Major achievements, innovations and excellence in the regional insurance industry were recognised at an award ceremony along the sidelines of the ongoing 11th Middle East Insurance Forum (MEIF 2015) in Bahrain.

The annual MEIF Award has been designed to recognise an institution that has made significant contributions to the advancement of the Middle East insurance industry, said a statement.

Abdul Rahman Mohammed Al Baker, executive director of Financial Institutions Supervision at the Central Bank of Bahrain, presented the awards to the winner at a gala dinner and awards ceremony.

The Saudi National Insurance Company (SNIC) won the MEIF Institutional Excellence Award 2015, from among a short-list of nominees through an industry-based voting system.

The MEIF Institutional Excellence Award recognises a leading institution that has demonstrated outstanding achievements and institutional excellence in major performance areas.

SNIC’s nomination for the award highlighted their significant growth and expansion, innovation, product diversity, technical expertise and their proven track record of success.

Khalid Al Shaikh, general manager, who received the award on behalf of SNIC, said: “We are delighted to receive the MEIF Institutional Excellence Award 2015. The Middle East Insurance Industry has shown clear potential for growth in key markets across the region.

“Solid economic development, strengthening regulatory frameworks and increased product awareness have significantly contributed to the growth of the insurance industry. In order to deliver on exciting growth prospects in the future, the industry must learn to thrive in an ever-changing insurance landscape.” - TradeArabia News Service