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Bahrain Insurance Report Q3 2016

  • September 2016
  • -
  • Business Monitor International
  • -
  • 58 pages

Includes 3 FREE quarterly updates

BMI View: Although relatively small by global standards, Bahrain's insurance sector is well developed incomparison 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 likelyto see some degree of market consolidation as this market remains an attractive destination for foreigndirect investment. Moreover, with the high income levels among Bahraini households as well as theexpanding and sizeable expatriate population, both the life and non-life should see robust demand over thenext five years. Transport lines in particular, however, will see limited growth due to their heavy relianceon 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 segmentto expand by 7.5% in this year to USD173mn. Over the long term, life insurance should grow at anaverage annual rate of 5.6% to USD216mn in 2020.

- With nearly 80% market share, non-life insurance constitutes the larger segment of Bahrain's insurancesector. Non-life insurance is forecast to grow by 6.9% over 2016 to USD640mn. By 2020, life premiumsshould amount to USD839mn.

- Critical growth drivers over the coming five years include the ongoing expansion of the expatriatecommunity, which constitutes a major customer base to both life and non-life providers. As the Bahrainigovernment is moving towards including expats in the compulsory health insurance scheme, especiallyproviders 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 togrowing demand for the relevant insurance policies.

Table Of Contents

Bahrain Insurance Report Q3 2016
BMI Industry View 7
Table: Headline Insurance Forecasts (Bahrain 2013-2020) 7
SWOT 9
Insurance 9
Industry Forecast 11
Life Premiums Forecast 11
Table: Life Premiums (Bahrain 2013-2020) 14
Table: Life Insurance Claims (Bahrain 2008-2015) 15
Non-Life Premiums Forecast 16
Table: Non-Life Premiums (Bahrain 2013-2020) 19
Table: Non-Life Insurance Claims (Bahrain 2009-2015) 19
Non-Life Sub-Sector Forecast 20
Table: Non-Life Insurance Premiums by Product Line (Bahrain 2013-2020) 25
Industry Risk Reward Ratings 27
MENA Insurance Risk/Reward Index 27
Table: MENA Insurance Risk/Reward Index - Q316 28
Market Overview 29
Life Market Overview 29
Product Offering 29
Competitive Landscape 30
Table: Life Market Shares (USDmn), 2008-2014 31
Table: Life Market Share (%), 2007-2014 32
Non-Life Market Overview 33
Product Offering 33
Competitive Landscape 34
Table: Non-Life Market Share, USDmn (2007-2014) 35
Table: Non-Life Market Share (%), 2007-2014 36
Company Profile 38
Arig 38
Bahrain Kuwait Insurance Co (BKIC) 41
Bahrain National Holdings 44
MedGulf 47
Takaful International 49
Methodology 52
Industry Forecast Methodology 52
Risk/Reward Index Methodology 55
Table: Indicators 57
Table: Weighting of Indicators 58

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