The insurance industry in Bahrain has shown steady results for the six months ended 30 June 2023, with gross premiums (conventional and takaful) generated in the domestic market amounting to BHD151.49m ($402m), 3.1% higher than the BHD146.86m posted for the corresponding period in 2022.
Bahrain National Holding (BNH), one of the largest insurance companies in the Kingdom of Bahrain, looks set to again reduce its stake in Arabian Shield Cooperative Insurance Company, a Saudi Arabian insurer.
Saudi Arabian Insurance Company (Damana) reported gross written premiums (GWP) of BHD16.8m ($44.6m) in 2022, an increase of 8.6% compared with the previous year as the company executed strategic growth actions, notes AM Best.
Bahrain National Holding Company (BNH), the parent company of Bahrain National Insurance Company and Bahrain National Life Insurance Company, reported a net profit attributable to shareholders of BHD1.74m ($4.62m) for the first quarter of this year.
Takaful International Company (GIG Takaful Bahrain), which provides Islamic insurance solutions in Bahrain, has announced that it has become the first takaful company in the region to adopt new Financial Accounting Standards (FAS) 43 and 30, issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Men constitute 79.5% of drivers who are at fault in traffic accidents in Bahrain, while females account for 20.5%, according to statistics from the General Traffic Department.
Bahrain's mandatory health insurance scheme for foreigners is expected to generate a revenue from foreigners which will exceed BHD71m ($188m) for the insurance market in Bahrain, says the chairman of the Bahrain Insurance Association, Mr Jawad Muhammad.
Independent global risk management, benefits and technology company Milliman has signed a cooperation agreement with Bahrain's Supreme Council of Health (SCH).
Bahrain's Ministry of Health has stated that the mandatory health insurance scheme will be implemented among foreigners this year and to citizens in 2024.
UK-headquartered Howden, an international insurance broker, yesterday announced that it has received a regulatory licence from the Central Bank of Bahrain to establish operations in the Kingdom of Bahrain. This represents a significant step in Howden's strategic growth ambitions for the Gulf region.