BCDR-AAA - Bahrain Chamber for Dispute Resolution.
7th Annual Middle East Insurance Forum 2011
Date: 7-8 February, 2011
Location: Manama, Bahrain
The Middle East Insurance Forum Identifies New Growth Potential
for the Regional Insurance Industry
Bahrain: 07 February 2011: Held under the strategic partnership of the Central Bank of Bahrain and supported by the Bahrain Insurance Association, the 7th Annual Middle East Insurance Forum (MEIF 2011) witnessed a high-profile opening at the Ritz Carlton in the Kingdom of Bahrain. The event saw more than 450 industry leaders representing over 230 leading international and regional organizations engage in discussions that sought to "translate potential into growth" in the Middle East insurance industry in the new economic environment.
The inaugural keynote address by H.E. Rasheed M. Al Maraj, Governor of the Central Bank of Bahrain examined the role of regulatory bodies in strengthening the industry capabilities and also analysed the new initiatives that were underway in key markets.
This was immediately followed by a special session by Michel Khalaf, Chief Executive Officer - Middle East, Africa & South Asia, MetLife Alico MEASA who assessed the global trends in the insurance industry and their impact on the Middle East markets. The session also highlighted the importance of achieving international standards in the regional insurance industry.
A key highlight of this year's MEIF was the industry leaders' power debate session which provided critical insights on the current state of the Middle East insurance industry post crisis, catalyzing growth and overcoming the critical challenges and obstacles hindering the development of the Middle East insurance industry. The session chaired by Krishnan Kavasseri, Director Audit of KPMG Fakhro featured Ashraf Bseisu, Group Chief Executive of Solidarity Group Holding; Jamil R. Bahou, Group Managing Director, Crescent Global Group; and Ayman El Hout, General Manager of MedGulf KSA.
Speaking ahead of his session Jamil R. Bahou, Group Managing Director, Crescent Global Group said that "as a Bahraini company and one of the leading pan Arab insurance services groups, we are proud to be once again a Platinum Sponsor of the annual Middle East Insurance Forum (MEIF)". "Bahrain as the region's financial centre is always the first on the insurance market's annual calendar, and the attendance level at the MEIF every year is testament to this", he added.
The other key topics discussed at various sessions at the conference included industry consolidation - balancing competitiveness, strengthening the regional reinsurance markets, building capacity in the new economic landscape and key trends and strategies for success in the post-crisis landscape.
A key session by Ernst & Young saw the launch of their new research findings from the survey they conducted recently of over 1,400 senior executives from around the world. The session titled "Competing for Growth - Winning in the New Economy" said that companies across all sectors are expecting the new economy to be even more competitive than the old over the next two years. The session discussed the analysis of the research specific to the insurance sector.
The MEIF 2011 Exhibition which was held along the sidelines of the conference was inaugurated today and showcased latest products, services and innovations from over 32 exhibitors.
Commenting on their participation at MEIF 2011, Hussein Al Meeza, Managing Director and Chief Executive Officer of Dubai Islamic Insurance & Reinsurance (AMAN) noted that "the Middle East insurance industry has been growing at a very fast pace and promises exciting growth prospects. The 7th Annual Middle East Insurance Forum (MEIF 2011) comes at a critical time when the major players in the industry are seeking to explore the untapped potential in the regional insurance industry." He said that "MEIF over the years has been widely recognized as a forum which brings together a unique group of experts in the international and regional insurance industry to discuss the most pressing issues that the industry is facing. Aman as a leading Takaful Operator in the region is delighted to be a partner of this prestigious event."
Yassir Albaharna, Chief Executive Officer of Arab Insurance Group (Arig) expressed a similar view, noting that "we have been a strong supporter of the Middle East Insurance Forum (MEIF) for many years as a Re-Insurance Partner. This high-profile gathering at the start of 2011, where industry leaders and experts from across the region gather is a critical platform to discuss key paths towards growth, challenges and business opportunities."