Bahrain – 9% growth expected in insurance in 2016
Wednesday, 09 28 2016, Category: Insurance and Reinsurance, Country: Bahrain
An executive director at the Central Bank of Bahrain said that the insurance sector is about to achieve annual growth rate ranging between 9% to 10% during the current year as was the case in the previous years despite the decrease in oil price. This growth is due to the increase in the number of infrastructure projects and increased insurance awareness of customers. The premiums written in year 2015 were BD 273 million.
Mr. Abdul Rahman Al Baker the Executive Director of Financial Institutions Supervision at the Central Bank of Bahrain said in a public statement at margin of the 20th AIRDC (Association of Insurers and Reinsurers of Developing Countries) Conference that the insurance penetration is 2.3% of GDP, which is considered high compared to other Arab countries where penetration is still between 1 and 1.5%.
Source: Al Ayam