In 2014, growth in commercial lines grew just 6.6 per cent compared to 19.6 per cent for personal lines which may account for a more optimistic outlook for medium-term premium growth in personal lines, said a top official.

Budget cuts impacting infrastructure spending across the Middle East constitute a major concern for many in the financial sector, especially given that commercial lines have been buoyed by large projects, added Dr Sayd Farook, vice-chairman and CEO of Middle East Global Advisors, an intelligence platform serving markets in the Middle East North Africa Southeast Asia (MENASEA) region.

He was speaking in reference to a groundbreaking report on the region’s insurance industry that will be launched exclusively at the upcoming Middle East Insurance Forum (MEIF) in Bahrain.

Middle East Global Advisors joined hands with the Central Bank of Bahrain (CBB) in a press conference to share some of the insights of the much-awaited “Finance Forward Insurance Outlook Report 2016”.

The report aims to help leaders in the insurance industry make key strategic decisions and capitalize on emerging opportunities.

The host of the press conference, Abdul Rahman Mohammed Al Baker, executive director of Financial Institutions Supervision at the CBB, said: “We are delighted to announce that the 12thannual MEIF will serve a launching platform for such an important industry report. MEIF 2016 is set at an opportune time at the start of the year to really shape the future trajectory of the Middle East’s insurance industry.”

“Many respondents are looking into online channels, particularly for personal lines, and into expanding outreach to underinsured consumers to support their future growth – especially digital strategies. Yet a major hurdle is the fact that regulations are uneven across the Middle East, and are lacking in some critical areas,” Dr Farook added.

MEIF 2016 will take place on the February 2 and 3 at the Gulf Hotel in Manama, Bahrain. The “Finance Forward Insurance Outlook Report 2016” will be launched at the forum. – TradeArabia News Service