Official data published yesterday showed an increase in the value of the insurance market in Bahrain by 6.1%, driven by the growth of the health insurance and real estate insurance sectors.
According to the data, the total value of insurance premiums registered from the beginning of the year 2023 until the end of the third quarter of this year reached 217 million dinars, compared to 205 million dinars in the corresponding period of the year 2022.
In detail, health insurance premiums increased by 14% at the end of the third quarter, reaching 69 million dinars, as an increasing number of companies and government agencies are turning to insuring their employees through various packages provided by the insurance sector at a time when Bahrain is preparing to implement the National Health Insurance Project.
The health insurance sector constitutes the largest insurance portfolio in the sector after the automobile sector occupied this position for a long time, declining to be in second place with a premium volume of 58 million dinars (+6% in 9 months).
The real estate sector activity, which is one of the fastest growing sectors in recent years, also contributed. Thanks to government-subsidized housing projects, a large proportion of the growth in insurance premiums this year was achieved, as insurances related to fire and real estate recorded a growth of 16% to reach 34 million dinars.
In contrast, insurance companies incurred claims to compensate for insurance losses amounting to approximately 133 million dinars, which constitutes an increase of 23%, driven by an increase in claims related to health insurance.
The volume of claims in the health sector amounted to about 45 million dinars, with a growth rate of 21%, while the volume of claims was the second largest in the automobile sector, reaching 40 million dinars, with a growth of 8%.
About 31 insurance companies operate in Bahrain, including 21 local insurance companies, in addition to a number of insurance service providers such as brokers, managers, loss estimators, and others.
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