Bahrain: Takaful contributions register flat growth in 1H2021

Source: Middle East Insurance Review | Jan 2022

Total gross contributions of takaful firms in Bahrain reached BHD43.76m ($116.4m) in the first half of 2021, showing a marginal dip from the BHD43.89m generated in 1H2020, against 6.7% growth rate the insurance market has registered in the same period, according to a report issued by the Central Bank of Bahrain (CBB).

Takaful operations accounted for 30.5% of the market’s GWP (BHD143.7m) in the first six months of 2021, down from 32.6% in 1H2020. Family takaful operations declined by 17% to BHD3.37m in the first half of the year from BHD4m written in the first six months of 2020 (against an increase of 23% in long-term insurance premiums which the whole market has registered).

Paid claims for takaful operators in the first half of 2021 dropped by 4% to BHD18.7m from 19.5m paid in the first six months of the past year (against 1% decline in paid claims for the whole sector). Paid claims for family takaful jumped by 158% to BHD1.55m in 1H2021, against BHD600,000 in the same period of the past year. M

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