发布时间：2008

摘要

This report differs from its predecessors in that it includes BMI's Insurance Business Environment Rating (IBER). The rating brings together a number of pieces of relevant quantitative data, together with BMI's Country Risk Rating (CRR). It is now much easier to consider the business environment for the insurance sector in any one country relative to the business environment for other industries in that country that are surveyed by BMI, and the business environment for the insurance sector in other countries.

Bahrain's IBER is 52.7. Relative to other countries in Middle East and Africa, it is a moderately attractive insurance market for foreign insurers. Within the region, Bahrain stands out for the Regulatory Framework and Country Risk Factor. The strong country structure also contributes to Bahrain's IBER. Government policies are likely to remain constant over the long-term, and the GDP per capita is score. The IBER is significantly held back by the underdevelopment of the life and non-life segments and the financial infrastructure. Although openness to new entrants is low, 5 out of 10, it is higher than others in this region.

Over the forecast period, we anticipate that non-life premiums will grow by 15% annually in local currency and US dollar terms. Life premiums are expected to increase by 13% annually in local currency and US dollar terms. The key drivers of growth in the non-life segment in 2007-2012 are the anticipated rise in nominal GDP from around US$16.39bn to US$22.92bn and an expected increase in non-life penetration from 1.78% of GDP to 2.5%. The key drivers of growth in the life segment are the envisaged rise in life density from US$92.46 per capita in 2007 to US$150 per capita in 2012.

The non-life market is small, but not closed to foreigners. Simple arithmetic suggests that at least some of the four identifiable cross-border groups have significant market shares. We doubt that many other crossborder firms will attempt to enter the tiny Bahrain life market. Cross-border distribution of life products is harder than cross-border distribution of non-life products. The identities of the various firms that hold licences for offshore business in Bahrain indicate that very few firms, if any, see the country as a suitable base for offshore life business. Indeed, the limited absolute size of the market opportunity means that it is unlikely that additional local firms will enter the segment.

Bahrain has a strong Country risk factor, supported by a very low financial risk. The economy is more diversified than Gulf peers. Bahrain is a regional financial hub, with a well-developed banking sector. Inflation is low and the pegged currency eliminates exchange-rate risk.

Planned labour market reforms will increase the visa fee employers need to pay for expatriate workers, and will introduce a new tax on expatriate workers (to replace quotas). Tax concerns weaken the IBER for Bahrain.

目录及图表

Chapter 1 - The Sector At A Glance
Table: Overview

Key Features Of This Report & Likely Future Changes

Chapter 2 - Latest News
Recent Developments

Chapter 3 - Evolution Since The Mid-1990s
Table: Evolution of the Insurance Sector (in millions of currency specified)

Evolution

Chapter 4 - Projections And Forecasts
Table: BMI Projections (in millions of currency specified)

Table: Drivers of Growth

Projections And Drivers Of Growth

Chapter 5 - Macroeconomic Outlook
Table: Bahrain - Economic Activity

Chapter 6 - Country Update
Political Risk Al-Wefaq To Gain In Elections

Economic Risk Spending Rises

Business Environment Labour Reforms

Chapter 7 - Analysis of Competitive Conditions
How to read the tables

Table: Non-Life Segment Rankings of Markets

Table: Presence Of Cross-Border Insurers Non-Life

Table: Selected Local Non-Life Insurers

Table: Life Segment Rankings of Markets

Table: Presence Of Cross-Border Insurers Life

Table: Selected Local Life Insurers

Chapter 8 - Regional Context
Table: Regional Context premiums

Table: Regional Context Total premiums

Chapter 9 - Methodology And Objectives
Introduction

Background

Forecasts

Chapter 10 - Appendix
Table: Latest Estimates / Actual Figures For 2005

Table: Latest Estimates For 2010

Table: Latest Estimates For 2005-2010