Insurance industry grows steadily in 2015

Manama : The Bahrain’s insurance industry has recorded steady growth in 2015 with general insurance sector acting as the main growth driver, according to the Central Bank of Bahrain (CBB). 

In a statement released yesterday, CBB said that the general insurance business (including Medical insurance business) contributed almost 80 per cent to the gross premiums.

Sector wise, the previous year has been strongest for Medical insurance with 11pc growth. The Motor insurance followed with 4pc growth.  Long-term insurance comprise of 20pc of the total gross premiums, the statement added.  

Medical insurance jumped to BD53.39 million (US$141.62m) from BD47.89m in 2014, representing almost 20pc of the total premiums/ contributions written in the insurance market in 2015. 

Total gross premiums in the Motor insurance sector increased to BD75.78m (US$201.01m) from BD73.11m in 2014. The sector represented around 28pc of the total premiums/contributions written in 2015. 

Gross premiums/contributions generated in the domestic market amounted to BD272.09m (US$721.72m) in 2015 compared to BD273.95m (US$726.66m) in 2014. 

In 2015, the Takaful industry grew 3pc in terms of gross contributions to BD63.22m. This represents around 23pc of the total gross premiums/contributions in 2015.

Long-term (life and savings products) insurance generated gross premiums/contributions amounted to BD55.03m (US$145.97m) in 2015. The long-term insurance premiums/contributions represented 20pc of the total premiums/contributions. 

Fire, Property & Liability insurance premiums/contributions represented 17pc of the total premiums/contributions in 2015. The premiums/contributions totalled BD47.44m (US$125.84m) in 2015 compared to BD49.01m in 2014.