To many, we learned the word “insurance” while we are very tender, while for some it was learned maybe through classrooms in one of our business that is being taught. While some learned from their parents, while they hear their parent making conversation on matters relating to ensuring either the car in the compound, the house or some parents might even joke with it saying if I lose any of my property today am insured.
FULL LIST OF INSURANCE COMPANIES IN BAHRAIN
Some will say, my business is insured so if anything, happen today, the insurance company will bear the responsibility while to some, they claimed their life has been insured so regardless of what might happen to them, they are cover as long s the company still exist. These and many more are the fundamental way people get to hear the word insurance, but what keeps popping up our mind is, what is insurance? what should I insure? Why must I insure? All these and many more question will be answered shortly in our preceding paragraph.
TYPES OF INSURANCE
Before going into details on the full list of insurance companies in Bahrain, we need to understand that evolution of insurance has seen it diversified into several types in order to meet the needs of the society against risks. This means that as the business grew and human life and risks evolved so did insurance. This is because of the need for people to ensure not only their businesses but also their lives and properties from the increasing happenstances of life. From this basis, there are various divisions of insurance dating from the ancient times to the present day.
Vehicle Insurance, Gap Insurance, Health Insurance, Income Protection Insurance, Casualty Insurance, Life Insurance, Burial Insurance, Property Insurance, Liability insurance, Credit insurance, Business Insurance, Marine Insurance, Accident Insurance, National Insurance, General insurance, Travel Insurance, Home Insurance, Critical Illness Insurance, Renters’ Insurance, Pet Insurance, Flood Insurance, Reinsurance, Agricultural Insurance, Deposit Insurance, Self-Insurance, Mortgage Insurance, Aviation Insurance, Bond Insurance, Divorce Insurance, Cyber Insurance, Computer Insurance, Financial Reinsurance, Home Insurance, Legal Insurance, Pension Insurance Contract, Terrorism Insurance, Tuition Insurance, Weather Insurance, Wage Insurance, War Risk Insurance.
OVERVIEW OF INSURANCE IN BAHRAIN
Bahrain is described as the central location of the ancient Dilmun civilization. For this country, trade had always been a part of its history. This is mostly because of its known strategic position in the Persian Gulf, which had attracted rule and influence from different peoples like the British, Portuguese, Arabs and even the ancient Persians, Babylonians, Sumerians and Assyrians.
Financial institutions and markets such as insurance companies, retail, wholesale and specialized banks, insurance brokers amongst others constitute the Bahrain economy and finance. Bahrain is regarded as a regional insurance centre. For instance, there is the introduction of automobile insurance during the 1950s and life and accident insurance in 1961.
As a result of its long history of trade, insurance has always been a part of the Bahrain country, especially in Manama. Most of the insurance companies and activities take place in this city, Manama. For Bahrain, insurance companies are not meant for only boosting her economy but also providing a long range of protection against investment risks that can lead to its fall.
LIST OF INSURANCE COMPANIES IN BAHRAIN
Bahrain has various insurances companies, mostly because of its vast business activities with other countries. Therefore, the insurance companies are not restricted to a certain type of insurance. They include life insurance, health insurance (companies that deal with several health complications), property insurance, accident insurance, vehicle insurance. The insurance companies in Bahrain range from 20 to 70 numbers. These companies include;
- T’azur Company B.S.C.: It is a Motor insurance company in Al Seef district at Manama.
- Solidarity Group Holding BSC: it is a closed group insurance meant to deal with the risks poised against those specific people.
- Solidarity Islamic Insurance and Assurance: This Company covers motor insurance, fire, and thefts, accidents and incidents concerning storms, floods and hailstorms.
- Takaful International Company: This insurance company has a combined insurance policy. It includes motor insurance, fire insurance, house insurance, travel insurance and domestic servant insurance.
- AXA Gulf Nakheel Centre: This is a global insurance company that deals with insurance pertaining life, travel, home, and motor.
- Al-Wazzan Insurance Brokers: This is an insurance broker company located in Manama, Bahrain.
- Globe Med Bahrain (Health Insurance): This is the main health insurance company in Bahrain.
- Health 360 Ancillary Services: This is a medical insurance company in Seef, Bahrain. It deals with all forms of health complications.
- Trust Re (Insurance Company): This is an approved reinsurance company under the regulation of the Bahrain Central Bank.
- Medgulf Allianz Takaful: This is a health and life insurance company located at Salmabad in Bahrain. This company belongs to the Medgulf group. It is associated with the Middle East Medical Centre, Bahrain.
- Takaful International Jerdab:
- Marsh (Bahrain) Company SPC: This is a global insurance broker and risk management company.
- Al Hilal Life (Life Insurance): This is a life insurance company that offers three plans that include personal accident plan, critical illness plan, and family protection plan.
- Patrick York Insurance Broker: This insurance company also deals with medical insurance, motor insurance, travel insurance and property insurance.
- Bahrain Insurance Brokers: It has six focal point insurances which include marine insurance, hull insurance, medical insurance, travel insurance, motor insurance and property insurance.
- New India Assurance Co. Ltd.: Its focus is monitoring the activities of other insurance companies and rendering reinsurance where essential.
- Crescent Global Insurance: This insurance company deals with insurance consultancy. It is regarded as a specialist insurance and reinsurance company.
- Fakhro Insurance Services WLL: These are legal services consultant insurance companies.
- Green and Company: This company is located at Salmaniya, in Manama and was established in 1976.
- AXA Insurance (Gulf) BSC –Seef: This Company is simply described as “the largest non-life international insurer in the region”.
- Morgan Price International Healthcare: This is an international health insurance and travel insurance.
- Gulf Assist Ec.: It was established in 1994 by combined ventures. Its main focus is travel insurance for critically ill individuals. It later evolved to roadside assistance, car replacement, travel assistance, gap, extended warranty, call center and home assistance as its major objective.
- AXA Insurance Regional Office: This Company is associated with the activities of insurance companies.
- Oryx Insurance Services W.L.L.: This Company deals with financial activities of insurance companies.
- Saudi National Insurance Co BSC: This Company was created in 1974 and recognized by Bahrain country in 1993 as an insurance company focused on financial loans.
- Zurich Insurance Services (ME) EC: It is a company that provides general insurance and life insurance.
- Arabia Insurance Co, ACE Insurance, Arab Eastern Insurance, Arab Loss Adjusters, General Organisation for Social Insurance, Gulf Union Insurance and Reinsurance Co, Insurance and Reinsurance Brokers Co. WLL, International Insurance Consultancy, Islamic International Insurance Co.,
- Royal and Sun Alliance Insurance, Saudi Arabian Insurance Company Limited, Trade Union Insurance Co., Trust Insurance reinsurance Co., Iran Insurance Co., United Insurance Co. BSC, Islamic Arab Insurance Co., Protection Insurance Services WLL, Arabian Broker Insurance and Reinsurance,
- Al Nisr Insurance Co. Al., Capital Insurance Brokers, New Hampshire Insurance Co., Tylos Car Insurance Broker, Pacific Prime International Brokers, Bahrain Kuwait Insurance, New India Assurance Co Ltd,
- Al Ahlia Insurance Company BSC, Allianz Takaful Bahrain BSC, American Life Insurance (ALICO)AIG life, Arab Financial Services, Arab Insurance Group BSC – ARIG, Arab War Risks Insurance Syndicate- AWRIS, Bahrain National Holding Co BSC, Insure Direct, Mednet Bahrain WLL
WHAT IS INSURANCE?
Insurance as simply put by Wikipedia “is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of contingent or uncertain loss.” It can be said to be protection against different aspects of risks. Insurance can be given the description of a backup plan against risks to business, life, and property. It can be seen as a way by which a person or a group is protected against financial or business risks. Insurance focuses on the management and reduction of such risks.
Still On List Of Insurance Companies In Bahrain
BRIEF HISTORY OF INSURANCE
The term “Insurance” developed as a result of long-term risks involved in trading of goods and services. Insurance can be described as a backup plan indulged by ancient and present traders against risks that include damaged goods, cargoes and property, death and health of traders.
A history of Insurance views its development in the Greek historical society. Then, it was termed “Bottom contracts” by the merchants of Babylon during the early 4000–3000 BC. This form was also practiced by the Hindu people of India in 600 BC. The bottom contract provided that loans were given to merchants with the plan that should the shipment be lost at sea; the trader or merchant need not repay the loan back. Again, the Roman ancient law also affirms the bottom contract and for this reason, an article of agreement was constructed. Marine insurance was said to have become greatly recognized and developed during the 15th century. Again, the Roman had a form of insurance known as burial insurance. This is a situation whereby associations of burial groups paid the funeral money of their dead members from their contributed monies.
In the ancient world, most traders travelled by sea or road to other locations to sell their goods. This was good because, at a positive outlook, this could expand their business range. But the negative aspect includes the fact that the there were usually thieves on the roads and the sea was then a dangerous means of traveling. Why? This is because of attacks on the ship by pirates, mishandling of goods which may lead to damages, and most importantly, sea storms which can lead to loss of goods and life of the traders.
Therefore, as a means to minimize and prevent the huge burden of loss and damages, insurance was developed and has passed through several evolutions and stages for centuries before was it is now presented. In the ancient world, traders split their goods into different vessels carried by different ships as the first foundation of insurance against loss of goods. During the medieval times, this act evolved to the establishment of the Marine insurance. Later, during the Enlightenment period in Europe, insurance developed into the modern policies we have today.
CONCLUSION ON THE LIST OF INSURANCE COMPANIES IN BAHRAIN
We have quickly overview what insurance is, how ti came to existence, types and processes and some necessary facts we need to know about insurance. For Bahrain, insurance is everything as it curtails the risks against its finances and economy. Again, these insurance companies also act as sources that fuel the development of the country’s economy. For Bahrain, Insurance is wealth, life and property. One can conclude that this fact is the reason why so many insurance companies coexist in one country located in the Persian Gulf. It is not limited to dishing out information here only, there is more to that, and this taking time to insure your properties, your life, and even your children, it is important as such a time like this, because anything may happen the time unplanned and the time you might be financially down. So, it is of utmost priority to get things done while you are still accessible to the basic need of life and what it takes to insure a given property or life. Make hail while the sunshine. Sit back and enjoy every bit of the information posted here.
Related: List Of Insurance Companies In Bahrain