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The Bahraini insurance market closed the first quarter of 2024 with 96.156 million BHD in gross written premiums, up by 8.04% compared with the same period of 2023. This performance is essentially attributable to a 22.11% improvement in health insurance turnover, which reached 44.885 million BHD. This segment's market share rose from 41.30% to 46.68%.
Motor insurance, which accounts for 21.78% of the market, recorded gross written premiums of 20.939 million BHD, showing a 4.67% increase.
The turnover of other classes of business declined over the same period, especially engineering (-25.87%).
As at 31 March 2024, the claims experience had climbed by 9% to 49.204 million BHD. The volume of claims rose by 27% in the health business (18.672 million BHD), by 24% in the motor business (16.008 million BHD) and by 50% in the life business (8.188 million BHD).
| Q1 2024 turnover | Q1 2023 turnover | Q1 2023-2024 (1) evolution | Q1 2024 shares | |||
|---|---|---|---|---|---|---|
| BHD | USD | BHD | USD | |||
| Motor | 20.939 | 55.414 | 20.005 | 52.733 | 4.67% | 21.78% |
| Health | 44.885 | 118.786 | 36.758 | 96.894 | 22.11% | 46.68% |
| Fire. property damage and third-party liability | 9.158 | 24.236 | 9.158 | 24.141 | 0.00% | 9.52% |
| Engineering | 3.966 | 10.496 | 5.35 | 14.103 | -25.87% | 4.12% |
| Miscellaneous financial losses | 2.143 | 5.671 | 2.588 | 6.822 | -17.19% | 2.23% |
| Marine and aviation | 1.585 | 4.195 | 1.478 | 3.896 | 7.24% | 1.65% |
| Other risks | 4.854 | 12.846 | 5.181 | 13.657 | -6.31% | 5.05% |
| Total non-life | 87.53 | 231.644 | 80.518 | 212.246 | 8.71% | 91.03% |
| Total life | 8.626 | 22.828 | 8.484 | 22.364 | 1.67% | 8.97% |
| Grand total | 96.156 | 254.472 | 89.002 | 234.61 | 8.04% | 100.00% |
