GROWTH IN INSURANCE SLOWS IN BAHRAIN

Growth in Bahrain's takaful sector slowed to single digits in 2011, although the Islamic insurance sector still grew faster than conventional insurance, according to figures from the country's central bank. Takaful contributions were up 4.25% year on year, the first time in a decade that growth had fallen below 10%, reaching BHD40.2m ($107m). Conventional insurance and takaful combined grew 2.12% year on year to BHD214.9m, compared with growth of 4.95% the previous year. By the end of 2011 there were 27 locally incorporated insurers in Bahrain and 11 branches of foreign companies. The local firms consisted of 14 insurers, seven takaful companies, two reinsurers, two takaful reinsurers and two captives. The branches of overseas companies consisted of eight insurers and three reinsurers.