New Report Available: Bahrain Insurance Report Q1 2015

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New Report Available: Bahrain Insurance Report Q1 2015

Recently published research from Business Monitor International, “Bahrain Insurance Report Q1 2015”, is now available at Fast Market Research

[USPRwire, Tue Nov 25 2014] The Bahrain insurance market will continue to see strong growth in the coming years in line with our outlook for economic growth to remain steady. The growth in premiums will be lead by the non-life segment, which will benefit from the country’s compulsory health insurance law. However, we see profitability for non-life insurers remain under pressure due to the intense competition within the fragmented segment.

After growing 6.6% in 2014, we forecast growth in gross premiums to pickup to 7.0% in 2015. This increase will be on the back of stronger growth in both the life and non-life segments as economic growth accelerates. The takaful sector represented around 22% of total gross premiums in 2013 and according to the regulator has seen impressive growth over the past decade. Going forward, we expect the takaful segment to grow in line with the broader sector and maintain its share of the overall market.

Full Report Details at
– http://www.fastmr.com/prod/900658_bahrain_insurance_report_q1_2015.aspx?afid=302

Over the 2015-2018 period, we expect a steady expansion in the market, forecasting average annual growth of 7.1%, which will see gross premiums hitting USD961mn by 2018. While we see stronger average growth in both the life and non-life segments over the next few years due to stronger economic growth, we expect the non-life segment to outperform on the back of the country’s compulsory health insurance scheme (as demand for health insurance increases in the coming years).

As is the case in other Gulf Cooperation Council (GCC) countries, the life insurance industry in Bahrain revolves around the provision of saving solutions to wealthier expatriates and locals by multi-national insurers and large domestic insurers. The life segment currently makes up 23.2% of the country’s insurance sector and has a density of USD133.3 per capita. While Bahrain’s life density is lower compared with other countries with similar levels of GDP per capita, we believe it is because of the low insurance penetration rates among the indigenous population, which does not see…

The Bahrain Insurance Report has been researched at source and features Business Monitor International (BMI)’s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI’s Bahrain Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Bahraini insurance industry.

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