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Bahrain

Life Report

Product Insurance Market Reports Life Rev Bahrain

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Bahrain's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Bahrain's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Bahrain

The Bahrain life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Bahrain.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Bahrain and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Bahrain’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Bahrain is available.

Axco’s report describes the regulatory framework that applies to the Bahrain domestic life insurance sector, including whether non-admitted insurance is permitted in Bahrain; as well as the legislation necessary to know regarding Bahrain’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Bahrain with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Angolan market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Angola, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Angola pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Angola report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Bahrain Life and Benefits Report Extract

Below are brief extracts of information from the Bahrain Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Summary and Trends

Islamic objections to life insurance have been largely overcome by the growing development and awareness of takaful in Bahrain. Life insurance market gross premiums in Bahrain reduced by 1.98% in 2018 but increased by 15.65% in 2019. Decline in gross premium volume in the Bahrain life insurance market has been the dominant trend in the last five years, with the exception of 2017 (growth of 5.41%) and 2019. The COVID-19 pandemic is likely to ...

Pensions

Summary and Trends

There are very few insured company pension schemes. For Bahrainis the state provides a reasonably satisfactory pension, while expatriates receive a statutory end of service indemnity (EOSI) based on salary and service. The wide range of locally available unit-linked conventional and takaful products may be deployed to create retirement funds, annuities and deferred...

Healthcare

Summary and Trends

Total market private medical insurance (PMI) gross premium volume reduced by 2.07% in 2017 and 16.73% in 2018 but grew modestly in 2019 by 3.52%. The downwards trends in gross premium volume in 2017 and 2018 were attributed, according to anecdotal evidence, to reductions in corporate spending in the group PMI sector ...

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