Improved corporate governance, transparency and risk management are key to continued growth of the regional insurance industry, experts have said.

Central Bank of Bahrain executive director for financial institutions supervision Abdul Rahman Al Baker led the high-profile discussions that started the 11th annual edition of the Middle East Insurance Forum (MEIF 2015) at the Gulf Convention Centre, said a report in the Gulf Daily News (GDN), our sister publication.

Al Baker said the CBB continues to review and advance insurance frameworks and regulations with the main objective of enhancing the growth and strength of the insurance industry and its overall contribution to the country's GDP.

New regulatory initiatives address risk management guidelines related to issues such as minimum retention requirements, investment-related risks and pricing adequacy, he said.

The forum witnessed a high-profile opening convened under the patronage of Central Bank of Bahrain.

It features more than 35 international speakers and industry thought leaders addressing nearly 400 international industry leaders and decision-makers representing over 150 international and regional organisations.

Besides Al Baker, keynote addresses were delivered by Oman's Capital Market Authority director general of insurance supervision Ahmed Ali Al Mamari, Medgulf chairman Lutfi Fadel El Zein and AXA Insurance Gulf chief executive Jerome Droesch.

The session focused on identifying key developments in the international insurance markets and how best to transfer international best practices to the regional insurance industry.

A major highlight of MEIF 2015 was the industry leaders' power debate session, which featured significant debates and discussions on overcoming intensifying competitive pressures in the Middle East insurance industry.

The debate was led by Milliman Middle East & Africa managing director and consulting actuary Safder Jaffer, and featured Crescent Global Group managing director Jamil R Bahou, Arig chief executive Yassir Albaharna, Al Madina Insurance Company chief executive Gautam Datta and Hannover ReTakaful managing director Mahomed Akoob.

They discussed key strategies assessing the implications of key regulatory changes on industry players and also analysed how long-term profitable premium growth can be sustained in the Middle East markets.

Bahou said there is an increasing awareness from customers and a growing demand for insurance products in the region.

"However, as markets continue to evolve, the major players in the regional insurance markets need to change their approach and adopt new strategies to capitalise on opportunities in the region."

Meanwhile, Saudi National Insurance Company was last night voted as the winner of the MEIF 2015 Institutional Excellence Award.

The MEIF Exhibition was held along the sidelines of the conference and showcased the latest products, services and innovations from more than 30 exhibitors.

MEIF 2015 concludes today and will feature high-profile sessions such as an exclusive on-stage interview session with a leading pioneer in the Middle East insurance industry.

Interviewed by World Business Media Editorial Director Jon Guy, renowned industry figure Mowaffaq Ridha will share insights into the regional insurance industry over the past decade and discuss what the industry needs to do going forward in order to thrive in a changing insurance landscape. - TradeArabia News Service