Considerable regulatory change is now occurring globally and insurance firms that take early initiatives will achieve greater efficiency, said an expert while addressing a gathering of financial leaders at the ongoing Middle East Insurance forum in Bahrain.

"The impact of changes will affect every facet of the business, and therefore insurers must take a holistic approach in their business planning," stated KPMG director Rob Curtis at the two-day conference.

KPMG, a global audit, tax and advisory firm, played a leading role on day one of the ongoing Middle East Insurance forum,  reported the Gulf Daily News, our sister publication.

"Those insurers best able to manage change will succeed and human capital will become an increasingly valuable commodity," he added.

KPMG Bahrain insurance audit and advisory services' senior manager Adeel Mushtaq chaired the Takaful and Co-operative Insurance Roundtable, which addressed to what extent Islamic insurance will continue to outpace growth in the conventional insurance sector and what implications it will have for the overall development of insurance in the Middle East.

Panelists at this session included Solidarity chief executive Ashraf Bseisu, Salama Islamic Insurance general manager Rafiq Halani and Prudential Corporation Asia's Dawood Yousef Taylor.

The panel discussed current state of the takaful sector in the Middle East, future growth prospects and implications for overall development.

"Financial performance improvement and operational efficiency of Takaful companies should develop and they should align their strategies with key building blocks of the insurance business model for potential growth opportunities and risks of inaction," said Mushtaq.-TradeArabia News Service