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Bahrain: Health premiums grow 19% to $164.7 mln in 2016

Source: Middle East Insurance Review | Oct 2017

The Bahraini health insurance sector saw the strongest growth last year, compared to other classes of business. Gross health premiums surged by 19% to BHD62.11 million (US$164.7 million) compared to 2015, the Central Bank of Bahrain (CBB) said in an announcement.
 
   Medical insurance accounted for BHD272.04 million, making up 22.8% of total gross premiums in 2016, showing a flat performance compared to BHD272.81 million in 2015.
 
   Total gross premiums in motor insurance increased by 4% from BHD76.16 million in 2015 to BHD78.88 million in 2016. Motor insurance is the largest class of business in terms of gross premiums, representing around 29% of the total market share in 2016.
 
   Fire, property and liability business contributed 15% of total premiums/contributions in 2016, with premiums of BHD40.31 million compared to BHD47.32 million in 2015.
 
   Overall, non-life business accounted for 81% of the market. Long-term insurance comprised the remaining 19% of the total gross premiums.
 
   Long-term (life and savings products) insurance generated gross premiums of BHD51.62 million in 2016, reflecting a 6% y-o-y decline.
 
   Total gross contributions of takaful operators reached BHD60.43 million in 2016, down 4.4% compared to 2015 when the Islamic insurance sector grew by 3% to post contributions of BHD63.22 million. Gross takaful contributions accounted for 22% share of the total market in 2016.
 
   Gross premiums/contributions of reinsurance and retakaful firms amounted to BHD378.97 million in 2016. This was a fall compared to BHD397.44 million in 2015 and BHD412.53 million in 2014.
 
   At the end of last year, Bahrain’s domestic insurance market comprised 25 locally incorporated firms and 11 overseas insurance firms (branches of foreign companies) carrying out insurance, reinsurance, takaful, retakaful and captive business. 
 
   Mr Abdul Rahman Al Baker, Executive Director, Financial Institutions Supervision at the CBB, said: “We expect the insurance sector to continue its growth in the coming years, mainly due to the increase in the public awareness of the importance of insurance in general, as well as the soundness of the regulatory and supervisory framework of the insurance sector in Bahrain.” M 
 
BHD1 = US$2.65 
 
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