The Bahraini insurance market grew by 1.2% during 2019 to post total premium income of BHD287.4m ($762m), according to the Central Bank of Bahrain's "Insurance Market Review 2019" report released recently
Industry sources say that the insurance market is looking to the adoption of compulsory health insurance for expatriates who number more than 600,000. The move would boost insurance premiums.
In May 2018, the government issued the Health Insurance Law that made health insurance coverage compulsory for all citizens, residents and visitors to the country from January 2019. Exceptions include foreigners associated with diplomatic and related missions in Bahrain. However, the relevant draft laws and regulations have not yet been issued by the authorities for the implementation of the compulsory scheme.
The “Insurance Market Review 2019” report shows that medical insurance contributed gross premiums of BHD67.6m in 2019, 3% higher than in 2018.
Motor insurance continued to be the biggest class of business with gross premiums of BHD80m in 2019, lower by 3% compared to 2018. This contributed 28% to total gross premiums in 2019.
According to the Central Bank's data, the insurance market comprises 24 locally incorporated insurance companies, 12 foreign branches, 32 insurance intermediaries and 29 actuarial experts.