Insurance in search of growth vectors

The Bahraini insurance industry is seeking growth vectors. In March 2012, 166 insurance companies have been registered in Bahrain, 38 of which authorized to operate locally. Between 2001 and 2010, the market has witnessed an annual average growth of 15% while penetration rate has risen from 1.95% to 3%. With the recent arrival of bancassurance in the country, insurers are hoping to reach new customers. In March, Bahrain Kuwait Ins. Co. (BKIC) declared it had reached an agreement with ICICI Bank, an Indian bank, for the distribution of this kind of policy in the kingdom.