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Bahrain Insurance Report Q2 2016

  • April 2016
  • -
  • Business Monitor International
  • -
  • 57 pages

Includes 3 FREE quarterly updates

BMI View: Bahrain's insurance sector, though small in global terms, is one of the more developed in theMiddle East and incorporates a wide range of indigenous and multinational providers, the majority ofwhom offer a diversified product mix. Despite the impact of low oil prices on the Bahraini economy, wemaintain a relatively positive outlook as regards consumer spending in the kingdom and thus demand forinsurance and financial services. Income levels in Bahrain are high and rising and a sizeable expatriatepopulation means that demand for life and health covers in particular is expected to remain robust over theforecast period. However, we hold a weaker view with regard to transport lines and insurance sub-sectorsthat are heavily dependant on the country's oil economy, with these segments likely to see limited growthover the forecast period through to 2020.

Key Updates And Forecasts

- We maintain a generally positive outlook for both the life and non-life sectors in Bahrain. We forecastlife insurance premiums to grow by 7.5% y-o-y in 2016 to USD174mn. Growth will average 5.6% a yearover 2017-2020 to reach USD217mn.

- Non-life premiums will also perform well in the short term, growing by 6.8% y-o-y this year toUSD645mn. Premiums will grow by 6.9% a year on average over the remainder of the forecast period toreach USD842mn.

- In January and February 2016, wealth management and pensions provider, Takaud, signed partnershipagreements with two Bahraini insurance companies, Takaful International and Bahrain KuwaitInsurance Company (BKIC). The agreements will involve the cross-marketing of insurance and financial services products between the respective companies, as well as the development of newproducts.

Table Of Contents

Bahrain Insurance Report Q2 2016
BMI Industry View 7
Table: Headline Insurance Forecasts (Bahrain 2013-2020) 7
Insurance 9
Industry Forecast 11
Life Premiums Forecast 11
Table: Life Premiums (Bahrain 2013-2020) 14
Table: Life Insurance Claims, Bahrain 14
Non-Life Premiums Forecast 15
Table: Non-Life Premiums (Bahrain 2013-2020) 18
Table: Non-Life Insurance Claims, Bahrain 18
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Bahrain 2013-2020) 24
Industry Risk Reward Ratings 26
MENA Insurance Risk/Reward Index 26
Table: MENA Insurance Risk/Reward Index - Q216 27
Market Overview 28
Life Market Overview 28
The Product Offering 28
The Competitive Landscape 29
Table: Life Market Share, Gross Premiums, USDmn (2007-2014) 30
Table: Life Market Share (%), 2007-2014 31
Non-Life Market Overview 32
The Product Offering 32
The Competitive Landscape 33
Table: Non-Life Market Share, USDmn (2007-2014) 34
Table: Non-Life Market Share (%), 2007-2014 35
Company Profile 37
Arig 37
Bahrain Kuwait Insurance Co (BKIC) 40
Bahrain National Holdings 43
MedGulf 46
Takaful International 48
Methodology 51
Industry Forecast Methodology 51
Risk/Reward Index Methodology 54
Table: Indicators 56
Table: Weighting of Indicators 57

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