MANAMA: The Middle East insurance premiums are expected to hit $44 billion this year from a mere $5.3 billion few years ago. The experts, policymakers and regulators will deliberate on the growth patterns, challenges and opportunities in the insurance sector during a forum set to take place next month.
The 6th Middle East Insurance Forum (MEIF) 2010 which takes place on Feb. 7 and 8 at Gulf Hotel with the support of the Central Bank of Bahrain (CBB), has emerged as the region’s top platform for the insurance industry.
“As cautious optimism begins to return to the global financial markets and experts continue to plot the path to financial stabilization and economic recovery, there is no doubt that the Middle East insurance markets continue to offer huge potential for growth,” an expert said.
However, even with the rapid expansion of the industry, the liberalization of markets and the entrance of many of the major international players, current growth levels have only scratched the surface of the potential in the Middle East. The region also has a number of key challenges to tackle if growth potential is to be fully realized.
Now in its 6th year the MEIF 2010 is the region’s largest and most significant annual platform for the international and regional insurance industry to assess the potential and seize new growth opportunities in the dynamic Middle East insurance market. With the regional insurance market entering a new phase of exciting development characterized by the introduction of tighter supervision, new compulsory insurance, liberalization and the opening of markets, more than 400 delegates, representing decision-makers from Arab and international insurance and reinsurance companies, regulatory agencies, brokers, banking and finance organizations, will participate in the forum.
With some experts projecting that growth in the Middle East insurance market will be substantially above international norms over the long-term, an international panel of expert speakers will tackle the challenge of unlocking new growth opportunities in the regional insurance market.
Key topics that will be discussed at MEIF 2010 include strengthening industry foundations; defining the next phase of development for the regional insurance markets; product development and underwriting trends in the Middle East; assessing the potential for recovery and growth in key products and market segments by strengthening the supervision framework in the insurance industry.