and highly regulated. The industry grew at a review-period (2008-2012) compound annual growth rate (CAGR) of 3.8%, driven by an increase in the infrastructural projects, the implementation of compulsory motor third-party liability insurance, the rising number of health conditions and a steadily growing population. The industry is expected to face challenges over the forecast period (2012-2017). The high combined ratios of non-life insurance companies, which are expected to continue to exceed 100%, and political unrest in the country will put pressure on the industry's overall profitability. However, despite such challenges, Bahrain's insurance industry is anticipated to rise at a forecast-period CAGR of 7.8%, driven instead by the huge growth potential realized by foreign investors, regulatory reforms and government efforts to support growth.

Report Highlights
  • The Bahraini insurance industry grew at a review-period CAGR of 3.8%
  • The non-life segment was supported by strong growth in the property insurance category, which registered a review-period CAGR of 7.4%
  • The motor insurance category also registered growth during the review period, due to the implementation of compulsory motor third-party liability insurance in the country
  • The personal accident and health segment registered the fastest growth in the industry during the review period, at a CAGR of 10.2%
  • The 10-leading insurers collectively held an industry share of 84.5% in 2012
  • As of 2012, there were 12 domestic insurance firms licensed to conduct insurance business in the country, and eight branch offices of overseas entities
Report Scope

This report provides a comprehensive analysis of the insurance industry in Bahrain:
  • It provides historical values for the Bahraini insurance industry for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
  • It offers a detailed analysis of the key segments and categories in the Bahraini insurance industry, along with forecasts until 2017.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in Bahrain, and outlines the key regulations affecting them.
Reasons to Get this Report
  • Make strategic business decisions using in-depth historic and forecast industry data related to the Bahraini insurance industry and each segment within it.
  • Understand the demand-side dynamics, key trends and growth opportunities within the Bahraini insurance industry.
  • Assess the competitive dynamics in the Bahraini insurance industry.
  • Identify the growth opportunities and market dynamics within key segments.
  • Gain insights into key regulations governing the Bahraini insurance industry and its impact on companies and the industry's future.

Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Middle East Region Market Dynamics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size
3.2 Life Insurance - Regional Benchmarking
3.2.1 Scale and Penetration
3.2.2 Growth
3.2.3 Efficiency and Risk
3.3 Non-Life Insurance - Regional Benchmarking
3.3.1 Scale and Penetration
3.3.2 Growth
3.3.3 Efficiency and Risk
3.4 Personal Accident and Health Insurance - Regional Benchmarking
3.4.1 Scale and Penetration
3.4.2 Growth
3.4.3 Efficiency and Risk
4 Bahraini Insurance Industry Overview
4.1 Insurance Industry Size, 2008-2017
4.2 Key Industry Trends and Drivers
4.3 Challenges
5 Life Insurance
5.1 Life Insurance Growth Prospects by Category
5.1.1 Individual life insurance
5.1.2 Group life insurance
6 Non-Life Insurance
6.1 Non-Life Insurance Growth Prospects by Category
6.2 Property Insurance
6.2.1 Fire and allied perils insurance
6.2.2 Engineering insurance
6.2.3 Other property insurance
6.3 Motor Insurance
6.3.1 Motor hull insurance
6.3.2 Motor third-party insurance
6.4 General Third-Party Insurance
6.5 Marine, Aviation and Transit Insurance
6.5.1 Marine insurance
6.5.2 Aviation insurance
6.5.3 Transit insurance
7 Personal Accident and Health Insurance
7.1 Personal Accident and Health Insurance Growth Prospects by Category
7.1.1 Personal accident
7.1.2 Travel insurance
7.1.3 Health insurance
8 Reinsurance
8.1 Reinsurance Segment Size, 2008-2017
8.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
9 Analysis by Distribution Channels
9.1 Life Insurance
9.1.1 Direct marketing
9.1.2 Bancassurance
9.1.3 Agencies
9.1.4 E-commerce
9.1.5 Brokers
9.2 Non-Life Insurance
9.2.1 Direct marketing
9.2.2 Bancassurance
9.2.3 Agencies
9.2.4 E-commerce
9.2.5 Brokers
9.2.6 Other channels
9.3 Personal Accident and Health Insurance
9.3.1 Direct marketing
9.3.2 Bancassurance
9.3.3 Agencies
9.3.4 E-commerce
9.3.5 Brokers
9.3.6 Other channels
10 Governance, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Legislation and Market Practice by Type of Insurance
10.2.1 Life insurance
10.2.2 Property insurance
10.2.3 Motor insurance
10.2.4 Marine, aviation and transit insurance
10.2.5 Personal accident and health insurance
10.3 Compulsory Insurance
10.3.1 Motor third-party liability insurance
10.3.2 Professional indemnity insurance for insurance brokers and insurance consultants
10.3.3 Social insurance law
10.4 Supervision and Control
10.4.1 International Association of Insurance Supervisors (IAIS)
10.4.2 Central Bank of Bahrain (CBB)
10.5 Non-Admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and penalties
10.6 Company Registration and Operations
10.6.1 Types of insurance organization
10.6.2 Establishing a local company
10.6.3 Foreign ownership
10.6.4 Types of license
10.6.5 Capital requirements
10.6.6 Solvency margins
10.6.7 Reserve requirements
10.6.8 Investment regulations
10.6.9 Statutory return requirements
10.6.10 Fee structure
10.7 Taxation
10.7.1 Insurance premium or policy taxation
10.7.2 Withholding taxes on premium paid overseas
10.7.3 Corporate tax
10.7.4 VAT
10.7.5 Captives
10.8 Legal System
10.8.1 Introduction

Companies Mentioned:

Bahrain Kuwait Insurance Co.
Life Ins. Corporation (International)
Axa Insurance (Gulf) Co.
American Life Insurance Company
ACE American Insurance Co