More than 50 high-profile international speakers will discuss key strategies for strengthening the regional insurance industry at a major conference in Bahrain next month.

The 10th anniversary special edition of the Middle East Insurance Forum (MEIF 2014), which is scheduled to be held on February 10 and 11 under the  patronage of the Central Bank of Bahrain, will gather more than 550 leading players, industry thought leaders and key regulators.

They will discuss issues related to strengthening the regional insurance industry, overcoming competitive pressures and capturing profitable growth, said a statement.

David McLean, chief executive of the Middle East Insurance Forum, said: “The insurance industry in the Middle East has enjoyed consistent positive growth over the past few years backed by the economic development in the region, an increase in government spending, population growth, a positively evolving regulatory environment and most importantly the increased awareness about the need for insurance.”

“As the Middle East continues to be one of the most dynamic and attractive insurance markets in the world, it is essential that the current growth momentum in the industry is continued in the long term. This requires leading players in the industry to concentrate on technical and operational profitability, address the issues of rising competition and pricing challenges, shift towards risk adequate pricing, and adopt international best practices,” he said.

The event will begin with an inaugural keynote address by Abdul Rahman Mohammed Al Baker, executive director – financial institutions supervision at the Central Bank of Bahrain.

The forum will also feature a special keynote address by Geoff Riddell, member of the group executive committee and chairman – APMEA, Zurich Insurance Group.
The session focusing on identifying the latest developments in the international insurance industry and its implications for the industry in the Middle East will analyse the major trends reshaping the insurance industry in key developed markets across the world and will also discuss how the regional insurance industry needs to be reshaped for greater success.

A major highlight of this year’s MEIF 2014 will be the industry leaders’ power debate session which will feature significant debates and discussions on overcoming intensifying competitive pressures in the Middle East insurance industry. The debate led by Safder Jaffer, managing director and consulting actuary - Middle East & Africa, Milliman; and featuring Jamil R Bahou, managing director, Crescent Global Group; Yassir Albaharna, chief executive officer, Arab Insurance Group (Arig); and Farid Chedid, chairman and CEO, Chedid Re will discuss key strategies for balancing premium growth with technical profitability and will also analyse how leading industry players are evolving and transforming their business to overcome the challenges of increasing competitive pressures. – TradeArabia News Service