MANAMA, 28 February 2008 — With a $12-billion premium turnover a year, the Arabian region is still far behind the US and other developed nations in terms of per capita spending on insurance and density. The premium per capita is $25 per head, which is equal to 1 percent of the GDP in the Arab world compared with $2,500 per head and 5 to 7 percent of GDP in the US, a senior official at the opening of the General Arab Insurance Federation (GAIF) 2008 revealed.
Ashraf Bseisu, who assumed the presidency of GAIF, said that the lack of awareness, innovation and strong presence of companies across the Arab region were largely blamed for the low insurance penetration.
He said that event like GAIF would help to enhance the role of insurance industry as a vital pillar of the regional economies.
The Chairman of the GAIF 2008 Organizing Committee Sameer Al-Wazzan said that the event had returned after 26 years to Bahrain and set a new record in terms of participation. Over 1,400 delegates, representing over 58 countries and 61 nationalities, attended the largest Pan-Arab insurance event, General Arab Insurance Federation. The conference, was opened by Prime Minister Shaikh Khalifa Bin Salman Al-Khalifa who said that the record turnover of over 1,400 delegates was vote of confidence in Bahrain’s leading role as the banking and financial hub in the Middle East. Al-Khalifa said that government would offer all possible support to the insurance sector as part of the Kingdom’s strategy to attract more insurance companies to use Bahrain as their base.
GAIF is widely regarded as the Arab insurance industry’s largest and most influential event. The GAIF conference has secured solid local and regional backing, including the Central Bank of Bahrain (CBB) as the primary supporter. Ashraf Bseisu, said: “We are very proud to host this major event which reaffirms the Kingdom’s leading position in the financial and insurance sector.” “We believe the conference theme, ‘Toward a More Integrated Arab Insurance Market,’ has been aptly chosen in light of the economic growth experienced by the industry, coupled with the challenges that go hand in hand with these growth dynamics.”
“Through intellectually challenging and stimulating debates, GAIF will seek out innovative ways to consolidate, regulate, and bolster the Arab insurance markets, to achieve higher levels of synergy and assimilation.”
The Central Bank of Bahrain (CBB) is the GAIF conference primary supporter. The event’s lead sponsor is the Arab Insurance Group (Arig) and the Bahrain Economic Development Board (EDB) is the strategic partner. Gold sponsors include Bahrain National Insurance, AON Middle East, AXA Insurance, Bahrain Institute of Banking & Finance (BIBF), Solidarity, Swiss Re and Dubai International Financial Centre (DIFC).
