Bahrain insurance sector 'poised for growth'
Manama, October 19, 2011
Bahrain's insurance industry has felt the impact of regional political unrest, but measures put in place to boost the kingdom's economy should help breathe new life into the sector, said an expert.
Bahrain Insurance Association (BIA) chairman and Takaful International Company chief executive Younis Al Sayed said that he expected life insurance to drive growth in the industry, although he acknowledged that the segment had suffered the knock-on effect of a drop in the number of bank loans being offered in Bahrain.
'The banks will start issuing loans again, meaning there will be a need for life insurance, since loans are linked to life insurance policies,' he told the global publishing, research and consultancy firm Oxford Business Group (OBG).
'There are also plans within the industry to focus on individual life insurance. The BIA has many ongoing initiatives to raise awareness among the local population.'
The interview with Al Sayed forms part of the research for 'The Report: Bahrain 2012,' OBG's forthcoming guide on the kingdom's economic activity and investment opportunities.
The BIA will once again play a key and contributing role in the research process for the report by teaming up with OBG to produce the insurance section of the publication.
Al Sayed acknowledged that consolidation could be the way forward for the sector, given that the market is suffering a shortage in some technical professions, but believes there is work to be done before industry players would consider taking this route.
OBG country director in Bahrain Anna Dabrowska welcomed the BIA on board for the report, which is expected to explore the kingdom's ongoing efforts to expand its economy by focusing on high-potential growth areas.-TradeArabia News Service
More Finance & Capital Market Stories
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook