Bahrain's insurance market posted its strongest ever annual growth in 2007, with gross premiums soaring 21% over 2006 levels, according to the Central Bank of Bahrain (CBB).
Life insurance rocketed by nearly 67%, providing the lion’s share of the growth, with medical and motor insurance also seeing a strong increase in demand, rising 39% and 16% respectively. The profitability of insurance funds jumped by 56%, while their total assets grew by 42%. The number of firms operating in Bahrain during 2007 was 163, of which 11 were branches of foreign firms. Abdul Rahman Al Baker, executive director of financial institutions supervision at CBB, said: “The insurance sector in Bahrain holds tremendous promise for growth, as demonstrated by the industry’s strong perfor...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes