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EXECUTIVE SUMMARY

The report titled ‘Bahrain Insurance Industry Outlook to 2017 - Expected Continued Dominance By Motor Insurance Segment’ provides a comprehensive analysis of the various aspects such as market size, segmentation, trends and developments and future projections of life and various non-life insurance segments such as motor, fire, property and liability, medical, engineering, marine and aviation; miscellaneous financial loss. The report provides the market share in major segments and company profiles of major players present in the market.
Bahrain is a dynamic insurance market in the Middle East region and contributes 1.6% to the gross premiums underwritten. The market is comprised of conventional insurance and Takaful firms which include 27 locally incorporated firms and 11 overseas insurance firms which are branches of foreign companies carrying out insurance business in Bahrain. The insurance sector of Bahrain has reflected consistent positive growth during last five years where the gross premiums underwritten in the country have expanded from USD ~ million in 2007 to USD ~ million in 2012 by increasing at a CAGR of 11.3% during 2007-2012. The positive growth achieved by the insurance sector of the country can be attributed to high paced growth of the general insurance segment which has increased at a CAGR of 12.5% during 2007-2012.

The non-life insurance dominates the insurance market of the country with a contribution of 77.4% to the gross premiums generated in the country in the year 2012. The life insurance accounts for the rest of 22.6% of the insurance premiums underwritten. The share of the non-life insurance has increased notably during 2007-2012 by 4.1%, while the share of life insurance has declined by the same percentage.

The non-life insurance market of Bahrain is categorized into motor; fire, property and liability; medical; engineering; marine and aviation; miscellaneous financial loss and others. Motor insurance is the largest segment which contributes 32.1% to the gross premiums underwritten in the non-life insurance market of Bahrain. This is followed by fire, property and liability which represent 23.3% of the non-life premiums generated in the country. Medical is the third largest non-life insurance category and contributes 21.8% to the market.

The motor insurance market of Bahrain has expanded at a CAGR of 4.9% during 2007-2012, where the insurance premiums underwritten have grown from USD ~ million in 2007 to USD ~ million in 2012. The growing population, rising number of vehicles and large expatriate population have been the key drivers of the motor insurance market of Bahrain during 2007-2012. Motor insurance market of Bahrain is highly fragmented with large number of players present in this segment. The top four players which include Bahrain National Insurance Co., Gulf Union Ins. & Re. Co., Bahrain Kuwait Insurance Co. and AXA Insurance (Gulf) Co. together account for ~% of the gross premiums generated in this segment.

Medical insurance is the third largest segment in the non-life insurance market of Bahrain and contributes ~% to the non-life gross premiums underwritten in the market. Moreover, the segment is the second fastest growing insurance category in the country which has expanded at a CAGR of 22.4% during 2007-2012 to reach USD ~ million in 2012 from USD ~ million in 2007. The medical insurance market of Bahrain is projected to grow robustly during 2013-2017 owing to the factors such as compulsory medical insurance for expatriates, increasing population of the country and rising healthcare expenditure. The medical gross written premiums in the country are expected to expand at a CAGR of 19.4% during 2013-2017, where the underwritten premiums are estimated to reach USD ~ million in 2017 from USD ~ million in 2012.
Medical insurance market of Bahrain is dominated by AXA Insurance (Gulf) Co. which contributes ~% in terms of gross premiums. American Life Insurance Co. is the second largest player with a share of ~%. Saudi National Ins. Co., Al Ahlia Insurance Co. and Bahrain National Life Assurance Co. are other major players which contribute ~%, ~% and ~% respectively to the total medical insurance premiums generated in Bahrain.

The Bahrain insurance industry is expected to continue remain dominated by non-life segment where the share of the segment in the total gross premiums generated in the country is estimated to increase to ~% by 2017 from 77.4% in 2012. The contribution of life segment on the other hand would decline by around 2% during 2013-2017. Therefore, in a base case scenario the gross premiums generated in the country are therefore expected to reach USD ~ million in 2017 by expanding at a CAGR of 14.9% during 2012-2017. In this case the life insurance premiums are estimated to increase at a CAGR of ~% while non-life insurance premiums are anticipated to grow at a CAGR of ~% during 2012-2017. The growth of the life and non-life premiums in this case would be supported by steady growth of the local and expatriate population, stable economic expansion of the country and increased focus of the government on non-oil sectors especially banking and financial sector.

KEY TOPICS COVERED IN THE REPORT

- The market size of the Bahrain insurance market by value on the basis of gross written premiums.
- The market segmentation of the Bahrain insurance market by life and non-life.
- The market size and future projections of the life and non-life segments.
- Market segmentation of the Bahrain non-life insurance market by motor, fire, property and liability, medical, engineering, marine and aviation; miscellaneous financial loss and others.
- Market size and future projections of Bahrain motor; fire, property and liability, medical, engineering, marine and aviation, miscellaneous financial loss and others insurance segments.
- Market share of major players in life and various non-life segments.
- Company Profiles of major players in the Bahrain insurance market.
- Future outlook and projections of the Bahrain insurance market on the basis of gross written premiums.

Table Of Contents

Bahrain Insurance Industry Outlook to 2017 - Expected Continued Dominance By Motor Insurance Segment
TABLE OF CONTENTS

1. Bahrain Insurance Market Introduction and Size by Gross Written Premiums, 2007-20129
2. Bahrain Insurance Market Segmentation by Life and Non-Life, 2007-2012
3. Bahrain Life Insurance Market
3.1. Bahrain Life Insurance Market Introduction and Size, 2007-2012
3.2. Market Share of Major Players in Bahrain Life Insurance Market, 2008-2012
3.3. Future Projections for Bahrain Life Insurance Market, 2013-2017
4. Bahrain Non-Life Insurance Market
4.1. Bahrain Non-Life Insurance Market Size, 2007-2012
4.2. Bahrain Non-Life Insurance Market Segmentation by Motor, Accident and Liability, Fire, Marine and Transport, Medical and Others, 2007-2012
4.3. Future Projections for Bahrain Non-Life Insurance Market, 2013-2017
5. Bahrain Motor Insurance Market
5.1. Bahrain Motor Insurance Market Introduction and Size, 2007-2012
5.2. Market Share of Major Players in Bahrain Motor Insurance Market, 2008-2012
5.3. Future Projections for Bahrain Motor Insurance Market, 2013-2017
6. Bahrain Fire, Property and Liability Insurance Market
6.1. Bahrain Fire, Property and Liability Insurance Market Introduction and Size, 2007-2012
6.2. Market Share of Major Players in Bahrain Fire, Property and Liability Insurance Market, 2008-2012
6.3. Future Projections for Bahrain Fire, Property and Liability Insurance Market, 2013-2017
7. Bahrain Medical Insurance Market
7.1. Bahrain Medical Insurance Market Introduction and Size, 2007-2012
7.2. Market Share of Major Players in Bahrain Medical Insurance Market, 2008-2012
7.3. Future Projections for Bahrain Medical Insurance Market, 2013-2017
8. Bahrain Engineering Insurance Market
8.1. Bahrain Engineering Insurance Market Introduction and Size, 2007-2012
8.2. Market Share of Major Players in Bahrain Engineering Insurance Market, 2008-2012
8.3. Future Projections for Bahrain Engineering Insurance Market, 2013-2017
9. Bahrain Marine and Aviation Insurance Market
9.1. Bahrain Marine and Aviation Insurance Market Introduction and Size, 2007-2012
9.2. Market Share of Major Players in Bahrain Marine and Aviation Insurance Market, 2008-2012
9.3. Future Projections for Bahrain Marine and Aviation Insurance Market, 2013-2017
10. Bahrain Miscellaneous Financial Loss Insurance Market
10.1. Bahrain Miscellaneous Financial Loss Insurance Market Size and Future Projections, 2007-2017
10.2. Market Share of Major Players in Bahrain Miscellaneous Financial Loss Insurance Market, 2008-2012
11. Bahrain Other Insurance Market
11.1. Bahrain Other Insurance Market Size and Future Projections, 2007-2017
11.2. Market Share of Major Players in Bahrain Other Insurance Market, 2008-2012
12. Government Regulations in Bahrain Insurance Market
13. Bahrain Insurance Market Future Outlook and Projections, 2013-2017
14. Company Profiles of Major Players in Bahrain Insurance Market
15. Macroeconomic Factors
15.1. Population, 2007-2017
15.2. Healthcare Expenditure, 2007-2017
15.3. GDP at Current Prices, 2007-2017
15.4. Number of Registered In-use Vehicles, 2007-2017
15.5. Air Cargo Received, 2007-2017
15.6. Bank Lending for Construction, 2007-2017
16. Appendix
16.1. Market Definition
16.2. Abbreviations
16.3. Research Methodology
Data Collection Methods
Approach
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Final Conclusion
16.4. Disclaimer

LIST OF FIGURES

Figure 1: Bahrain Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 2: Bahrain Insurance Market Segmentation by Life and Non-Life on the basis of Gross Witten Premiums in Percentage, 2007-2012
Figure 3: Bahrain Life Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 4: Bahrain Life Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 5: Bahrain Non-Life Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 6: Bahrain Non-Life Insurance Market Segmentation on the basis of Gross Written Premiums in Percentage, 2007-2012
Figure 7: Bahrain Non-Life Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 8: Bahrain Motor Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 9: Bahrain Motor Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 10: Bahrain Fire, Property and Liability Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 11: Bahrain Fire, Property and Liability Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 12: Bahrain Medical Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 13: Bahrain Medical Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 14: Bahrain Engineering Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 15: Bahrain Engineering Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 16: Bahrain Marine and Aviation Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2012
Figure 17: Bahrain Marine and Aviation Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 18: Bahrain Miscellaneous Financial Loss Insurance Market Size on the basis of Gross Written Premiums in USD Million, 2007-2017
Figure 19: Bahrain Other Insurances Market Size on the basis of Gross Written Premiums in USD Million, 2007-2017
Figure 20: Bahrain Insurance Market Future Projections on the basis of Gross Written Premiums in USD Million, 2013-2017
Figure 21: Bahrain Population in Million, 2007-2017
Figure 22: Bahrain Healthcare Expenditure in USD Million, 2007-2017
Figure 23: Bahrain GDP at Current Prices in USD Million, 2007-2017
Figure 24: Bahrain Number of Registered In-use Vehicles in Million, 2007-2017
Figure 25: Bahrain Air Cargo Received in Million Kg, 2007-2017
Figure 26: Bahrain Bank Lending for Construction in USD Million, 2007-2017

LIST OF TABLES

Table 1: Loss Ratio of Major Segments in Bahrain Insurance Market in Percentage, 2010 and 2011
Table 2: Retention Ratio of Major Segments in Bahrain Insurance Market in Percentage, 2010 and 2011
Table 3: Market Share of Major Players in Bahrain Life Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 4: Gross Written Premiums by Major Players in Bahrain Life Insurance Market in USD Million, 2008-2012
Table 5: Market Share of Major Players in Bahrain Motor Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 6: Gross Written Premiums by Major Players in Bahrain Motor Insurance Market in USD Million, 2008-2012
Table 7: Gross Premiums of Major Players in Bahrain Fire Insurance Market in USD Million, 2008-2012
Table 8: Gross Premiums of Major Players in Bahrain Property Insurance Market in USD Million, 2008-2012
Table 9: Gross Premiums of Major Players in Bahrain Liability Insurance Market in USD Million, 2008-2012
Table 10: Market Share of Major Players in Bahrain Medical Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 11: Gross Written Premiums by Major Players in Bahrain Medical Insurance Market in USD Million, 2008-2012
Table 12: Market Share of Major Players in Bahrain Engineering Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 13: Gross Written Premiums by Major Players in Bahrain Engineering Insurance Market in USD Million, 2008-2012
Table 14: Market Share of Major Players in Bahrain Marine and Aviation Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 15: Gross Written Premiums by Major Players in Bahrain Marine and Aviation Insurance Market in USD Million, 2008-2012
Table 16: Market Share of Major Players in Bahrain Miscellaneous Financial Loss Insurance Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 17: Gross Written Premiums by Major Players in Bahrain Miscellaneous Financial Loss Insurance Market in USD Million, 2008-2012
Table 18: Market Share of Major Players in Bahrain Other Insurances Market on the Basis of Gross Written Premiums in Percentage, 2008-2012
Table 19: Gross Written Premiums by Major Players in Bahrain Other Insurances Market in USD Million, 2008-2012
Table 20: Competitive Landscape of Major Players in Bahrain Insurance Market
Table 21: Gross Premiums Underwritten by Major Players in Bahrain Insurance Market in USD Million, 2007-2011
Table 22: Net Profit before Tax of Major Players in Bahrain Insurance Market in USD Million, 2007-2011
Table 23: Correlation Matrix for Bahrain Fire, Property and Liability Insurance Market
Table 24: Regression Coefficients Output

Companies Mentioned

AXA Insurance (Gulf) Co, American Life Insurance Co, Saudi National Insurance Co., Al Ahlia Insurance Co, Bahrain National Life Assurance Co., Bahrain National Insurance Company

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