Bahrain Insurance Report Q3 2009

This report was written in late May 2009. Relative to the Q209 report, the main changes pertain to the profiles of companies - both regional and predominantly local - which have been updated considerably.

We have also included a brief overview of conditions - and development of premium income - through Q109. This is based on comments made by major (mainly listed) companies which became available (for the most part) from mid-May. We hope to build on this section in terms of detail.

As we explain, Q109 was in many ways a challenging but far from disastrous quarter for the major protagonists in most markets. Notwithstanding the fact that particular non-life markets suffered as a result of a slump in the number of cars registered, and correspondingly lower demand for compulsory third party motor (CTPM) insurance and voluntary motor insurance, global non-life premiums generally held up well in spite of the global economic downturn. In contrast, life premiums were, in most markets, lower in Q109 than they had been in Q108. This was largely the result of the past volatility in global equity markets, although there were also other problems. Conditions remain fair in the global reinsurance market.

In terms of the major regions whose insurance markets are covered by BMI's reports, Latin America and the Middle East and North Africa stood out in terms of growth in premiums (in non-life insurance in particular, but also in life insurance). Conditions were far more mixed in Central and Eastern Europe (CEE) (particularly in non-life insurance, where the downturn in car registrations hit hard) and Asia Pacific (where various factors caused slippage in life premiums in many markets).

Revision Of Data And Forecasts We have updated the insurance data for 2008 - and our forecasts for the next five years. In many cases, preliminary or final figures for last year have been published by the regulator or the trade association. In some cases, we have estimated figures for 2008, but on the basis of information that has been published in relation to a significant portion of the year. In some cases though, we have based our 2008 estimate on results disclosed by individual companies operating in the market in question.

• Executive Summary
• The Sector at A Glance
• Key Insights on Bahrain's Insurance Sector
• SWOT Analysis
• Bahrain Insurance Industry SWOT
• Bahrain Political SWOT
• Bahrain Economic SWOT
• Bahrain Business Environment SWOT
• Global Overview
• Global Review of Q109
• Comment - The Global Financial Crisis
• Projections and Forecasts
• Projections and Drivers of Growth
• Islamic Insurance
• Country Update
• Macroeconomic Outlook
• Political Outlook
• Regional Context
• Major Players in Bahrain's Insurance Sector
• Analysis of Competitive Conditions
• Regional Overview
• Local Company Profiles
• Bahrain National Holding Company
• Regional Company Profiles
• AGF
• AIG
• Allianz
• Aviva
• AXA
• Cardif
• ERGO
• Eureko
• Fortis
• Generali
• Groupama
• HSBC Insurance
• Liberty Mutual
• MAPFRE
• RSA
• UNIQA
• Zurich
• Country Snapshot: Bahrain Demographic Data
• Section 1: Population
• Section 2: Education and Healthcare
• Section 3: Labour Market and Spending Power
• Methodology
• Basis of Projections
• Insurance Business Environment Rating
• List of Tables
  • Table: Overview of Bahrain's Insurance Sector
  • Table: Selected European Countries: Budget and Current Account, 2008 (as % of Gdp)
  • Table: Insurance Data and Projections, 2006-2013
  • Table: Growth Drivers, 2006-2013
  • Table: Bahrain - Economic Activity, 2006-2013
  • Table: Bahrain - Insurance Business Environment Indicators
  • Table: Middle East and Africa Insurance Business Environment Rankings
  • Table: Non-Life Premiums in A Regional Context, 2008
  • Table: Life Premiums in A Regional Context, 2008
  • Table: Comparison of Major Lines as % of Non-Life Premiums, 2006
  • Table: Listed Middle Eastern Insurance Companies. Net Premiums, Net Profit and Long Term Assets, 2003-2008 (US$Mn)
  • Table: Demographic Indicators, 2005-2030
  • Table: Rural/Urban Breakdown, 2005-2030
  • Table: Education
  • Table: Vital Statistics, 2005-2030
  • Table: Employment Indicators
  • Table: Consumer Expenditure, 1999-2004 (US$)
  • Table: Average Annual Wages
  • Table: Insurance Business Environment Indicators and Rationale
  • Table: Weighting of Indicators