Insurance industry 'set for major growth'
Manama, February 6, 2011
The regional insurance industry is on the threshold of major growth, an expert has said.
Middle East Insurance Forum managing director David McLean said with the worst of the financial downturn now over, there are strong growth prospects for the insurance industry across the region.
Speaking ahead of the sixth annual Middle East Insurance Forum (MEIF 2011), he said with the rapid expansion of the regional insurance industry, the liberalisation of the markets and entrance of many new players, the growth trends in the regional insurance industry remain positive as more players look for innovative solutions to meet the untapped demand in the market.
More than 450 industry leaders from the regional insurance sector will attend the forum which will be held tomorrow and Tuesday at the Ritz-Carlton Bahrain Hotel and Spa.
The theme of the forum is 'translating potential into growth for the regional insurance industry'.
The forum will set the stage for critical discussions that will chart a new phase of development for the regional insurance and re-insurance industry.
The two-day event is convened under the patronage of the Central Bank of Bahrain (CBB) and is supported by Bahrain Insurance Association.
Ahmed D Alumran, executive director of Ensurion, Captive Insurance Partner of MEIF 2011, said 'the growth trends in the captive insurance remains positive as more companies look for innovative solutions to risk financing'.
He said the annual Middle East Insurance Forum is an exceptional platform for practical exchanges and as the provider of the most innovative insurance and risk management solutions in the region.
'We are looking forward to sharing our experiences at MEIF 2011.'
MEIF, which has over the years become the region's largest and most significant annual platform for the international and regional insurance industry leaders to converge, will this year feature critical discussion and debates that are vital to successfully support the next phase of development for the regional insurance markets.
MEIF 2011 will be officially inaugurated with an opening keynote address by CBB Governor Rasheed Al Maraj and will discuss regulatory perspectives on strengthening the insurance industry capabilities.
CBB financial institutions supervision executive director Abdul Rahman Mohammed Al Baker, who will be discussing the regulatory and risk management priorities of the Middle East insurance industry on the second day of the conference, said: 'The Middle East insurance industry has tremendous potential for growth in the post crisis landscape.
'Industry players must have clear direction on how to adopt and revamp their business strategies in order to pursue growth opportunities in the region.'
He said 'it is essential to have an ongoing dialogue between the various stakeholders of the industry to keep abreast of market developments and the Middle East Insurance Forum is an ideal platform for such dialogues and discussions.'
A key highlight of this year's event will be the special research findings by Ernst & Young.
According to a survey of more than 1,400 senior executives from around the world conducted by Ernst & Young in October 2010, companies across all sectors and markets are expecting the new economy to be even more competitive, over the next two years.
This exclusive research finding on 'competing for growth and winning in the new economy' will be presented in a special plenary session at MEIF 2011.-TradeArabia News Service