Non-Life Insurance in Bahrain, Key Trends and Opportunities to 2020

Published: Jul, 2017 | Pages: 113 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Non-Life Insurance in Bahrain, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Bahraini non-life insurance segment, and a comparison of the Bahraini insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bahraini economy and demographics, explains the various types of natural hazard and their impact on the Bahraini insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Non-Life Insurance in Bahrain, key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Bahraini non-life insurance segment, including:

• The Bahraini non-life segment outlook by product category

• A comprehensive overview of the Bahraini economy and demographics

• A comparison of the Bahraini non-life insurance segment with its regional counterparts

• The various distribution channels in the Bahraini non-life insurance segment

• Detailed analysis of natural hazards and their impact on the Bahraini insurance industry

• Details of the competitive landscape in the non-life insurance segment in Bahrain

• Details of regulatory policy applicable to the Bahraini insurance industry

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Bahrain:

• It provides historical values for the Bahraini non-life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

• It offers a detailed analysis of the key categories in the Bahraini non-life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Bahraini non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in Bahrain.

• It analyzes various natural hazards and their impact on the Bahraini insurance industry

• It profiles the top non-life insurance companies in Bahrain, and outlines the key regulations affecting them.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Bahraini non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Bahraini non-life insurance segment.

• Assess the competitive dynamics in the non-life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Bahraini insurance industry, and their impact on companies and the industry's future.
Key Highlights

• In October 2016, the Central Bank of Bahrain organised a cybersecurity roundtable session to increase awareness of cyber-risks and develop the current Information Technology (IT) trends.

• In 2015, Bahrain was the 79th largest export economy in the world, and ranked 54th in the Economic Complexity Index (ECI). 

• In 2015, according to PreventionWeb, the average loss due to tremors stood at BHD9.8 million (US$25.7 million).

• In 2015, Bahrain's insurance industry consisted of 25 local firms and 11 overseas firms, which carry out insurance, reinsurance, takaful and retakaful.

 Table of Contents
1 KEY FACTS AND HIGHLIGHTS 
2 EXECUTIVE SUMMARY 
3 ECONOMY AND DEMOGRAPHICS 
4 SEGMENT OUTLOOK 
4.1 Regional Comparison 
4.2 Segment Indicators 
4.2.1 Gross written premium and penetration 
4.2.2 Policies sold 
4.2.3 Claims 
4.2.4 Profitability 
4.2.5 Assets and investments 
5 OUTLOOK BY CATEGORY 
5.1 Property Insurance 
5.1.1 Product overview 
5.1.2 Premium 
5.1.3 Policies sold 
5.1.4 Claims 
5.1.5 Profitability 
5.2 Motor Insurance 
5.2.1 Product overview 
5.2.2 Premium 
5.2.3 Policies sold 
5.2.4 Claims 
5.2.5 Profitability 
5.3 Liability Insurance 
5.3.1 Product overview 
5.3.2 Premium 
5.3.3 Policies sold 
5.3.4 Claims 
5.3.5 Profitability 
5.4 Marine, Aviation and Transit Insurance 
5.4.1 Product overview 
5.4.2 Premium 
5.4.3 Policies sold 
5.4.4 Claims 
5.4.5 Profitability 
6 DISTRIBUTION CHANNEL OUTLOOK 
6.1 Analysis by Distribution Channel 
7 NATURAL AND MAN-MADE HAZARDS 
7.1 Flooding 
7.2 Earthquakes 
7.3 Sandstorms 
7.4 Man-Made Disasters 
7.5 Exposure 
8 COMPETITIVE LANDSCAPE 
8.1 Company Profiles 
8.1.1 Bahrain National Insurance Company - company overview 
8.1.2 Bahrain Kuwait Insurance Company - company overview 
8.1.3 ACE American Insurance Company - company overview 
8.1.4 Axa Insurance (Gulf) Company - company overview 
8.1.5 Saudi National Insurance Company - company overview 
9 GOVERNANCE, RISK AND COMPLIANCE 
9.1 Legislation Overview and Historical Evolution 
9.2 Latest Changes in Regulation 
9.3 Legislation and Market Practice by Type of Insurance 
9.3.1 Life insurance 
9.3.2 Property insurance 
9.3.3 Motor insurance 
9.3.4 Liability insurance 
9.3.5 Marine, aviation and transit insurance 
9.3.6 Personal accident and health insurance 
9.4 Compulsory Insurance 
9.4.1 Motor third party liability insurance 
9.4.2 Professional indemnity insurance for insurance brokers and insurance consultants 
9.4.3 Social insurance law 
9.4.4 Liability for ships with respect to oil pollution 
9.4.5 Health insurance scheme for national employees and expatriates 
9.5 Supervision and Control 
9.5.1 International Association of Insurance Supervisors 
9.5.2 Central Bank of Bahrain 
9.5.3 Bahrain Insurance Association 
9.6 Non-Admitted Insurance Regulation 
9.6.1 Overview 
9.6.2 Intermediaries 
9.6.3 Market practices 
9.6.4 Fines and Penalties 
9.7 Company Registration and Operations 
9.7.1 Type of insurance organization 
9.7.2 Establishing a local company 
9.7.3 Foreign ownership 
9.7.4 Types of license 
9.7.5 Capital requirements 
9.7.6 Solvency margin 
9.7.7 Reserve requirements 
9.7.8 Investment regulations 
9.7.9 Statutory return requirements 
9.7.10 Fee structure 
9.8 Taxation 
9.8.1 Insurance premium or policy taxation 
9.8.2 Withholding taxes on premium paid overseas 
9.8.3 Corporate tax 
9.8.4 VAT 
9.8.5 Captives 
9.9 Legal System 
9.9.1 Introduction 
9.9.2 Access to court 
9.9.3 Alternative dispute resolution (ADR) 
10 DATABOOK 
10.1 Policies and Premium 
10.2 Claims and Expenses 
10.3 Assets and Investments 
10.4 Property Insurance 
10.5 Property Insurance by Product 
10.6 Motor Insurance 
10.7 Liability Insurance 
10.8 Marine, Aviation and Transit Insurance 
11 DEFINITIONS AND METHODOLOGY 
11.1 Definitions 
11.2 Methodology 
12 ABOUT TIMETRIC 
12.1 Contact Timetric 
12.2 About Timetric 
12.3 Timetric's Services 
12.4 Disclaimer

List of Tables
Table 1: Bahraini Non-Life Insurance - Key Facts, 2015 
Table 2: Bahraini Non-Life Insurance - Segment Shares of the Top Insurers, 2015 
Table 3: Bahraini Government Credit Ratings 
Table 4: Bahraini Non-Life Insurance - Gross Written Premium (BHD Million and US$ Million), 2011-2015 
Table 5: Bahraini Non-Life Insurance - Penetration (%), 2011-2015 
Table 6: Bahraini Non-Life Insurance - Gross Written Premium (BHD Million and US$ Million), 2015-2020 
Table 7: Bahraini Non-Life Insurance - Penetration (%), 2015-2020 
Table 8: Bahraini Non-Life Insurance - Premium per Capita (BHD and US$), 2011-2015 
Table 9: Bahraini Non-Life Insurance - Premium per Capita (BHD and US$), 2015-2020 
Table 10: Bahraini Non-Life Insurance - Number of Policies Sold (Million), 2011-2015 
Table 11: Bahraini Non-Life Insurance - Number of Policies Sold (Million), 2015-2020 
Table 12: Bahraini Non-Life Insurance - Paid Claims (BHD Million and US$ Million), 2011-2015 
Table 13: Bahraini Non-Life Insurance - Paid Claims (BHD Million and US$ Million), 2015-2020 
Table 14: Bahraini Non-Life Insurance - Profitability Ratio (%), 2011-2015 
Table 15: Bahraini Non-Life Insurance - Profitability Ratio (%), 2015-2020 
Table 16: Bahraini Non-Life Insurance - Total Assets (BHD Million and US$ Billion), 2011-2015 
Table 17: Bahraini Non-Life Insurance - Total Assets (BHD Million and US$ Billion), 2015-2020 
Table 18: Bahraini Non-Life Insurance - Total Investment Income (BHD Million and US$ Million), 2011-2015 
Table 19: Bahraini Non-Life Insurance - Total Investment Income (BHD Million and US$ Million), 2015-2020 
Table 20: Bahraini Non-Life Insurance - Investment Portfolio (BHD Million), 2011-2015 
Table 21: Bahraini Non-Life Insurance - Investment Portfolio (BHD Million), 2015-2020 
Table 22: Bahraini Non-Life Insurance - Direct Written Premium by Category (BHD Million), 2011-2015 
Table 23: Bahraini Non-Life Insurance - Direct Written Premium by Category (BHD Million), 2015-2020 
Table 24: Bahraini Property Insurance - Direct Written Premium by Sub-Category (BHD Billion), 2011-2015 
Table 25: Bahraini Property Insurance - Direct Written Premium by Sub-Category (BHD Billion), 2015-2020 
Table 26: Bahraini Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2015 
Table 27: Bahraini Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2015-2020 
Table 28: Bahraini Property Insurance - Paid Claims (BHD Million and US$ Million), 2011-2015 
Table 29: Bahraini Property Insurance - Paid Claims (BHD Million and US$ Million), 2015-2020 
Table 30: Bahraini Property Insurance - Loss Ratio (%), 2011-2015 
Table 31: Bahraini Property Insurance - Loss Ratio (%), 2015-2020 
Table 32: Bahraini Motor Insurance - Direct Written Premium (BHD Million), 2011-2015 
Table 33: Bahraini Insurance - Direct Written Premium (BHD Million), 2015-2020 
Table 34: Bahraini Motor Insurance - Number of Policies Sold (Million), 2011-2015
Table 35: Bahraini Motor Insurance - Number of Policies Sold (Million), 2015-2020 
Table 36: Bahraini Motor Insurance - Paid Claims (BHD Million and US$ Million), 2011-2015 
Table 37: Bahraini Motor Insurance - Paid Claims (BHD Million and US$ Million), 2015-2020 
Table 38: Bahraini Motor Insurance - Loss Ratio (%), 2011-2015 
Table 39: Bahraini Motor Insurance - Loss Ratio (%), 2015-2020 
Table 40: Bahraini Liability Insurance - Direct Written Premium (BHD Million), 2011-2015 
Table 41: Bahraini Liability Insurance - Direct Written Premium (BHD Million), 2015-2020 
Table 42: Bahraini Liability Insurance - Number of Policies Sold (Thousand), 2011-2015 
Table 43: Bahraini Liability Insurance - Number of Policies Sold (Thousand), 2015-2020 
Table 44: Bahraini Liability Insurance - Paid Claims (BHD Thousand and US$ Million), 2011-2015 
Table 45: Bahraini Liability Insurance - Paid Claims (BHD Thousand and US$ Million), 2015-2020 
Table 46: Bahraini Liability Insurance - Loss Ratio (%), 2011-2015 
Table 47: Bahraini Liability Insurance - Loss Ratio (%), 2015-2020 
Table 48: Bahraini Transport Network - Global Rankings 
Table 49: Bahraini Marine, Aviation and Transit Insurance - Direct Written Premium (BHD Million), 2011-2015 
Table 50: Bahraini Marine, Aviation and Transit Insurance - Direct Written Premium (BHD Million), 2015-2020 
Table 51: Bahraini Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2011-2015 
Table 52: Bahraini Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2015-2020 
Table 53: Bahraini Marine, Aviation and Transit Insurance - Paid Claims (BHD Thousand and US$ Thousand), 2011-2015 
Table 54: Bahraini Marine, Aviation and Transit Insurance - Paid Claims (BHD Thousand and US$ Thousand), 2015-2020 
Table 55: Bahraini Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015 
Table 56: Bahraini Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020 
Table 57: Bahraini Non-Life Segment - Market Shares of Leading Insurers (%), 2015 
Table 58: Bahrain National Insurance Company - Key Facts 
Table 59: Bahrain National Insurance Company - Key Financials (BHD Million), 2011-2015 
Table 60: Bahrain Kuwait Insurance Company - Key Facts 
Table 61: ACE American Insurance Company - Key Facts 
Table 62: ACE American Insurance Company - Key Financials (BHD Million), 2011-2015 
Table 63: Axa Insurance (Gulf) Company - Key Facts 
Table 64: Saudi National Insurance Company - Key Facts 
Table 65: Bahrain - Insurance Regulatory Framework Key Features 
Table 66: Bahrain - Life Insurance Regulatory Framework 
Table 67: Bahrain - Property Insurance Regulatory Framework 
Table 68: Bahrain - Motor Insurance Regulatory Framework 
Table 69: Bahrain - Liability Insurance Regulatory Framework 
Table 70: Bahraini Insurance Industry - Policies and Premium, 2011-2015 
Table 71: Bahraini Insurance Industry - Policies and Premium, 2015-2020 
Table 72: Bahraini Non-Life Insurance - Claims and Expenses, 2011-2015 
Table 73: Bahraini Non-Life Insurance - Claims and Expenses, 2015-2020 
Table 74: Bahraini Non-Life Insurance - Assets and Investments, 2011-2015 
Table 75: Bahraini Non-Life Insurance - Assets and Investments, 2015-2020 
Table 76: Bahraini Non-Life Insurance - Property Insurance, 2011-2015 
Table 77: Bahraini Non-Life Insurance - Property Insurance, 2015-2020 
Table 78: Bahraini Non-Life Insurance - Property Insurance by Product, 2011-2015 
Table 79: Bahraini Non-Life Insurance - Property Insurance by Product, 2015-2020 
Table 80: Bahraini Non-Life Insurance - Motor Insurance, 2011-2015 
Table 81: Bahraini Non-Life Insurance - Motor Insurance, 2015-2020 
Table 82: Bahraini Non-Life Insurance - Liability Insurance, 2011-2015 
Table 83: Bahraini Non-Life Insurance - Liability Insurance, 2015-2020 
Table 84: Bahraini Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015 
Table 85: Bahraini Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020 
Table 86: Insurance Industry Definitions