Bahrain is gearing up to become the regional centre for the multi-billion dollar insurance industry.

It has all the regulatory framework in place to meet global standards as the regional boom stimulates a new vibrancy in the sector, an international conference heard yesterday.

The country enjoys a promising and influential insurance sector, which is witnessing an unprecedented growth thanks to the competence of its Bahraini employees, Prime Minister Shaikh Khalifa bin Salman Al Khalifa said.

He was speaking at the opening of General Arab Insurance Federation (GAIF) conference, being held here for the first time.

More than 1,200 delegates from 50 countries are attending the conference, being held under the Premier's patronage at the Gulf International Convention Centre, Gulf Hotel.

The Premier called upon companies to exploit the regional economic boom and the increasing global demand to broaden their activities under the umbrella of a united and influential Arab insurance market.

"The establishment of international standards and their implementation has bolstered Bahrain's reputation as a regional centre where sound practices prevail, Central Bank of Bahrain Governor Rasheed Al Maraj said.-TradeArabia News Service