Bahrain: Insurance market improves topline and net results in 1H2023

Source: Middle East Insurance Review | Nov 2023

Bahrain’s insurance market saw a growth of 3.1% during the first half of this year, with insurance premiums reaching BHD151.49m ($401.89m), compared to BHD146.86m in the corresponding period of 2022, according to data from the Central Bank of Bahrain.

The insurance industry also showed improved net results due to higher investment gains and lower underwriting losses in 1H2023 as compared with 1H2022. Gross premiums grew across all lines of business except marine and aviation insurance (BHD2.75m) and long-term insurance (15.9m) which dropped by 13% and 32% y-o-y respectively.

Twenty-one domestic insurance companies and 10 branches of foreign insurance companies operated in the Bahraini market in the first six months of this year. Domestic companies consist of 13 traditional insurance companies, five takaful companies, two reinsurance companies and one retakaful company. M

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