MANAMA: There is a huge potential for insurance companies as GCC plans close to a trillion dollar investments on infrastructure development, according to senior CBB official.
“The projects include construction, infrastructure, and petroleum industry related projects and according to an estimate, the GCC is set to invest more than US $900 billion in around 1,600 new projects over the next decade. All of this is expected to result in a surge in insurance activity and a growth in gross premiums,” Abdul Rahman Al-Baker Executive Director of Financial Institutions Supervision, Central Bank of Bahrain (CBB) told the 11th Middle East Insurance Forum (MEIF 2015).
“With such an outstanding growth expectation in the Middle East insurance industry in the coming years, it is important that the regulators work together at the local, regional and international level to effectively deal with the risks that can have a systemic impact. Furthermore, regulators need to work more closely with insurance companies, service providers and other industry stakeholders to ensure a close oversight of their activities and a healthy financial sector.”
In its 11th year now, this forum has come a long way in supporting and strengthening the insurance industry. It has now firmly established its reputation as the region’s most influential annual gathering of the insurance industry leaders, supporting growth, excellence and innovation in the local and regional insurance industry. The Central Bank of Bahrain is proud to be associated with this event and will continue to support it in the future. I would like to thank the organizers, sponsors and speakers for supporting this important gathering.