Published on : Aug 04, 2017
Albany, New York, August 4, 2017: Life Insurance is an important part of an individual’s safety net, in particular, if the person has dependents. Recently, a report on Life insurance in Bahrain has been prepared by the analysts, which states that Bahraini insurance companies can do more to develop their life insurance business. In addition, the introduction of mandatory health insurance in Bahrain would help develop the life insurance market. Market Research Hub (MRH) has recently included a report titled “Life Insurance in Bahrain, Key Trends and Opportunities to 2020” to its wide portfolio of research studies, which encompasses historical values for the Bahraini life insurance segment for the 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
The study provides detailed market analysis, information and major insights into the Bahraini life insurance. This subsequent section covers market overview, growth prospects by category, an overview of Bahraini economy and demographics and comparative analysis of Bahraini life insurance segment with its regional counterpart. The insurance industry has shown steady results in the year 2015. In 2015, the Bahraini insurance industry comprised 25 domestic and 11 foreign insurers, which carry out insurance, reinsurance, takaful and retakaful business. The gross contributions of Takaful Firms operating in Bahrain have risen significantly over the course of the last ten years.
Moreover, the report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bahraini economy and demographics, and provides detailed information on the competitive landscape in the country. Key performance indicators such as written premium, loss ratio, incurred loss, commissions and expenses, total investment income and retentions; and total assets during the review period of 2011 to 2015 and future forecast till 2020.
The research further analyzes that as a regional financial hub, Bahrain has also become a very fertile ground for the growth of the insurance industry. As per the key findings, Zurich remains totally committed to Bahrain’s insurance market through its existing two licenses. In April 2015, Zurich International Life reduced its number of licenses from three to two in order to simplify its legal structure and provide more resources to loyal customers. The study further also highlights that, in March 2017, State Bank of India (SBI) Life announced plans to enter the Bahraini insurance industry by 2018. It is currently waiting for approval from the Central Bank of Bahrain (CBB).
Moving further, the report offers detailed competitive landscape section. This section comprises profiles of top life insurance companies operating in Bahrain and outlines the key regulations affecting them. Top players are LIC (International) Company, American Life Insurance Company, Al Hilal Life Insurance Company, Zurich International Life Ltd., and Bahrain National Life Assurance Company.
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