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FINANCIAL NEWS
Bahrain insurance market grows 7.5% in 2009
11 Aug 2010
(MENAFN) The Central Bank of Bahrain (CBB) said that the kingdom’s insurance market has registered an annual growth of more than 7.5 percent last year with gross premium in excess of $530.5 million, Gulf Daily News reported.
According to the CBB, the growth was largely attributed to a surge in medical insurance from $56.3 million in 2008 to $71.6 million in 2009, a 27 percent increase.
Growth was also reported in long-term insurance in life and savings products, registering an 11 percent increase in gross premiums to reach $152 million compared to $136.7 million in 2008.
The number of insurance companies and organizations operating in Bahrain during 2009 totaled 168, of which 27 were locally-incorporated insurance firms, 11 were branches of foreign firms in addition to insurance firms restricted to business outside Bahrain and insurance ancillary services.
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