The Middle East insurance industry has tremendous potential for growth in the post crisis landscape, according to a senior official at the Central bank of Bahrain (CBB).
“In order to tap the existing potential, it is essential to have an ongoing dialogue between the various stakeholders of the industry to keep abreast of market developments and the Middle East Insurance Forum is an ideal platform for such dialogues and discussions,” Abdul Rahman Mohammed Al Baker, Executive Director of Financial Institutions Supervision at the CBB in a pre-event statement said.
The two-day 6th Annual Middle East Insurance Forum (MEIF) 2011 opens on Monday at the Ritz Carlton Hotel where experts, stakeholders and policy makers will examine how to translate potential to growth for the regional insurance industry.
Al Baker will discuss the regulatory and risk management priorities of the Middle East insurance industry on the day two of the conference.
He said that Industry players must have clear direction on how to adopt and revamp their business strategies in order to pursue growth opportunities in the region.
More than 450 industry leaders from the regional insurance industry are set to gather at MEIF 2011.
Held under the theme “translating potential into growth for the regional insurance industry”, MEIF 2011 will set the stage for critical discussions that will chart a new phase of development for the regional insurance and re-insurance industry. The two day event is convened under the patronage of the Central Bank of Bahrain and is supported by the Bahrain Insurance Association.
“With the worst of the financial downturn now over, there are strong growth prospects for the insurance industry across the region. With the rapid expansion of the regional insurance industry, the liberalization of the markets and entrance of many new players, the growth trends in the regional insurance industry remain positive as more players look for innovative solutions to meet the untapped demand in the market,” added David McLean, Managing Director of the MEIF.
“The growth trends in the captive insurance remains positive as more companies look for innovative solutions to risk financing,” said Ahmed D. Alumran, Executive Director of Ensurion, Captive Insurance Partner of MEIF 2011.
“The annual Middle East Insurance Forum is an exceptional platform for practical exchanges and as the provider of the most innovative insurance and risk management solutions in the region; we are looking forward to sharing our experiences at MEIF 2011.”
MEIF which has over the years become the region’s largest and most significant annual platform for the international and regional insurance industry leaders to converge, will this year, feature critical discussion and debates that are vital to successfully support the next phase of development for the regional insurance markets.
MEIF 2011 will be officially inaugurated on the 7th of February with an opening keynote address by Rasheed M. Al Maraj, Governor of the Central Bank of Bahrain and will discuss regulatory perspectives on strengthening the insurance industry capabilities.
A key highlight of this year’s event will be the special research findings by Ernst & Young.
According to a survey of over 1,400 senior executives from around the world conducted by Ernst & Young in October 2010, companies across all sectors and markets are expecting the new economy to be even more competitive than the old, over the next two years. This exclusive research finding on “competing for growth and winning in the new economy” will be presented in a special plenary session at MEIF 2011.