Insurance sector 'seeing solid growth pace'

Manama, October 16, 2012

The insurance market in the region is experiencing a fast phase of growth reflecting the dynamic nature of its economies, according to Bahrain Insurance Association (BIA) chairman Younis Al Sayed.

Speaking at a seminar 'The First Life Experience in Afro-Asian Market' at the Ritz-Carlton Bahrain Hotel and Spa, he said that consumers were now aware that certain types of insurance are mandatory.

"But when it comes to family takaful the penetration rate has been the lowest compared to other insurance in the region.

"It remains one of the untapped segments of insurance in our region.

"The reasons could range from a lack of awareness, the channel of selling and distribution of products or other conceptions that hinder the growth of the segment.

"This is an opportune time to renew contacts and discuss problems of mutual interest with delegates from member countries of the region."

The event was organised in collaboration with the Federation of Afro-Asian Insurance and Reinsurance (Fair).

Fair chairman Haman Bader said that the event was the fourth such seminar organised with the BIA.

"The education process is a strategic issue in the Fair work programme as we always endeavour to enhance knowledge and provide a platform for members to exchange their expertise to improve our technical skills.

"Fair and the kingdom's insurance market go back to 1985 when Bahrain Kuwait Insurance Company applied to join the organisation. "This was followed by Arig and Bahrain National Insurance Holdings and now there are eight Fair members from Bahrain."-TradeArabia News Service

Tags: Insurance | Takaful | growth |