With more than 500 delegates on the first day, this year's Middle East Insurance Forum  being held in Bahrain has been the biggest in its history and shows that the Kingdom is still the powerhouse in the regional insurance industry, said the organisers.

'We have more people registered for the (MEIF 2012) than ever before and a stronger international presence,' remarked David McLean.

'People are saying the potential is huge for the industry across the region and a lot of progress is being made with strong growth in premium values. There is a lot more international interest in the region as growth in Europe and elsewhere slows,' he added.

A key highlight of this year's MEIF was the industry leaders' power debate session which featured high-level discussions on building a new sustainable profitable growth path for the regional insurance industry.

'The Middle East insurance industry is undoubtedly poised for major growth,' said Crescent Global Group managing director Jamil R Bahou.

'As markets become more global, business opportunities in the sector are poised to increase,' observed Bahou.

'However, as markets change there will also be significant challenges to overcome, and with increases in market volatility and risk, it is essential that the key players in the regional insurance industry engage in discussions that will place the industry on a solid footing for future development,' he said.

'We have been supporting the MEIF for four years now and we see this event as a unique platform supporting growth, excellence and innovation in the Middle East insurance industry, and are once again delighted to be a part of it,' he added.

'The insurance industry in the Middle East continues to enjoy strong growth, fuelled by a surge in regional demand for insurance products,' said Arab Insurance Group (Arig) chief executive Yassir Albaharna.

'Though the regional insurance industry has demonstrated strong performance in the last few years, it still remains underdeveloped as per international standards.

'With the current low levels of insurance penetration and strong economic growth in the region, the Middle East insurance industry holds tremendous promise for growth,' he said.

'However, it is critical that this potential is rightly channelised into profitable, sustainable and long-term growth,' he added.

MEIF 2012 continues today and features exclusive sessions on regulatory and supervisory frameworks, mergers and acquisitions in the regional insurance industry, dispute resolution and product innovation.-TradeArabia News Service