Boston, MA -- (SBWIRE) -- 04/29/2014 -- As of early 2014, it appears that Bahrain's insurance sector is returning to growth, following a difficult time following the political upheaval in 2011. The overall development of the economy through the forecast period will boost premiums in both major segments.
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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Key Insights And Key Risks
As of early 2014, it appears that Bahrain's insurance sector has returned to growth. As is the case in the rest of the region, the life segment is dominated by the local subsidiaries of multi-national insurers that are selling products and solutions to expatriates. Official data points to a stabilisation in life premiums in 2013.
If the economy grows and develops as BMI envisages, it is virtually certain that the number (and wealth) of expatriate workers will increase: their demand for innovative savings solutions will grow also.
Indications from the non-life segment have been mixed. According to the Central Bank of Bahrain (CBB), which regulates the insurance sector, overall premiums have been rising. Comments from particular companies, and the well-documented problems of key areas of the economy such as the construction sector, suggest that times have been hard for many players in the non-life segment. As is the case across much of the Middle East and North Africa (MENA) region, the industry is fragmented, lacking in pricing power and (with some exceptions) unable to achieve regional economies of scale. The unrest that began in early 2011 led to an increase in claims. Some companies appear to have suffered from further sharp rises in claims through 2012 and 2013 as well. For many companies, investment profits have been unimpressive.
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