We think that total insurance premiums will rise broadly in line with nominal GDP in Bahrain in 2015-2019. Strong growth in health insurance premiums will be offset by challenges elsewhere. Nevertheless recent developments have been mostly positive. Wildcards can be identified and are generally consistent with a more rapid rather than a slower expansion in premiums through the forecast period.

Over the forecast period total insurance penetration in Bahrain is likely to remain broadly unchanged at 2.1% of GDP. In essence premiums appear set to rise broadly in line with nominal GDP over the period to 2019. The lack of growth in penetration - and moderate rise in density - from levels that are fairly low by global norms highlights that sector faces a number of challenges. Total premiums appear set to rise from USD780mn in 2015 to USD1010mn in 2019.

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In the life segment the main problem appears to be the low probability that the insurers reach new clients. They are already established as providers of protection and savings solutions to the expatriate workers on whom the economy is dependent. As is the case in other Gulf Cooperation Council (GCC) countries the non-resident Indians (NRIs) represent a substantial market opportunity. The expatriates do not have to save via life insurance: they may for instance prefer to invest in real estate in their home countries. Meanwhile persistently low interest rates mean that it is harder than say 10 years ago for the insurers to develop products that offer attractive risk adjusted real returns.

The non-life segment will we think drive the growth of the overall sector. It is likely to benefit from the comparatively rapid expansion of health insurance which in turn is being driven by the recent introduction of compulsory covers. In the meantime overcapacity (in Bahrain as in much of the world) is likely to result in downwards pressures in prices especially in basic motor vehicle and property lines....

The Bahrain Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments key growth drivers and risk management projections including the macroeconomic situation government policy regulatory environment and the level of development and potential for growth broken down by line. Leading insurers are profiled covering premiums products and services and competitive positioning.

BMI's Bahrain Insurance Report provides professionals consultancies government departments regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Bahraini insurance industry.

Key Benefits

 * Benchmark BMI's independent insurance industry forecasts for Bahrain to test other views - a key input for successful budgeting and strategic business planning in Bahrain's insurance market.
 * Target business opportunities and risks in Bahrain through our reviews of latest industry trends regulatory changes and major deals investments and macroeconomic developments.
 * Exploit latest competitive intelligence on your competitors partners and clients via our Company Profiles (inc. SWOTs KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI’s key industry forecasts and views covering the Life and Non-Life segments the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths Weaknesses Opportunities and Threats within the insurance sector and within the broader political economic and business environment.

BMI Industry Forecasts

Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators supported by explicit assumptions plus analysis of key risks to the main forecasts. Indicators include:

 * Life/non-life Premiums: Total premium growth (USDmn) premium growth (% y-o-y) penetration (% of GDP) density (USD per capita) for Life and Non-Life sectors claims reinsurance and assets and liabilities.
 * Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor transport property personal accident health general liability and credit financial).

BMI’s Insurance Risk Reward Index

BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry economic and demographic data points to provide an indices of highest to lowest appeal to investors with each position explained.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. The latest financial and operating statistics and key company developments are also incorporated within the company profiles enabling a full evaluation of recent company performance and future growth prospects.

Growth Drivers & Risk Management Projections

Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:

 * Population: Male/female by age group active/pensionable/youth population % of total urban/rural population % of total.
 * Freight: Tonnage – air freight rail freight road freight inland waterway.
 * Motor: Fleet size by type of vehicle % change y-o-y.
 * Epidemiology: Disease Adjusted Life Years and private health expenditure.

Market Overview & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position business strategies and investment potential of the leading insurance companies.

Sources

The insurance Reports draw on an extensive network of primary sources such as multilateral organisations government departments industry associations chambers and company reports.

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