Bahrain conference to focus on insurance opportunities in Middle East

The massive growth opportunities in the region's currently untapped market will be the focus of the upcoming Middle East Insurance Forum, being held on 18th & 19th January 2004.

The theme of the event, being organized by Al Iktissad Wal A'amal with the support of the Bahrain Monetary Agency (BMA), is 'Opportunities in a Growth Market'.

It will be held under the patronage of HE Shaikh Ahmed bin Mohammed Al Khalifa, Governor of the BMA, at the Ritz Carlton Hotel.

The event will bring together leading experts in insurance to discuss the latest issues and trends in the Middle East insurance industry, including special risk, Takaful (Islamic insurance), Bancassurance and captive insurance.

"Industry sources predict that life and non-life premiums will reach US$44 billion in 2010, from about US$7 billion at present," said Mr. Anwar Khalifa Al Sadah, Executive Director, Financial Institutions Supervision, at the BMA.

The growth is being fueled by population growth, economic reforms and market liberalization in the region, compulsory insurance as well as increasing consumer awareness about the benefits of insurance.

The upcoming event will discuss emerging trends in the Middle East, growth opportunities in life and non-life sectors, economic and demographic trends and their impact on the insurance industry and the regulatory environment, said Mr. Tawfiq Shehab, Director, Insurance Supervision, at the BMA.

Top speakers at the conference include Mr. Patrick Kenny, Chief Executive Officer, International Insurance Society (IIS), who will focus on 'The changing risk environment in the global insurance markets', and Mrs Gunella Borer, Senior Financial Sector Specialist, Bank for International Settlements (BIS), who will address the issue of 'Applying international insurance regulation standards in the Arab markets'.

A highlight of the event is a special session focusing on four major insurance jurisdictions in the region: Bahrain, Saudi Arabia, Iran and Egypt. The session will feature Mr. Saad Almarzoki, Deputy General Manager, National Company for Cooperative Insurance (NCCI) of Saudi Arabia; Dr Abdolnasser Himmati, President, Bimeh Markazi Iran; Mr. Hammam Bader, Chairman, Egypt Re and Mr. Anwar Khalifa Al Sadah, Executive Director, Financial Institutions Supervision, BMA.

Takaful will also come under the spotlight with leading Shari'a scholar and member of BMA's Shari'a Board, Shaikh Nizam Yaqubi, who will focus on the concept of Takaful and Shari'a applications, while Mr. Mohammed Tarmidzi bin Ahmad Nordin, Chief Executive Officer of Malaysia-based Mayban Takaful, will address standards applied in designing Takaful products.

A session on Insuring Special Risks, which will be chaired by Mr. James Sutherland, Head of Development and Strategies, Worldwide Markets, Lloyds, will feature senior representatives of such leading firms as AON, Heath Lambert and Willis.

The conference is sponsored by MedGulf, Saudi Insurance (Methaq), Solidarity, Bahrain Insurance Association (BIA) and Norwich Union.