The Best’s Market Segment Report, titled, “Bahrain’s Insurance Market’s Shine Fades, but Segment Still Prospering,” states Bahrain used to possess the most comprehensive and forward-looking regulatory environment compared with some of the other GCC countries; however, it appears to have stagnated, with limited innovation or change. Meanwhile, Middle East jurisdictions have developed their own risk-based regimes, whilst Bahrain continues to operate on slightly antiquated rules.
The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait…438 Views | the publication reaches you by | Bahrain News
AM Best notes that in particular, the takaful segment in Bahrain continues to evolve. Bahrain was the first country in the Middle East to establish specific takaful regulations and now has the highest level of takaful penetration in the Middle East, excluding Saudi Arabia.
AM Best’s research also examines merger and acquisition (M&A) activity and predicts industry consolidation will continue. Salman Siddiqui, director, said:
“The Bahraini market has seen a number of M&A deals in recent years, with companies looking to obtain market share through inorganic growth. While AM Best would not be surprised to see more M&A activity as companies seek to consolidate their market positions through acquisition, a number of barriers still remain.”
AM Best’s ratings for Bahraini-domiciled (re)insurers have seen positive and negative movement over the last 18 months. Mahesh Mistry, senior director, said: “Broadly speaking, (re)insurers domiciled in Bahrain continue to display excellent levels of risk-adjusted capitalisation. Additionally, Bahraini insurers have improved their levels of enterprise risk management and risk culture.”
To access the full copy of this report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=287319.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Global Experts in Leadership and Business Excellence will lead a powerful discussion focusing on improving organizational performance at…202 Views | the publication reaches you by | Bahrain News
Do you have information you want to reach our readers?
7 Action Movies You Can Not Miss In 2019