Lebanese President receives Bahrain-led Arab Insurance Union

The General Arab Insurance Federation (GAIF) is currently presided by the Kingdom of Bahrain and the delegation was led by Ashraf Bseisu, Chairman, Bahrain Insurance Association.

The General Arab Insurance Federation is an international Arab body based in Cairo that has members from 20 countries and strives to support the insurance sector in the Arab world.

Earlier this month the board of directors met in Beirut as part of the regular meeting of its executive committee and board of directors.

His Excellency President Sleiman praised the role played by the (GAIF) in the insurance industry across the Arab world and commended its achievements since its establishment in 1964.

President Sleiman stressed the importance of regulation and developing guidelines that are in accordance with international requirements in order to better serve the regional insurance sector.

"I'm very honored to meet His Excellency President Sleiman and I commend him for his personal interest in learning about emerging trends in the region's insurance industry," said Ashraf Bseisu President of the General Arab Insurance Federation and Chairman of Bahrain Insurance Association.

"During our visit we acquainted the president with the current challenges facing the insurance sector. We reiterated our position that the ongoing global financial crisis will not impact the insurance industry. However, the crisis might affect us in indirectly way in Tariff particularly".

"The delegation asked for assistance to develop a regulatory framework in order to allow insurance companies to extend its range of services. President Sleiman updated us on Lebanon's economic progress, highlighting the fact that the country has implemented a series of economic reforms in accordance with international requirements" Concluded Bseisu.

Established in 1993, the Bahraini Insurance Association aims at promoting the Kingdom of Bahrain as a regional centre for the insurance industry and reinforcing educational and training skills as well as improving the technical skills for those persons currently employed in the insurance sector.