Bancassurance, which involves banks selling insurance products, is a major industry for the Middle East region and Bahrain is spearheading this growth, according to an expert.

In the West banks play a major role in selling insurance products and in particular life and savings policies, this remains a small market in the region, said Bahrain Insurance Association (BIA) chairman Younis Al Sayed during a seminar organised by the BIA and the Bahrain Association of Banks at the Gulf Hotel yesterday.

However, this is one which is growing and offers opportunities and within the GCC with Bahrain is leading the way in this market, he said while addressing the delegates.

"Bancassurance was pioneered in the region by BBK and the Bahrain Kuwait Insurance Company in the 1980s," he said. "That has allowed them to come up with a better service at a better price to customers," he noted.

Al Sayed pointed out that Bahrain was in the forefront of pioneering in this market and remained so.

The regional financial industry, he said, had the capability to build on what had already been achieved.

"Bancassurance is heavily dominated by employees who are Bahrainis and this is an area where there is an opportunity to create jobs for locally trained graduates," he said.

More than 50 banking and insurance professionals took part in the seminar which was the first in a planned series on the subject.-TradeArabia News Service