“Although the general outlook for the insurance industry across the Middle East region is positive, challenges exist for regional players from increasing competition as new insurers enter the market placing pressure on maintaining profit margins,” David McLean, Managing Director of the Middle East Insurance Forum, said.
The challenges, opportunities and how to maintain the sustainable patterns for the insurance sector will take center stage at the upcoming the 8th Annual Middle East Insurance Forum (MEIF 2012).
MEIF 2012 will be held on the 7th and 8th of February 2012 at the Gulf International Convention and Exhibition Centre Gulf Hotel Bahrain.
“There are concerns for insurers who currently operate in the region as the insurance sector is becoming increasingly fragmented, requiring insurers to concentrate on profitable products and business lines,” he added.
MEIF 2012, which is held under the patronage of the Central Bank of Bahrain, will focus discussions on rethinking growth strategies in the context of a challenging economic environment, identifying new trends in the global insurance industry, and renewing the push to capture the huge growth opportunities that exist in the Middle East insurance markets.
“As the regional insurance markets continue to open up and multi-national insurers reposition themselves on the world stage, focus is shifting to up-and-coming markets that exhibit high growth potential – with select countries in the Middle East becoming an increasingly important focal point,” David said,
“With the insurance industry in the Middle East expected to experience high growth rates throughout the coming years, policymakers, regulators and key players in the industry will have to address the challenges that lie ahead of them as the region’s insurance sector is becoming increasingly fragmented, requiring insurers to concentrate on profitability, scale and long term sustainability,” he said.
“The Middle East insurance industry is undoubtedly poised for major growth. As markets become more global, business opportunities in the sector are poised to increase,” Jamil R. Bahou, Group Managing Director, Crescent Global Group, said.
However, he said, as markets change there will also be significant challenges to overcome, and with increases in market volatility and risk, it is essential that the key players in the regional insurance industry engage in discussions that will place the industry on a solid footing for future development.
“We have been supporting the Middle East Insurance Forum for four years now and we see this event as a unique platform supporting growth, excellence and innovation in the Middle East insurance industry and we are once again delighted to be a part of it”, he added.
The event is set to kick off on the 7th of February with keynote address by Abdul Rahman Mohammed Al Baker, Executive Director Financial Institutions Supervision at the Central Bank of Bahrain on building a platform for progress in order to ensure a stable and thriving regional insurance market.
“The insurance industry in the Middle East has tremendous potential for growth given the relatively low insurance penetration levels, positive demographic and economic trends and rapid infrastructure development occurring throughout the region,” Al Baker, told the media.
“Bahrain has achieved pre-eminence as the regional financial services centre, through the Government’s wise and far-sighted policy of maintaining an open and diversified economy base and by paying close attention to the legal and regulatory infrastructure.”
“As a regulator, the Central Bank of Bahrain will continue to provide a strong framework essential for the insurance industry to flourish and for Bahrain to become the insurance hub of this important region. We are once again delighted to be hosting the 8th Annual Middle East Insurance Forum (MEIF 2012) and we see this event as a unique platform for leading industry players to assess the future prospects for the Middle East insurance industry and seize the growth opportunities,” Al Baker added.
A key highlight of this year’s MEIF will be the industry leaders’ power debate session which will seek to build a new sustainable profitable growth path for the regional insurance industry. The session featuring Ashraf Bseisu, Group Chief Executive, Solidarity Group Holding; Jamil R. Bahou, Group Managing Director, Crescent Global Group; Yassir Albaharna, Chief Executive Officer, Arab Insurance Group (Arig) and Ayman Al Ajmi, Regional Head – Takaful and Managing Director, New Hampshire Insurance Company and Chartis Takaful Enaya, will assess the current state and future prospects of the Middle East insurance industry and rethink growth strategies in the context of a more austere global economic environment.
MEIF which has over the last eight years established itself as the region’s largest and most influential annual gathering of insurance industry leaders will this year see more than 450 international and regional delegates attending the two day event.