Financial Services

Insurance & Reinsurance

The Kingdom of Bahrain provides a unique base for insurers and reinsurers operating across the region.
With a low population penetration rate, strong population growth, massive capital expenditure and supportive government reforms, market expansion is expected to continue for many years.
This growth is coupled with the availability of a highly skilled labour force and a cost-competitive operating environment, which has been ranked the 15th lowest-cost location to do business globally1.
Nowhere else gives you the combination of access to high-growth markets with such an efficient cost base, while matching our supportive regulatory regime.
In fact, Bahrain’s regulatory environment is recognised as world-class: according to a recent survey of 152 economies worldwide, it ranks second in the GCC2.

Our highly trained insurance workforce supports these companies. The Bahrain Institute for Banking and Finance (BIBF) has provided training and development courses for Bahrain’s financial sector since 1981 and is now recognised as the premier specialist training institute for the entire region.

The Gulf Insurance Institute, launched in 2008, helps equip Bahrain’s already well-educated workforce with professional skills needed to advance in the insurance market.
General and Life Insurance:
Our insurance sector has grown steadily and strongly during recent years, with growth matching expansion of the financial sector as a whole. In 2013, for example, total gross premiums increased by 8% over 20123.
General insurance, including medical, contributed almost 76% to the gross premium. Motor, medical, fire, property and liability business contributed almost 80% of the general insurance gross premium.
Engineering has shown the strongest growth at 17% over the previous year, followed by fire, property & liability at 13% and motor and medical at 10%.
Long-term business, which comprises 24% of the gross premium, has grown by almost 4% since 2012. Insurance penetration was stable in 2013 at 2.096%4.
The GCC market’s particular dynamics lead to heavy use of reinsurance. This applies to general insurance and life insurance, as well as many speciality lines of insurance for industry and infrastructure development projects.
With our world-class legal and regulatory structure, efficient business environment and years of experience, Bahrain provides an excellent location for global reinsurers to seize the Gulf’s and the wider Middle East and North Africa region’s growth opportunity.


Insurance and Reinsurance companies in Bahrain include: 

​Insurance ​Re-insurance
​ACE ACR Retakaful
​AF Willis ARIG
​AIG ​Hannover Ruckversicherung
​AON Hannover Retakaful
Medgulf Allianz Takaful ​HDI-Gerling
​AXA Trust Re
​Legal & General ​​Hardy ARIG
​Royal & Sun ​Alliance
Zurich Insurance
Patrick York
​Cigna Saico Benefits Services
​Life Insurance Corporation
​Saudi Arabian Insurance Company
​Legal & General Gulf
​The New India Assurance Company

1World Economic Forum, Global Competitiveness Report 2011

2Fraser Institute – a Wall Street Journal Company, Economic Freedom of the World 2014 Report

3Insurance Market Review, 2013

4Central Bank of Bahrain Market Review, 2013