Life Insurance in Bahrain, Key Trends and Opportunities to 2019

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Date: 31-Mar-2016
No. of pages: 83
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Synopsis

Timetric's 'Life Insurance in Bahrain, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Bahraini life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of Bahrain's economy and demographics, 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 'Life Insurance in Bahrain, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Bahraini life insurance segment, including:

• The Bahraini life insurance segment's growth prospects by life insurance category

• Key trends, drivers and challenges for the life insurance segment

• A comprehensive overview of the Bahraini economy and demographics

• The various distribution channels in the Bahraini life insurance segment

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

• Details of regulatory policy applicable to the Bahraini insurance industry

Scope

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

• It provides historical values for the Bahraini life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

• It offers a detailed analysis of the key categories in the Bahraini life insurance segment, and market forecasts to 2019.

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

• It profiles the top 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 life insurance segment, and each category within it.

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

• Assess the competitive dynamics in the 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

• The life segment accounted for 23.8% of the industry's gross written premium in 2014.

• Bahrain's life insurance segment was primarily supported by economic growth, increased public awareness of the benefits of cover, and a decline in the country's employment rate.

• The Bahraini life segment faces tough competition from takaful and favorable regulatory changes in takaful's favor.

• The Bahraini life segment is highly concentrated, with the top three insurers together accounting for 95.0% of the life gross written premium in 2014.

• The segment's penetration rate was low at 0.3% in 2014 compared to 0.4% in 2010; this indicates scope for growth.

Life Insurance in Bahrain, Key Trends and Opportunities to 2019

Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Life Insurance Growth Prospects by Product Type
5.5.1 Total non-linked insurance business
6 Analysis by Distribution Channel
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Bahraini Life Insurance Segment
7.2.1 Life Ins. Corporation (International) - company overview
7.2.2 American Life Insurance Company (MetLife) - company overview
7.2.3 Zurich International Life Ltd - company overview
7.2.4 Bahrain National Life Assurance Company - company overview
7.2.5 Legal & General Gulf - company overview
7.2.6 Arabia Insurance Company - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Professional indemnity insurance for insurance brokers and insurance consultants
8.4.3 Social insurance law
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Central Bank of Bahrain
8.5.3 Bahrain Insurance Association
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables
Table 1: Bahraini Life Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Bahraini Government Credit Ratings
Table 4: Bahraini Life Insurance - Net Earned Premium (BHD Million), 2010-2014
Table 5: Bahraini Life Insurance - Net Earned Premium (BHD Million), 2014-2019
Table 6: Bahraini Life Insurance - Paid Claims (BHD Million), 2010-2014
Table 7: Bahraini Life Insurance - Paid Claims (BHD Million), 2014-2019
Table 8: Bahraini Life Insurance - Incurred Loss (BHD Million), 2010-2014
Table 9: Bahraini Life Insurance - Incurred Loss (BHD Million), 2014-2019
Table 10: Bahraini Life Insurance - Number of Policies per Capita, 2010-2014
Table 11: Bahraini Life Insurance - Number of Policies per Capita, 2014-2019
Table 12: Bahraini Life Insurance - Commissions and Expenses (BHD Million), 2010-2014
Table 13: Bahraini Life Insurance - Commissions and Expenses (BHD Million), 2014-2019
Table 14: Bahraini Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Table 15: Bahraini Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 16: Bahraini Life Insurance - Total Assets (BHD Million), 2010-2014
Table 17: Bahraini Life Insurance - Total Assets (BHD Million), 2014-2019
Table 18: Bahraini Life Insurance - Total Investment Income (BHD Million), 2010-2014
Table 19: Bahraini Life Insurance - Total Investment Income (BHD Million), 2014-2019
Table 20: Bahraini Life Insurance - Net Written Premium (BHD Million), 2010-2014
Table 21: Bahraini Life Insurance - Net Written Premium (BHD Million), 2014-2019
Table 22: Bahraini Non-Linked Insurance Business - Number of Active Policies (Thousand), 2010-2014
Table 23: Bahraini Non-Linked Insurance Business - Number of Active Policies (Thousand), 2014-2019
Table 24: Bahraini Non-Linked Insurance Business - Gross Written Premium (BHD Million), 2010-2014
Table 25: Bahraini Non-Linked Insurance Business - Gross Written Premium (BHD Million), 2014-2019
Table 26: Bahraini Non-Linked Insurance Business - Direct Written Premium (BHD Million), 2010-2014
Table 27: Bahraini Non-Linked Insurance Business - Direct Written Premium (BHD Million), 2014-2019
Table 28: Bahraini Life Insurance - Segment Shares (%), 2014
Table 29: Life Ins. Corporation (International), Key Facts
Table 30: Life Ins. Corporation (International), Key Financials (BHD Million), 2010-2014
Table 31: American Life Insurance Company (MetLife), Key Facts
Table 32: American Life Insurance Company (MetLife), Key Financials (BHD Million), 2010-2014
Table 33: Zurich International Life Ltd, Key Facts
Table 34: Zurich International Life Ltd, Key Financials (BHD Million), 2010-2014
Table 35: Bahrain National Life Assurance Company, Key Facts
Table 36: Bahrain National Life Assurance Company, Key Financials (BHD Million), 2010-2014
Table 37: Bahrain National Life Assurance Company, Key Facts
Table 38: Bahrain National Life Assurance Company, Key Financials (BHD Million), 2010-2014
Table 39: Arabia Insurance Company, Key Facts
Table 40: Arabia Insurance Company, Key Financials (BHD Million), 2010-2014
Table 41: Bahrain - Insurance Regulatory Framework Key Features
Table 42: Bahrain - Life Insurance Regulatory Framework
Table 43: Bahrain - Property Insurance Regulatory Framework
Table 44: Bahrain - Motor Insurance Regulatory Framework
Table 45: Bahrain - Liability Insurance Regulatory Framework

List of Figures
Figure 1: Bahraini Real GDP (BHD Billion), 2010-2019
Figure 2: BHD-US$ Exchange Rate, 2010-2019
Figure 3: Bahraini Consumer Price Inflation, 2010-2019
Figure 4: Bahraini Current Account Balance as Percentage of GDP (%), 2010-2019
Figure 5: Bahraini Unemployment Rate, 2010-2019
Figure 6: Bahraini Population by Age Group, 1990-2025
Figure 7: Bahraini Life Insurance - Net Earned Premium (BHD Million), 2010-2014
Figure 8: Bahraini Life Insurance - Net Earned Premium (BHD Billion), 2014-2019
Figure 9: Bahraini Life Insurance - Paid Claims (BHD Million), 2010-2014
Figure 10: Bahraini Life Insurance - Paid Claims (BHD Million), 2014-2019
Figure 11: Bahraini Life Insurance - Incurred Loss (BHD Million), 2010-2014
Figure 12: Bahraini Life Insurance - Incurred Loss (BHD Million), 2014-2019
Figure 13: Bahraini Life Insurance - Number of Policies per Capita, 2010-2014
Figure 14: Bahraini Life Insurance - Number of Policies per Capita, 2014-2019
Figure 15: Bahraini Life Insurance - Commissions and Expenses (BHD Million), 2010-2014
Figure 16: Bahraini Life Insurance - Commissions and Expenses (BHD Million), 2014-2019
Figure 17: Bahraini Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Figure 18: Bahraini Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Figure 19: Bahraini Life Insurance - Total Assets (BHD Million), 2010-2014
Figure 20: Bahraini Life Insurance - Total Assets (BHD Million), 2014-2019
Figure 21: Bahraini Life Insurance - Total Investment Income (BHD Million), 2010-2014
Figure 22: Bahraini Life Insurance - Total Investment Income (BHD Million), 2014-2019
Figure 23: Bahraini Life Insurance - Net Written Premium (BHD Million), 2010-2014
Figure 24: Bahraini Life Insurance - Net Written Premium (BHD Million), 2014-2019
Figure 25: Bahraini Life Insurance - Investment Portfolio (BHD Million), 2010-2014
Figure 26: Bahraini Life Insurance - Investment Portfolio, 2010 and 2014
Figure 27: Bahraini Life Insurance - Penetration (%), 2010-2014
Figure 28: Bahraini Life Insurance - Density (Direct Premium per Capita), 2010-2014
Figure 29: Bahraini Life Insurance - Number of Active Policies (Thousand), 2010-2014
Figure 30: Bahraini Life Insurance - Number of Active Policies (Thousand), 2014-2019
Figure 31: Bahraini Life Insurance - Total Investments (BHD Million), 2010-2014
Figure 32: Bahraini Non-Linked Insurance Business - Number of Active Policies (Thousand), 2010-2014
Figure 33: Bahraini Non-Linked Insurance Business - Number of Active Policies (Thousand), 2014-2019
Figure 34: Bahraini Non-Linked Insurance Business - Gross Written Premium (BHD Million), 2010-2014
Figure 35: Bahraini Non-Linked Insurance Business - Gross Written Premium (BHD Million), 2014-2019
Figure 36: Bahraini Non-Linked Insurance Business - Direct Written Premium (BHD Million), 2010-2014
Figure 37: Bahraini Non-Linked Insurance Business - Direct Written Premium (BHD Million), 2014-2019
Figure 38: Bahraini Life Insurance - Segment Shares (%), 2014
Figure 39: Bahrain - Insurance Supervision and Control at Various Levels
Figure 40: Bahrain - Insurance Regulatory Frameworks for Company Registration and Operation
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