GAIF insurance conference attracts region-wide registrations

The Steering Committee of the 27th General Arab Insurance Federation (GAIF) has called on all interested participants to register for the Federation's upcoming Conference—widely regarded the Middle East region's most important insurance industry event.

Since its recent announcement, the Conference has already garnered considerable interest from the region's insurance sector key-players—which organizers partly attribute to its revamped, more interactive and intellectually stimulating format. The Conference will be held under the patronage of H.H. the Prime Minister, Shaikh Khalifa bin Salman Al Khalifa, on 26-28 February 2008 in the Kingdom of Bahrain.

Sameer Al Wazzan, Chairman of the GAIF Steering Committee and Representative of Bahraini Insurance Market in the GAIF Council explained the impact of the region's recent surge in economic growth on insurance markets saying "As a result of the increased demand, some existing insurance companies increased their capital base, widened their product range and expanded beyond their local boundaries to meet growing clients' requirements. While others preferred to set-up their own new insurance companies, backed by abundant fresh capital, more sophisticated organizational structures and a determination to compete heads on with the more established names.

"In the midst of all of this, Arab regulators have, by and large, been proactively seeking reforms in the insurance sector, introducing more stringent compliance measures and heeding to requests for globalization and open-border markets," Mr. Al Wazzan concluded.

Stressing the need for greater collaboration among Arab insurance markets to develop and surpass international competitors, GAIF Secretary General, Mr. Abdul Khaliq R. Khalil, drew attention to the Conference theme "Towards a More Integrated Arab Insurance Market", saying "The forthcoming Conference will be held under the umbrella of a global system which fundamentally depends on free trade. Arab Insurance Markets must closely
co-ordinate legislations, and insurance companies need to be restructured through mergers and acquisitions if they want to achieve regional and international superiority."

The Conference will offer a forum for discussions led by a panel of renowned industry figures, and also comprises a written essay competition, online interactive surveys, and ample networking opportunities which have been purposefully elaborated.