Insurance
From The Report: Bahrain 2023
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With the countdown to full implementation of the new national health insurance programme (Sehati) well advanced, FY 2023/24 could see a major boost for Bahraini insurers, with opportunities in health for both conventional and takaful (Islamic insurance) firms. The private medical segment has already benefitted from enhanced awareness of the scheme, while other non-life lines of business showed growth during FY 2021/22. Meanwhile, life and life takaful continue to be constrained by relatively low awareness. This was made particularly acute by the Covid-19 pandemic and the economic uncertainty that followed, which led to a drop in policy retention rates.

This chapter contains an interview with Abdulla Sultan, CEO, Bahrain Kuwait Insurance Company (GIG Bahrain). 

Articles from this Chapter

Overview

Premium gains: Upcoming rollout of mandatory health care programme and increased digitalisation set to shake up the domestic market
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With the countdown to full implementation of the new national health insurance programme (Sehati) well advanced, FY 2023/24 could see a major boost for Bahraini insurers, with opportunities in health for both conventional and takaful (Islamic insurance) firms. The private medical segment has already benefitted from enhanced awareness of the scheme, while other nonlife lines of business showed growth during FY 2021/22. Meanwhile, life and life takaful continue to be constrained by relatively low awareness.…

Interview

Premium progress: Abdulla Sultan, CEO, Bahrain Kuwait Insurance Company (GIG Bahrain), on the potential of new business lines and technology
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Interview:Abdulla Sultan How do you assess the main priorities for the sector as relates to the Financial Services Development Strategy 2022-26? ABDULLA SULTAN: Digitalisation is essential to remaining competitive in today’s fast-paced environment. Industry leaders are aware of the importance of digitalisation and are working towards bringing companies together to promote online channels. The shift from traditional ways of conducting business to digital transactions is evident, and the Covid-19…

Analysis

Change ahead: Emerging markets implement changes in line with updates to international accounting standards
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Insurance companies worldwide have been preparing for the most significant change in global accounting standards in almost two decades. On January 1, 2023 the International Financial Reporting Standard (IFRS) 17 came into effect. Replacing the previous standard, IFRS 4, which was issued in 2004, IFRS 17 aims to standardise insurance accounting globally through a uniform approach in order to improve comparability and increase transparency. This is expected to help those in the industry better understand…