A major conference on insurance is set for Bahrain on January 18 and 19
The Middle East Insurance Forum is being organised by Al Iktissad wal A’amal with the support of Bahrain Monetary Agency (BMA). It will be held under the patronage of Shaikh Ahmed bin Mohammed Al Khalifa, BMA governor, at Ritz-Carlton Bahrain Hotel and Spa, writes Mehmood Rafique.
The event brings together leading experts in insurance to grapple with the latest issues and trends in the Middle East insurance industry including special risks, takaful (Islamic insurance), Bancassurance and captive insurance. A highlight of the event is a session focusing on four major insurance jurisdictions in the region: Bahrain, Saudi Arabia, Iran and Egypt.
“The forthcoming conference offers an unrivalled opportunity for regulators, international stakeholders as well as industry players to deliberate and discuss many critical issues facing the regional and international insurance industry,” said Anwar Khalifa Al Sadah, BMA executive director, financial institutions supervision.
“It’s particularly relevant to insurance and reinsurance professionals, auditors as well as regulators involved in strategising the future of the industry. The high level of participation from global and regional insurance industry organisations as well as important regulatory authorities reflects their profound interest in addressing opportunities and challenges facing the Middle East insurance industry,” said Al Sadah.
Conference participants include top representatives from the International Insurance Society, Bank of International Settlements, Federation of Afro-Asian Insurers and Reinsurers, General Arab Insurance Federation, Bimeh Markazi Iran and Lloyds besides top executives of leading insurance and reinsurance firms. This is the first insurance conference to be initiated by the BMA since the agency assumed responsibility for regulating the insurance industry in August 2002.
Since then, BMA is implementing a comprehensive strategy to further develop the insurance industry to strengthen Bahrain’s position as the premier insurance hub of the Middle East. Key elements of the new strategy include expansion of the domestic insurance sector by enhancing the quality of services, enhancing the quality and capacity of insurance professionals, attracting captive companies and the takafal business as well as establishing a market-friendly regulatory framework.
The Kingdom of Bahrain is the financial capital of the Middle East, boasting the largest concentration of financial institutions in the region. The number of financial institutions currently operating in and from Bahrain totals 355, of which 183 are banks and banking-related institutions, 159 insurance and insurance-related firms and 13 capital-market brokers.
© Bahrain Tribune 2003
