Insurance sector in Kingdom of Bahrain achieved 5 per cent annual growth rate during 2014, compared to previous year.
Total insurance premiums in Bahraini insurance market reached BHD270.76 million in 2014, according to Central Bank of Bahrain (CBB).
The increase was primarily attributable to the increased health insurance from BHD40.83 million in 2013 to BHD48.59 million in 2014, with 19 per cent increase, Bahrain-based Al Wasat Newspaper reports.
Health insurance recorded 18 per cent contribution in insurance premiums in Bahraini insurance market in 2014.
Total car insurance premiums rose from BHD68.05 million in 2013 to hit BHD72.25 million in 2014, with 6 per cent increase.
By end of year 2014, the number of licensed companies in Bahraini insurance market reached 25 national companies and 11 branches for foreign insurance companies practice: insurance, re-insurance, Takaful and Retakaful .
“The insurance sector in Bahrain holds tremendous promise for growth, as demonstrated by the industry’s strong performance not only during 2014 but also during the past five years. Bahrain is fast becoming a hub for major regional and international reinsurance and retakaful firms as evidenced by the number of such firms that are set up in the Kingdom,” said Abdul Rahman Al Baker, executive director, Financial Institutions Supervision, at the CBB.
(BHD1=AED 9.73 at the time of publishing)