Feb 07 2012 |
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Boosting Competitiveness and Scale Vital for Long Term Growth of the Middle East Insurance Industry
The 8th Annual Middle East Insurance Forum (MEIF 2012) gathers more than 500 key regulators and industry decision makers for critical discussions
The inaugural address was immediately followed by an international session that focused on identifying the new trends in the global insurance industry and opportunities in the Middle East insurance markets. The session led by Jerome Droesch, CEO - Gulf & Middle East, AXA Insurance Gulf and Shaun Crawford, Global Insurance Leader, Ernst and Young assessed significant developments in the international insurance industry and their relevance for the Middle East.
A key highlight of this year's MEIF was the industry leaders' power debate session which featured high-level debates on building a new sustainable profitable growth path for the regional insurance industry. The session featuring Maroun Mourad, Chief Executive Officer, Zurich Insurance Company; Yassir Albaharna, Chief Executive Officer, Arab Insurance Group ( Arig ); Ayman Adel El Hout, Group Vice President - Operations, The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company (S.J.S.C) MEDGULF; Jamil R. Bahou, Group Managing Director, Crescent Global Group; Mario Valdes, General Manager, MetLife Alico Gulf and Ayman AL-Ajmi, Regional Head - Takaful and Managing Director, New Hampshire Insurance Company and Chartis Takaful Enaya, assessed the current state and future prospects of the Middle East insurance industry and discussed revised growth strategies in the context of a more austere global economic environment.
"We have been supporting the Middle East Insurance Forum for 4 years now and we see this event as a unique platform supporting growth, excellence and innovation in the Middle East Insurance Industry and are once again delighted to be a part of it", he added.
Speaking to the media present at the event, David McLean, Chief Executive of the Middle East Insurance Forum said that "attractive demographics, increasing customer awareness, positive regulatory reforms and increase in average individual income in the Middle East have made the region one of the fastest growing and most attractive insurance markets. With GDP in the Middle East forecasted to grow at a faster rate, the Middle East insurance markets have strong potential for growth. However, with a wide range of social, political and economic changes not only in the Middle East but globally, it is very important for the industry players to continuously assess their business models and strategies in order to ensure robustness. With rising competition for market share from both regional operators and multinationals, players in the Middle East insurance industry will have to place operational efficiency, competitiveness and scale at the top of their strategic planning agenda."
The MEIF Exhibition which was held along the sidelines of the conference was inaugurated by Abdul Rahman Mohammed Al Baker, Executive Director - Financial Institutions Supervision the Central Bank of Bahrain showcased the latest products, services and innovations from over 35 exhibitors.
MEIF 2012 continues on the 8th of February and features exclusive sessions on regulatory and supervisory frameworks, mergers and acquisitions in the regional insurance industry, dispute resolution and product innovation.
-Ends-
MEGA BRANDS. MEGA CLIENTS. MARKET LEADERS.
Shaping the Future of the Middle East Finance Industry Since 1993
MEGA is the market leading business information firm focused on achieving business results for the Middle East banking & finance industry since 1993. The portfolio of MEGA brands represents the landmark industry conferences and our clients are the leading players in the international financial markets.
Abdul Muhsin
Head: Marketing & Media Manager
MEGA
Tel: +9714 3431200
Email: abdul@megaevents.net
© Press Release 2012
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