Insurances are a risk management tool used to provide protection against any uncertain financial losses. Insurances are of several types fulfilling the diverse need of protection against a variety of risk some of the insurances are vehicle insurance, health insurance, business insurance, life insurance etc.
Bahrain is considered as an insurance regional center. It has a number of insurance companies as well as a number of insurance brokers. Financial services are one of the key economic drivers for Bahrain.
The top insurance companies in Bahrain are listed below:
Solidarity Bahrain B.S.C.
Solidarity Bahrain is a locally incorporated Takaful firm with an aim to become one of the leading Takaful companies in the world.
It offers various types of insurances which are also shariah compliant, some of the popular products are listed below:
(i) Motor Insurance
- Comprehensive cover
- 5 years of agency repair
- Roadside assistance
- 8 days car replacement
(ii) Home Insurance
- Protection against almost all kinds of damages to the building
- Alternate accommodation
- 24/7 service for house maintenance
(iii) Travel Insurance
- Coverage for canceled or delayed flights
- Loss of money, baggage or credit card
- Worldwide emergency medical care
- Accidental damage to others
(iv) Medical Insurance
- Tie up with a large network of providers
- Global coverage
(v) Pleasure Craft
- Coverage for all personal possessions on board
- Any legal liability of damage to others or other craft is covered
(vi) Personal Accident
- Accidental Death coverage
- Permanent and partial disability coverage
- Repatriation of mortal remains
T’azur is licensed and regulated by the Central Bank of Bahrain. It is a company which offers takaful for businesses as well as individuals. All the products available by T’azur follow the Islamic laws and regulated by a Shari’a Supervisory Board.
Some of the common products offered by t’azur are listed as below:
(i) Motor Plan
- Coverage against accidental damage to vehicles
- Coverage against third party legal liability
- Vehicle recovery is also covered
- Replacement of vehicle is also provided
- Roadside assistance is provided
(ii) Home Compact Plan
- Protection for all assets in the house is provided
- Coverage for the building is also provided
- Coverage for domestic servants’ liability is also provided.
(iii) T’azur Tawasul Income Plan
- In case of permanent or partial disability, a continuous income is provided.
(iv) T’azur Accident and Health Plan
- Annually renewable
- An annuity is continuously paid in case of death or sickness.
The company also deals with a number of Commercial takaful plans as well, to provide business protection against risks.
Axa Gulf is ranked as the number 1 insurance company in the gulf by Interbrand. It has a presence in Bahrain, Oman, Saudi Arabia, Qatar, and UAE.
It offers a variety of 10 Personal insurances. The popular ones are:
(i) Car Insurance
- No claim bonus
- Easy claims
- Priority repair service
(ii) Travel Insurance
- It offers as many as 5 choices to choose from namely; Travel Smart, Travel Family, Travel Shengen, Inbound Travel, and Inbound Travel Plus.
- Immediate emergency medical is available in the gulf.
- Claims assistance is provided 24/7
(iii) Home Insurance
- Coverage household content, domestic helpers, occupiers Liability.
- Flexible packages are offered, and one can choose based on the requirements.
(iv) Health Insurance
- Offer a wide range of plans to choose from namely Local, Regional and International.
- 24/7 claim assistance is provided.
- Instant cover
Other individual insurance includes Golf Insurance, Relocation Insurance, Yacht Insurance etc.
The company also deals with commercial insurances some of the examples are, Motor Fleet, Health Insurance, Marine, Fraud Money, etc.
Al Hilal Life
Al Hilal Life is a subsidiary of the Al Hilal Bank which majorly deals with insurances which are shari’a compliant.
The individual protection plans offered are as follows:
(i) Personal Accident Plan (Reayaa)
- Sharia Compliant
- Provides an option of 3 plans to choose from namely, Silver, Gold, and Platinum
- Coverage includes Hospital allowances, Funeral Expenses etc
(ii) Family Protection Plan (Hemaya)
- In case of death, the beneficiaries will get paid out from the tabarru fund
- The customer also has an option of selecting the critical illness benefit which will provide coverage against some of the diseases.
- Customers also have an option of selecting the total permanent disability benefit in which the tabarru fund is paid in a lump sum amount.
(iii) Critical Illness Plan (Weqaya)
- A choice of four packages is offered.
- Critical illnesses benefit is paid in a lump sum amount at the time of first diagnosis and survival period of 28 days.
The company also offers a variety of corporate insurances which include Keyman Insurance, Credit Life Insurance, Group Life Insurance and Medical insurances.
Gulf Insurance Group Bahrain OR Bahrain Kuwait Insurance Company
GIG has a presence in the gulf regions like Egypt, Kuwait, Syria, Turkey, Iraq, Lebanon, Jordan etc through its various subsidiaries.
It offers various products like:
(i) Travel Insurance
- Family Packages are available
- Provides annual coverage
- Covers multiple trips across the world
(ii) Motor Plans
- Two varieties are available Gold and Platinum
- 24-hour roadside services and assistance
- Agency repair up to 3 years.
- Life insurance coverage of driver and passengers up to BHD 6000/-
(iii) Home Insurance Plans
- Coverage against multiple incidents including fire theft etc
- Home assist emergency services are available 24*7
- Domestic help coverage for death. permanent or partial disability.
(vi) Domestic Help Insurance
- Death due to an accident BHD 5000/-
- Medical expenses annual limit of BHD 500/-
- Multiple domestic help workers can be insured within the same policy by varying the premium
- Expenses due to the replacement of domestic help due to accident etc a sum of BHD 500/- is paid.
The company also offers a variety of Commercial Insurances like professional indemnity, Cyber Insurance, Money Insurance, Business Interruptions etc.
Bahrain National Insurance (BNI) Company
BNI is a jointly owned subsidiary of Bahrain National Holding Company. They offer a wide range of diverse products majorly excelling in commercial, medium and large industrial insurances.
The various Personal insurances offered by the company are as follows:
(i) Motor Insurance
It offers as many as 6 variations to the motor plan thus making it easy for the customer to choose the best suitable plan.
(ii) Home Insurance
- Coverage for the Building
- Coverage for contents insides.
- Costs for renting new accommodation during the period are also covered.
(iii) Travel Insurance
- It covers a variety of 2 plans namely Asfaar and Schengen
- Medical emergency and other such charges are also covered
- Loss of Passport and Baggage is covered Under Asfaar plan
(iv) Domestic Help
- Covers all kinds of injuries.
- Weekly benefit in case of total disability
- Cost of replacing the servant due to death
- Lump sum amount in case of death
The bank offers a wide range of nearly 18 kinds of Commercial insurances. They provide coverage according to the needs of the business.
Gulf Union Insurance and Reinsurance Co.
Gulf Union Insurance and Reinsurance Co. deals with a diverse range of products which includes Personal Lines and Health, Commercial, Industrial and liability.
Some of the popular personal lines and health products are listed below:
(i) Motor Insurance
- Provided for individual and corporate as well
- It has a variety of five types of insurances to choose from which are namely Gold, Pearl, Silver, Bronze plus and bronze depending on the age of the vehicle.
- Personal accident coverage to driver and passenger in Bahrain
- GCC coverage is available at an extra premium.
- Repairs are also covered
(ii) Travel Care Cover
- Flexible premium depending on location and duration of travel
- Coverage for missed departure, flight delay and cancellation is provided
- Loss of passport baggage and personal money is also covered.
(iii) Life Insurance
- Offers three options to choose from which are Level Term Life Insurance, Mortgage Loan Protector and Personal Accident.
- Covers marriage expenses for children in case of death of policyholder
- Outstanding loans are covered under this policy.
The company also offers a diverse range of products in the commercial sector which includes group life, Bankers Blanket, Jewellers block etc. Its Industrial products include Contractors all risk, Loss of Machinery etc.
LIC International was established with the aim to provide insurance to the Indian Community in Bahrain. The company has a presence in 5 other Gulf countries as well namely Bahrain, Kuwait, Dubai, Oman, and Qatar.
It offers a diverse range of plans for individuals. Some of the popular plans are as follows:
(i) Heathee Plan
- Coverage against 37 critical illnesses
- Non-profit pure term plan
- Total and permanent disability cover
- Hospital cash benefit to a certain limit
- Death and Accident benefit
(ii) Double Endowment Plan
- In case of death, twice the sum assured is paid along with bonuses accrued on the insured sum.
- At the time of maturity, the sum assured and bonuses are paid.
- Accident benefit is also provided
(iii) Jeevan Anand
- The policy does not cease after maturity and insurance cover is provided until death
- Full sum is paid without the bonuses if death occurs after maturity of the policy.
- Full sum along with bonus is paid at the time of maturity.
Other policies that are offered include Jeevan Rekha, Future Bright Plan, Double cover joint life etc.
Today there are a number of choices for insurance available in the market. Thus, one should carefully analyze the best option and do a thorough review of the terms and conditions and choose a plan which is beneficial along with being financially affordable.