Insurers in Bahrain are addressing the growing trend of EV ownership although the current number of such vehicles is less than 750 out of a population of 750,000 vehicles in the kingdom.
Price increases, regulatory enforcement, M&A activity and generally favourable economic conditions have boosted the insurance revenue of 76 listed insurers in the GCC region for a second consecutive year in 2023 (FY2023).
Bahrain-based Arab Insurance Group (Arig) has announced that its appeal to recover amounts due from Saudi Arabian insurer, Al-Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), has been successful in the final hearing before the Committee of Appeal of the Insurance Disputes and Violations Committee (IDVC) in Riyadh.
Bahrain Kuwait Insurance Company (BKIC), which is part of the regional insurance group Gulf Insurance Group, has launched distance-based motor insurance, which it offers exclusively online.
Takaful International, which is a subsidiary of GIG Bahrain, has posted a net profit attributable to shareholders of BHD937,289 ($2.48m), in 2023, compared to BHD858,000 in 2022, representing an increase of 9%.
Gulf Tamin has acquired a stake of 13.85% in reinsurer Arab Insurance Group (ARIG), according to a statement filed by ARIG with Bahrain Bourse.
Bahrain Kuwait Insurance Company (BKIC), part of Kuwait's Gulf Insurance Group, has reported an 8% increase in insurance revenue to BHD109.988m in 2023 from BHD101.926m in 2022, according to financial statements filed by the company with the Bahrain Bourse.
Bahrain-based Arab War Risks Insurance Syndicate (AWRIS) has announced a strategic partnership with Cyprus-based Ixpan, a pioneering platform specialising in risk underwriting/transfer solutions.
Estimates are that Bahrain's insurance market will reach $0.8bn in 2028, registering a CAGR of 2.6% from 2023-2028, according to UAE-based investment banking advisory firm, Alpen Capital, in its latest 'GCC Insurance Industry' report.
Bahrain National Insurance Company (BNI) has a track record of strong operating performance, demonstrated by a five-year (2018-2022) return on equity (ROE) of 17.2% (2022: 18.7%), said AM Best.