More than 400 global industry leaders representing over 150 international and regional organisations attended the opening of the 11th annual edition of the Middle East Insurance Forum (MEIF 2015) in Bahrain today (February 3).

A powerful line-up of more than 35 international speakers and industry thought leaders discussed key issues that the regional insurance industry is currently facing and how the industry needs to move forward to continue to thrive in a changing insurance environment.

The two-day MEIF 2015 opened at the Gulf Hotel with a keynote address by Abdul Rahman Mohammed Al Baker, executive director – Financial Institutions Supervision, Central Bank of Bahrain and this was followed by a keynote address delivered by Ahmed Ali Al Mamari, director General of Insurance Supervision, Capital Market Authority, Sultanate of Oman.

The keynote session focussed on regulatory initiatives to strengthen corporate governance and transparency in the regional insurance industry and addressing risk management guidelines to tackle challenges related to key issues such as minimum retention requirements, investment related risks and pricing adequacy.

 “The Middle East insurance industry has built a strong foundation over the last several years and, looking forward, continues to promise exciting growth prospects. The 11th Annual Middle East Insurance Forum (MEIF 2015) comes at a crucial juncture where the major players in the industry are seeking the next level of development to enable them to further thrive in the changing regional insurance markets,” said Al Baker.

“Bahrain has become a well established hub for insurance, reinsurance and takaful firms in the Middle East and has attained this pre-eminent position as a result of the Government's far-sighted policy of maintaining an open and diversified economy and by paying close attention to the supervisory and regulatory framework.  As a regulator, the Central Bank of Bahrain will continue to support progress by providing a strong framework essential for the insurance industry to flourish.”

The international keynote addresses were delivered by Lutfi Fadel El-Zein, chairman, Medgulf; and Jérôme Droesch, chief executive officer of AXA Insurance (Gulf). The session focussed on identifying the 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.

Speaking at the Power Debate session Jamil R Bahou, managing director, Crescent Global Group, said: “The Middle East insurance industry continues to grow from a strong and well-established base. The major regulatory authorities continue to review and advance insurance frameworks and regulations in many key markets across the Middle East, with their main objective being enhancing the growth and strength of the insurance industry and its overall contribution to the country’s GDP.”

“There is an increasing awareness also 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 capitalize on the many opportunities in the region.

“The Middle East Insurance Forum provides a powerful platform to engage in discussions that will place the industry on a strong footing for future development and we are once again delighted to be a Platinum Partner of MEIF,” he added.

The MEIF Exhibition was held along the sidelines of the conference and showcased the latest products, services and innovations from over 30 exhibitors. – TradeArabia News Service