Insurance
From The Report: Bahrain 2024
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Bahrain’s insurance sector saw both conventional and Islamic underwriters reporting strong premium and earnings in 2023. The outlook for 2024 and beyond is even more promising, with projected economic growth of 3%, driven by the non-oil sector. This development is expected to increase demand for commercial, property and other insurance products. Additionally, the rollout of a mandatory health insurance scheme, expected to be fully operational in early 2025, should further boost the sector. The insurance market is projected to expand at a compound annual growth rate of 2.6% between 2023 and 2028, potentially reaching $800m by the end of the period, with mergers and acquisitions expected to improve efficiency and scale.

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Overview

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Bahrain’s insurance sector posted another year of growth in 2023, with leading conventional and Islamic underwriters reporting healthy premium and earnings results. The outlook is even more positive moving through 2024 and beyond. The industry’s strong performance comes despite several years of turbulence in the global economy and knock-on challenges for Bahrain. In 2024 Bahrain is projected to record economic growth of 3%, with the non-oil segment again set to lead the way, opening up the prospect…

Analysis

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