“Liability Insurance is becoming increasingly important. As such, this Forum will focus on building awareness of the value of Liability Insurance and of Liability Insurance products,” Jamal Younis, Chairman Bahrain Insurance Association (BIA) in his opening remarks at the First Liability Insurance Forum said.
The 2-day forum titled “Professional Liability Insurance Forum” is being held in Bahrain under the aegis of BIA in collaboration with The General Arab Insurance Federation (GAIF).
“For the first time the GAIF and BIA have organized such a specialized event in the Kingdom of Bahrain which will shed light on directors and officers; professional indemnity cover; bankers blanket bonds; political violence and medical malpractice,” he added.
Highlighting the importance of the Forum, Jamal told The24X7News that it would help to create awareness about the professional liability insurance, the subject very much part and parcel of the day to day business in the West, in general, and the USA market in specific.
“Such covers in engineering, doctors and other professions are required by the law, hence showing the importance of this segment of the global insurance industry,” Jamal said.
Jamal, who also CEO of the Takaful International, said the first two quarters of the year have shown 7% increase, a healthy growth pattern for the sector.
“We are expecting 7% to 10% insurance growth this year, thanks to the strong fundamentals put in place by the regulator the Central Bank of Bahrain,” he added.