During a debate the experts and regulators were of the view that creating a sustainable business model and achieving success through innovation will continue to serve as major challenges for the insurance industry.
Held under the patronage of the Central Bank of Bahrain, the MEIF 2012 witnessed a high profile opening at the Gulf Convention Centre Gulf Hotel in the Kingdom of Bahrain.
Confirming its position as the most influential annual gathering of regional insurance industry leaders, MEIF 2012 gathered more than 500 senior decision-makers from over 150 organizations for discussions that focused on “transforming the regional insurance markets” by identifying new opportunities and rethinking growth strategies to capture the huge opportunities that exist in the Middle East insurance industry. The two day event was inaugurated with a keynote speech delivered by Abdul Rahman Mohammed Al Baker, Executive Director Financial Institutions Supervision, Central Bank of Bahrain.
The inaugural address was 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 and 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.
“The Middle East insurance industry is undoubtedly poised for major growth. As markets become more global, business opportunities in the sector are poised to increase. However, as markets change there will also be significant challenges to overcome, and with increases in market volatility and risk, it is essential that the key players in the regional insurance industry engage in discussions that will place the industry on a solid footing for future development,” Jamil R. Bahou, Group Managing Director of Crescent Global Group said.
“We have been supporting the Middle East Insurance Forum for four 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.
“The insurance industry in the Middle East continues to enjoy strong growth, fuelled by a surge in regional demand for insurance products. Though the regional insurance industry has demonstrated strong performance in the last few years, it still remains underdeveloped as per international standards. With the current low levels of insurance penetration and strong economic growth in the region, the Middle East Insurance industry holds tremendous promise for growth. However, it is critical that this potential is rightly channelized into profitable, sustainable and long term growth,” Yassir Albaharna, Chief Executive Officer, Arab Insurance Group (Arig), said.
“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,” David McLean, Chief Executive of the Middle East Insurance Forum said.
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.