Central Bank of Bahrain Governor Rasheed Al Maraj has pledged to further develop the kingdom's vibrant insurance sector, a report said.

He said this during a meeting of top executives from the sector, chaired by Bahrain Insurance Association (BIA) chief Younis Jamal Al Sayed, to discuss the latest developments in the insurance sector in Bahrain, reported the Gulf Daily News, our sister publication.

The governor stressed the importance of co-operation between the central bank and the insurance market to support and develop the insurance sector in the kingdom.

He highlighted the importance of the role of the BIA in supporting the insurance sector by involving the sector in proposing initiatives that will enhance insurance services and strengthen the position of Bahrain as a regional financial hub.

The meeting discussed a number of issues related to the insurance market in Bahrain in general.

Al Maraj also previewed the monitory and supervisory role of the central bank and its initiatives that contribute to the development of the market, particularly in the fundamental areas of training and skills development, which insurance companies should critically observe to fulfil their obligations towards societal responsibility.

During the meeting, the insurance companies also agreed to present proposals for improving settlement mechanism between companies in the market similar to those methods implemented in the banking sector, which will have a great impact on strengthening the financial solvency of insurance companies and enhancing efficiency of recovery procedures.

Al Maraj praised BIA chairman and members for their sincere efforts to develop and reinforce the insurance sector in the kingdom. – TradeArabia News Service