Bahrain Insurance Industry – Key Trends and Opportunities to 2026
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Bahrain Insurance Market Report Overview
The gross written premium of the Bahrain insurance market was BHD207.0 million ($550.4 million) in 2022. The market is expected to achieve a CAGR of more than 5% during 2021-2026. The Bahrain insurance market research report provides in-depth market analysis, information, and insights into the Bahrain insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bahrain economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Bahrain Insurance Market Outlook, 2022-2026 (BHD Million)
For more insights into the Bahrain insurance market forecast, download a free report sample
Bahrain Insurance Market Trends
Motor insurance, cyber risks insurance, and cryptocurrency payments are some of the key trends impacting the Bahrain insurance market.
In April 2022, the National Bank of Bahrain partnered with Bahrain National Insurance Company to offer discounted premiums on motor and electric vehicle insurance as part of the bank’s auto loan product. With the product, customers receive comprehensive insurance coverage for up to five years on agency repairs as well as benefits such as battery replacement and recharging for electric cars, pickup and drop-off for routine maintenance, and annual inspections.
Bahrain Insurance Market by Segments
The key segments in the Bahrain insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2021.
Life Insurance: The life insurance penetration rate remained low in 2021. Life insurance products are more commonly purchased by expat workers than locals. A culture of saving for retirement is yet to find a foothold among member nations of the Gulf Cooperation Council.
General Insurance: Motor insurance was the largest insurance line in the general insurance segment in 2021. It was followed by property and personal accident and health insurance. Motor third-party liability insurance is compulsory in Bahrain, with the country reporting a more than 3% increase in the sales of vehicles in 2021 – boosting motor insurance.
Bahrain Insurance Market Analysis by Segments, 2021 (%)
For more segment insights into the Bahrain insurance market, download a free report sample
Bahrain Insurance Market – Competitive Landscape
The key companies in the Bahrain insurance market are Bahrain Kuwait Insurance Company, Life Insurance Corporation (International), Bahrain National Insurance Company, Saudi National Insurance Co, and Mediterranean & Gulf Insurance & Reinsurance Company among others. Bahrain Kuwait Insurance Company was the largest insurer in 2021.
Bahrain Insurance Market Analysis by Players, 2021 (%)
For more players’ insights into the Bahrain insurance market, download a free report sample
Bahrain Insurance Market Report Overview
Market Size (2022) | BHD207.0 million ($550.4 million) (GWP) |
CAGR (2021-2026) | >5% |
Forecast Period | 2023-2026 |
Historical Period | 2017-2022 |
Key Segments | Life Insurance and General Insurance |
Leading Players | Bahrain Kuwait Insurance Company, Life Insurance Corporation (International), Bahrain National Insurance Company, Saudi National Insurance Co, and Mediterranean & Gulf Insurance & Reinsurance Company |
Segments Covered in the Report
Bahrain Insurance Market Segments Outlook (Value, $ Million, 2017-2026)
- Life Insurance
- General Insurance
Scope
This report provides:
- Comprehensive analysis of the Bahrain insurance industry.
- Historical values for the Bahrain insurance industry for the report’s review period and projected figures for the forecast period.
- A detailed analysis of the key categories in the Bahrain insurance industry, and market forecasts to 2026.
- Profiles of the top life insurance companies in Bahrain and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Bahrain insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Bahrain insurance industry.
- Assess the competitive dynamics in the Bahrain insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Bahrain National Life Assurance Company
Saudi National Insurance Company
Bahrain Kuwait Insurance Company
Bahrain National Insurance Company
Mediterranean & Gulf Insurance & Reinsurance Company
Table of Contents
Frequently asked questions
-
What was the Bahrain insurance market gross written premium in 2022?
The gross written premium of the Bahrain insurance market was BHD207.0 million ($550.4 million) in 2022.
-
What is the Bahrain insurance market growth rate?
The insurance market in Bahrain is expected to achieve a CAGR of more than 5% during 2021-2026.
-
What are the key segments of the Bahrain insurance market?
The key segments of the Bahrain insurance market are life insurance and general insurance.
-
Which segment dominates the Bahrain insurance market in 2021?
The general insurance segment dominates the Bahrain insurance market in 2021.
-
What are the key companies in the Bahrain insurance market?
The key companies in the Bahrain insurance market are Bahrain Kuwait Insurance Company, Life Insurance Corporation (International), Bahrain National Insurance Company, Saudi National Insurance Co, and Mediterranean & Gulf Insurance & Reinsurance Company.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.