Professional liability insurance forum to focus on new solutions

Adnan Ahmed Yousif, board member of the Union of Arab Banks (UAB) and president and chief executive of Al-Baraka Banking Group, has been announced as the keynote speaker for the upcoming Professional Liability Insurance Forum in Bahrain.
It is being organized by the General Arab Insurance Federation (GAIF) in cooperation with the Bahrain Insurance Association (BIA) with the support of the Central Bank of Bahrain (CBB) on Oct. 21 and 22.
The forum, taking place at the Ritz Carlton, Bahrain, will gather more than 300 high-level members of GAIF, major insurance firms, and other industry players in addition to banks and corporates from the GCC and MENA as well as Africa.
This forum will be attended by CEOs and executive managers, regulatory authorities, doctors and health professionals, HR professionals of all industries, financial professionals, engineers and architects, attorneys, accountants, as well as auditors, IT and insurance professionals, underwriters and insurance consultants and brokers.
The joint efforts of the UAB, GAIF and BIA, which is the first of its kind, are brought together to contribute to the forum whose focus will be on a broad range of issues related to professional liability risks across sectors as well other risks associated with political violence.
Key to this will be a discussion on Banker’s Blanket Bonds (BBB), a bond purchased by financial institutions from insurance brokers to protect a bank against losses from a variety of criminal acts carried out by employees.
The forum will build awareness of the value of BBBs as specific to the banking industry as well as risk management solutions for other sectors, including directors and officers, insurance and other liability insurance products.
Yousif said: “This is a timely event for the financial services sector as well as others. With the growth and further development of the banking industry in addition to other key sectors of the economy, risk also increases. Drawing on Bahrain’s position as a leading hub for financial services, including insurance and reinsurance, we expect strong participation and high level discussion on the innovative solutions and products available to corporates and the financial sector as we all work hard to mitigate and manage a broad range of risk in today’s increasingly challenging business and economic climate.”
Younes J. Al-Sayed, CEO of Takaful International Company and chairman of the Bahrain Insurance Association, said: “Yousif, with his vast knowledge and experience of regional and international financial markets and management, will add valuable insight into the important topics being debated at the forum.”