Domestic insurance in growth mode

Manama : Bahrain’s domestic insurance market is proving to be one of the most competitive in the Middle East with the presence of more than 36 players, which includes both local and foreign firms at the end of 2015. 

According to CBB, 25 Locally Incorporated Firms are operating here in the Kingdom. The number of Overseas Insurance Firms amounts to 11, which includes branches of foreign companies and their businesses range from Insurance, Reinsurance, Takaful, Retakaful and Captives business.

“Bahrain is fast becoming a hub for major regional and international reinsurance and retakaful firms as evidenced by the number of such firms that are set up in the Kingdom,” said Abdul Rahman Al Baker, Executive Director, Financial Institutions Supervision, at the CBB.

By end of 2015, there were five conventional Reinsurance Firms and two Retakaful Firms in Bahrain. The gross premiums/contributions of Reinsurance and Retakaful Firms reached BD397.44 million in 2015 compared to BD 412.53m in 2014.

The locally incorporated firms consist of 14 Conventional Insurance Firms, 6 Takaful Firms, 2 Reinsurance Firms, 2 Retakaful Firms and 1 Captive. Overseas Insurance Firms consists of 8 Conventional Insurance Firms and 3 Reinsurance Firms. 

In addition, there are a substantial number of firms restricted to carry out business outside Bahrain and insurance ancillary services, the statement adds. 

“We expect the insurance sector to continue its growth in the coming years, mainly due to the increase in the public awareness on the importance of the insurance products in general, as well as due to the soundness of regulatory and supervisory framework of the insurance sector in Bahrain” added Al Baker.