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The provision of compulsory motor third party liability insurance, rising number of vehicles with population and large expatriate population is expected to provide significant boost to the motor insurance market of Bahrain. Motor insurance is the largest segment which contributes 32.1% to the gross premiums underwritten in the non-life insurance market of Bahrain. The third party liability motor insurance is compulsory in the kingdom which has benefited the growth of the motor insurance market over the years. The surge in the population of the country during 2007-2012 has resulted in increased demand for the cars. The population in the country has increased from 0.8 million in 2007 to 1.2 million in 2012 registering a CAGR of 8.5% during 2007-2012. During the same period, the number of registered in-use vehicles have increased from 0.4 million in 2007 to 0.5 million in 2012 by growing at a CAGR of 6.5% during 2007-2012. Because of the high personal disposable income of the population, the vehicle ownership level among the population has increased consistently in the country. The large expatriate population has also given sizable boost to the demand for motor insurance products. The compulsory third party motor liability insurance would continue to boost the motor insurance market of the country during 2013-2017. The gross premiums underwritten for motor insurance in Bahrain are expected to grow at a CAGR of 18.4% during 2012-2017. “It is estimated that motor insurance would continue to remain the largest segment in the non-life insurance market of the country whose contribution is expected to increase to 36.3% by 2017.” – According to the research report ‘Bahrain Insurance Industry Outlook to 2017 – Continued Dominance by Motor Insurance Segment’ by Ken Research. With the growing population, the demand for motor vehicles among the population would rise sizably in the coming years. The registered in-use vehicles in the country are expected to increase to 0.8 million in 2017 from 0.5 million in 2012. The report provides detailed overview on the insurance market in Bahrain and helps readers to identify the ongoing trends in the key segments of the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants, insurance companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in future. For More Details Please Click On Following Link: http://www.kenresearch.com/banking-financial-service-insurance/insurance/bahrain-insurance-market-research-report/425-93.html
Contact Person: Ankur Gupta
Designation: Head-Marketing & Communication
E-mail: ankur@kenresearch.com
Contact: 01147017199, +91 9015378249
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