Bahrain Insurance Report Q3 2016

Date: September 3, 2016
Pages: 58
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: B17D839D10DEN

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Includes 3 FREE quarterly updates

BMI View: Although relatively small by global standards, Bahrain's insurance sector is well developed in comparison with its regional counterparts and is home to various indigenous and multinational providers. The larger non-life segment, in particular, is highly diversified and competitive, and is consequently likely to see some degree of market consolidation as this market remains an attractive destination for foreign direct investment. Moreover, with the high income levels among Bahraini households as well as the expanding and sizeable expatriate population, both the life and non-life should see robust demand over the next five years. Transport lines in particular, however, will see limited growth due to their heavy reliance on the country's oil economy.

Key Updates And Forecasts
  • Accounting for only 21% of total premiums written in 2016, we expect Bahrain's life insurance segment to expand by 7.5% in this year to USD173mn. Over the long term, life insurance should grow at an average annual rate of 5.6% to USD216mn in 2020.
  • With nearly 80% market share, non-life insurance constitutes the larger segment of Bahrain's insurance sector. Non-life insurance is forecast to grow by 6.9% over 2016 to USD640mn. By 2020, life premiums should amount to USD839mn.
  • Critical growth drivers over the coming five years include the ongoing expansion of the expatriate community, which constitutes a major customer base to both life and non-life providers. As the Bahraini government is moving towards including expats in the compulsory health insurance scheme, especially providers of these policies will see a strong uptick in demand. Furthermore, the rising disposable incomes of Bahraini households will push demand for products such as motor vehicles, which in turn will lead to growing demand for the relevant insurance policies.
BMI Industry View
  Table: Headline Insurance Forecasts (Bahrain 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Bahrain 2013-2020)
  Table: Life Insurance Claims (Bahrain 2008-2015)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Bahrain 2013-2020)
  Table: Non-Life Insurance Claims (Bahrain 2009-2015)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums by Product Line (Bahrain 2013-2020)
Industry Risk Reward Ratings
MENA Insurance Risk/Reward Index
  Table: MENA Insurance Risk/Reward Index - Q316
Market Overview
Life Market Overview
Product Offering
Competitive Landscape
  Table: Life Market Shares (USDmn), 2008-2014
  Table: Life Market Share (%), 2007-2014
Non-Life Market Overview
Product Offering
Competitive Landscape
  Table: Non-Life Market Share, USDmn (2007-2014)
  Table: Non-Life Market Share (%), 2007-2014
Company Profile
Bahrain Kuwait Insurance Co (BKIC)
Bahrain National Holdings
Takaful International
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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