Insurance
From The Report: Bahrain 2013
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While motor insurance remains the chief source of revenue and claims, accounting for 25.8% of the total $565.5m in gross premiums recorded in 2011, mandatory medical insurance – which has been on the table for several years and is expected to become a law in the short to medium term – has the potential to provide a new and lucrative line of business. There is also an increasing focus on risk-based underwriting as the highly competitive domestic market seeks to ensure profitability continues.

This chapter includes an interview with Zakareya Sultan Al Abbasi, CEO, Social Insurance Organisation.

Articles from this Chapter

Overview

Healthy prospects: The proposed implementation of compulsory medical insurance promises to boost revenues
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In line with the kingdom’s reputation as a financial centre, Bahrain’s insurance sector has a large number of companies and a varied array of business models. Some insurers domiciled there serve only the regional market in addition to the more conventional in-country model. In the past several decades Manama has been the chosen home base for several syndicates, specialists and support institutions. The domestic market is a highly competitive one, and in the current environment an increased…

Interview

OBG talks to Zakareya Sultan Al Abbasi, CEO, Social Insurance Organisation (SIO)
OBG
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Interview:Zakareya Sultan Al Abbasi Has the SIO adapted its allocation and diversification strategies to account for the economic crisis? ZAKAREYA SULTAN AL ABBASI: In light of the recent global economic developments, Bahrain has made key changes to the system of managing and investing the state’s pension funds. The organisations responsible for the management of pension funds – namely the Pension Fund Commission and the General Organisation of Social Insurance – were merged to form…