RSA, a leading insurance group and one of the largest insurers in the region, recently announced the launch of its marine e-cargo system in Bahrain. 

The e-cargo system, a comprehensive web-based Marine Cargo certificate production facility, is one of the fastest systems of its kind in the Middle East.

The system, which combines cutting-edge technology with a fast turn-around time, will expand on the success of RSA’s marine portfolio in Bahrain and thus expand the company’s commercial business, said an RSA official.

Marine insurance has proven to be a highly successful commercial insurance segment over the past few years.

The marine cargo market in Bahrain is worth BD7,083,000 (18,787,300) and the market is growing at an annual rate of approximately 21 per cent driven primarily by the construction boom and the establishment of Bahrain as a trading hub.

Mark Cooper, CEO for RSA KSA & Bahrain pointed out that marine insurance will play a key role in its business over the next three years.

"Historically, our marine portfolio has been very profitable, due in large part to the increase in construction and engineering projects in Bahrain, as well as the significant growth in trade," he remarked.

“RSA felt that there was a definite gap in the market for a leading distribution platform that was easy for brokers to use, and we feel that the new e-cargo solution fits this need perfectly.”

RSA’s new marine e-cargo system went live last week with the signing of a broker agreement with Fakhro Insurance Services, a leading insurance provider in Bahrain. 

Commenting on the new system, Adrian Pinto, general manager of Fakhro Insurance Services said, "We have been impressed with the speed and simplicity of the marine e-cargo service."

"Through this new system, we will be able to service our clients better as well as reduce the turnaround time. This will naturally bring in more business not only for Fakhro, but also for RSA," he added.

Based on the success of the marine e-cargo system in the UAE since its launch one year ago, RSA has implemented the service in Oman and Saudi Arabia, as these markets play a key role in the company’s future growth plans in the region.-TradeArabia News Service