GCC: Dubai-based online insurer expands to Bahrain
Source: Middle East Insurance Review | Dec 2022
Dubai-based online-only insurer Beema, part of the diversified state-owned global energy group Emirates National Oil Company (ENOC), is expanding its operations within the GCC to include Bahrain.
Beema’s insurance policies in Bahrain will be underwritten by the Bahrain Kuwait Insurance Company (BKIC).
With the entry of Beema into Bahrain, BKIC is strengthening its digital offerings, to drive change in the Bahraini insurance market.
ENOC group CEO Saif Humaid Al Falasi said, “Over the past three years, we have witnessed significant growth in the structure and the strategy of Beema, part of ENOC’s NEXT accelerator programme. We enhanced customer centricity and strongly focused on customers’ aspirations, enabling Beema to gain a strong market share in a short period of time. It is in line with the strategy and expectations to expand Beema’s success into other GCC geographies.”
Launched in 2019, Beema offers customers cash back based on the number of kilometres driven each year with its pay-per-kilometre policy. Motorists who have completed less than 20,000 kilometres in the year, benefit from a cashback of up to 25% of their policy premium. M