Oct 13 2010 |
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Bahrain: Insurers post robust growth
The insurance market in Bahrain was growingsteadily and strongly and posted double digit growth in both the conventional and takaful markets despite the recent financial turmoil in the regional financial sector, the Chief Executive of the Economic Development Board, Shaikh Mohammed bin Essa Al Khalifa said yesterday."The Middle East insurance sector has great potential for growth and Bahrain at the heart of the region's insurance business showcased this immense potential," he said speaking at the 10th Middle East Energy conference of global risk management services and insurance provider, AON.
The sector's gross premiums in the Kingdom were put at $532 million at the end of 2009.
The Kingdom hosts the largest and most established financial services centre in the region with, more than 400 licensed financial institutions and over four decades of experience. It was home to several global international insurance companies and has been at the forefront of development of takaful and retakaful markets, as well as being the first country in the GCC to have domiciled captive insurers.
He said successful diversification of the Bahrain economy and the commitment to reform was a part of Bahrain's national economic strategy aligned to the ambitions of Bahrain's Vision 2030.
"Bahrain national skilled workforce can support the diversification of our economy without the need torely solely on expatriate labour," Shaikh Mohammed said.
By K.V.S. Madhav
© Bahrain Tribune 2010
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