THE 4TH ANNUAL MIDDLE EAST INSURANCE FORUM OPENS TODAY: More than 300 international delegates debate growth opportunities in the region

Manama, Bahrain: H.E. Rasheed M. Al Maraj, Governor, Central Bank of Bahrain inaugurated the 4th Annual Middle East Insurance Forum at an impressive ceremony attended by more than 300 international and regional market leaders from the insurance industry today at the Gulf International Convention Centre, Gulf Hotel in the Kingdom of Bahrain.

The Conference is being held for the fourth year in Strategic Partnership with the Central Bank of Bahrain, and has become the pre-eminent platform for debate between insurers, re-insurers, brokers, regulators, bankers, consultants and policy-makers on the latest market developments, growth and new product opportunities in the regional Insurance landscape.

Addressing the topic of the ‘Changing Insurance Landscape & Assessing Key Global & Regional Trends of Liberalisation, Supervision & Competition’, HE Rasheed M. Al Maraj said the region was experiencing vibrant growth and liquidity not seen in over 20 years. Coupled with significant structural reforms currently underway and growing public awareness about the need for insurance, the GCC markets offer significant potential for insurers.

Following the Governor in the keynote plenary session, Hugues de Roquette-Buisson, Managing Director - Africa, Middle East, AGF/Allianz Group examined the impact of four mega trends on the current insurance industry landscape: Changing demographic trends and different movements in mature versus emerging insurance markets; the economic impact of an increasingly globalised world; key environmental and legal trends that are resulting in a rise in non-assessable claims; and the impact of technology trend in the Internet world.

The accompanying Exhibition at the 4th Annual Middle East Insurance Forum was opened by HE Rasheed M. Al Maraj, which showcased market leading insurance companies, banks, re-insurers and industry solution providers.

Abdul Rahman Al Baker, Executive Director - Financial Institutions Supervision of Central Bank of Bahrain & Lubna Humoud, Acting Director -International Organizations and Legislations Department -Insurance Commission of Hashemite Kingdom of Jordan will focus on assessing the role of regulatory bodies in promoting a strong regional insurance sector, together with lessons from international regulatory initiatives and the additional activities that can be undertaken to further strengthen the regulatory environment. The session was be moderated by Wadih Baroudy, General Manager of MedGulf, ensuring a smooth flow of Q&A from the audience.

Ernst & Young hosted and led the final session of the day, an Interactive workshop on International Accounting Standards based on the International Financial Report Standard 4 (IFRS4). Under discussion were the overview of international developments in accounting standards and their implications for players in the region, the real needs for Arab insurance companies in terms of accounting standards, when should insurance companies apply these standards and developing an Arab insurance accounting board, and the role of the regulatory authorities.

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