Bahrain insurance sector posts strongest ever annual growth

The Central Bank of Bahrain announced that the Bahrain insurance market posted its strongest-ever annual growth during 2007, with gross premiums surging by 21 per cent over 2006. Life insurance contributed the lion's share of the growth, soaring by nearly 67 per cent, with medical and the traditionally strong motor business also growing strongly by 39 per cent and per cent respectively. The profitability of insurance firms rose by 56 per cent, while their total assets grew by 42 per cent. The number of insurance firms operating in Bahrain market during 2007 totalled 163, of whom 22 were locally-incorporated firms, 11 were branches of foreign firms and the remaining were other insurance ancillary services and insurance organisations.

EISA adopts precautionary measures to protect insurance market

The Egyptian Insurance Supervisory Authority (EISA) has intensified its efforts to protect the local market from the fallouts of the global financial crisis. The authority has passed precautionary instructions to local insurance operators, including submitting detailed reports on the financial positions of overseas companies holding stakes in local operations. In the same context, chairman of EISA Adel Monir said that the precautionary measures of the market regulator were pre-emptive measures designed to head-off the spectre of any fallouts from the international crisis on the local market.