News Middle East20 Aug 2019

Bahrain:5 new insurance licences issued in the year to date

20 Aug 2019

The Central Bank of Bahrain (CBB) has granted five insurance licences since the beginning of this year until 18 August.

One licence is for a branch of the global health service and insurance company Cigna, Mr Abdul Rahman Al Baker, executive director of financial institutions supervision at the CBB said.

He said that in addition, two insurance brokers and two actuaries were granted licences.

Mr Al Baker said that the number of licensees in the insurance market in Bahrain reached 151 at the end of July. These include 23 local insurers and 13 branches of foreign insurance companies. Local insurers comprise 12 conventional insurance companies, 6 takaful companies, 2 reinsurers, 2 retakaful companies and a private subsidiary.

The insurance sector also includes 34 insurance brokers, 4 insurance consultancy offices, 4 administrative service offices for insurance companies, in addition to a number of registered experts, including 13 experts in loss adjusting, 31 actuaries, 4 representative offices and 7 licences for supporting services for the sector.

Insurance industry performance

The performance of the insurance market grew by 6% in 2018, with premiums reaching BHD284.02m ($753.4m), compared to BHD268.6m in 2017, Mr Al Baker told Al-Watan.

He added that the increase in insurance premiums in 2018 was driven in part by engineering insurance which generated premiums of BHD22.6m in 2018, 39% higher compared to BHD16.3m in 2017.

Other major classes of business in 2018 were:

Class of business

Premiums in 2018

BHD m

Market share

Motor

82.6

29%

Medical

65.5

23%

Life

51.2

18%

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