“The fundamentals of insurance industry in specific and economic climate in general are very promising and we expect a healthy growth of six to 10 per cent this year,” Younis Jamal, the CEO of Takaful International and the Chairman of the Bahrain Insurance Association (BIA) told media representatives on Sunday.
Younis was talking to journalists during a Press conference at Ritz-Carlton where it was announced that the General Arab Insurance Federation (GAIF), in cooperation with the Bahrain Insurance Association (BIA), today held a press conference in the Kingdom of Bahrain to announce plans for the hosting of the MENA region’s first “Professional Occupational Insurance Forum.”
The two day Forum, which will be held under the patronage of the Central Bank of Bahrain (CBB), is set to take place in the Kingdom between 21 and 22 October 2013 at the Ritz Carlton, where more than 300 leading GCC and GIAF members and MENA and south African counters based insurers, industry players and corporates are expected to gather.
Occupational Insurance, which is a method of protection against legal expenses and other costs associated with medical malpractice and general corporate malfeasance, is becoming increasingly important with more and more organisations across the MENA markets seeking to offset the potential liabilities resulting from the negligent activities of employees, directors and officers.
As such, the Forum will focus on building awareness of the value of Occupational Insurance and of Occupational Insurance products. Furthermore, it will also examine similar protection for losses resulting from political violence, an issue that has becoming increasingly relevant for companies operating in a number of Arab countries in transition.
The Forum organisers expect 350 delegates who will discuss how to develop the market-place for Occupational Insurance, how to manage the emerging needs of Occupational Insurance within the region and how to network with insurance professionals.
The Kingdom of Bahrain was selected to host the prestigious event as a result of its position as a leading financial services hub and home to a significant number of insurance and reinsurance companies, regulatory agencies, brokers, financial institutions and medical practitioners who can benefit greatly from the Forum and its focus on key issues impacting the industry and end users.
“GAIF is delighted to announce the launch of the ‘Professional Occupational Insurance Forum’ to be held in October 2013 in the Kingdom of Bahrain,” said Abdul Khaliq Rouf, General Secretary of GAIF.
“For more than 45 years, GAIF has continued to spearhead initiatives to strengthen cooperation between Arab insurance markets and its relative organizations and we believe this is one segment that currently requires significant focus and attention. This is an increasingly important area of risk management for any industry and we are confident that the event will serve to educate participants on how best to develop, offer and utilise the right protection solutions and strategies. We are especially pleased to be hosting the event with the Bahrain Insurance Association and in the Kingdom of Bahrain, which is an ideal location and longstanding centre for business and finance as well as a strategic gateway to the broader GCC and MENA markets, where the insurance sector continues to grow.”
“We are extremely pleased to be joining together with GAIF to host this groundbreaking event focused specifically on both building awareness and driving growth of Occupational Insurance across the Arab insurance markets. In doing so, the Forum will look to highlight and explore a number of key issues and trends impacting both insurers offering Occupational Insurance and clients requiring such protection. We are currently in the process of fully developing the programme for the Forum and engaging with leading experts and high level industry,” Younis Jamal, said.
Practitioners to ensure the event are highly strategic platform for exchange and dialogue and for the advancement of this important and growing segment within the insurance industry.”