Bahrain’s domestic market grows by 5.4%
Gross premiums generated in the Bahraini domestic market for 2005 amounted to BD94.9 million (US$251 million), an increase of 5.4% over the 2004 figure of BD90.1 million (US$238.4m).
Gross claims increased by 26.8% to BD47.5 million (US$126m) in 2005, from BD37.5 million (US$99.2m) the previous year, partly due to new reporting requirements introduced by the BMA during 2005.
The domestic market comprised 19 insurance companies carrying out direct insurance business in Bahrain in 2005. The companies comprised 11 locally incorporated firms and eight branches of foreign firms.