DAMMAM, 26 December 2003 — The massive growth opportunities in the region’s currently untapped market will be the focus of the Middle East Insurance Forum, being held on Jan. 18 and 19, 2004. According to experts, the Middle East insurance market is expected to grow six-fold to $44 billion in the next six years. A number of Saudi insurance companies are expected to participate in the conference in Manama.
The theme of the event, being organized by Al-Iktissad Wal Aamal with the support of the Bahrain Monetary Agency (BMA), is “Opportunities in a Growth Market.” It will be held under the patronage of Sheikh Ahmed ibn 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).
“Industry sources predict that life and non-life premiums will reach $44 billion in 2010, from about $7 billion at present,” said 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 Tawfiq Shehab, director, Insurance Supervision, at the BMA.