MANAMA: The 13th Annual Middle East Insurance Forum (MEIF 2017), being held in partnership with the Central Bank of Bahrain (CBB), starts today at the Gulf Hotel with participation of more than 400 high-level delegates.
A leading regional insurance platform hosted by Bahrain since its inception more than a decade ago, MEIF will bring together senior industry leaders and experts to discuss a number of key topics to help regional insurance and Takaful companies meet existing restraints and identify new strategies, solutions and frameworks to pursue individual growth and overall industry advancement.
Key topics at the forum, through a series of keynote addresses and panel discussions, are: Role of regulation: current issues and challenges; mergers and acquisitions in the insurance sector; introduction of VAT and its implication in the regional markets; the role of insurance companies in healthcare reform; how financial technology is changing the insurance industry and challenges facing the takaful industry.
Speakers today include CBB executive director of financial institutions supervision Abdul Rahman Al Baker, Economic Development Board (EDB) chief executive Khalid Al Rumaihi and Lloyd’s director and Middle East general representative Mark Cooper.
Mr Al Baker said with the support of the industry, the forum is once again expected to serve as an important platform for exchange and mapping out the road ahead for the insurance and takaful markets across the region.
“It will look at key areas of challenge and opportunity and serve as a means by which to develop new and innovative ideas to drive further industry development and growth.”
A major highlight of the event is the presentation of the EY 2017 Middle East Insurance Report by Ernst & Young director and Mena insurance leader Sanjay Jain on day two.
The report will provide a summary of developments in Mena insurance markets made up of the GCC plus Egypt, covering major regulatory developments, recent market results and performance in addition to covering seven key insurance trends that are changing the shape of our insurance markets including GCC VAT, robotics, technology, financial reporting changes, cyber security, digital and data analytics.
MEIF 2017 is also gearing up to honour the best insurance company in the Mena region.
The forum will host a ceremony to recognise and award extraordinary achievement in the industry.
Participating organisations include insurance players servicing the GCC, Mena and Levant regions with minimum banking assets of $15 million.
The forum is being held with the support of the Bahrain Insurance Association, which helped in developing the programme through technical knowledge.
Sponsors include Braxtone Insurance Management as lead partner, Protection Insurance Services (PIS) as a broker partner, Solidarity as silver sponsor and Ta’zur, SNIC, Arig and GIG as bronze sponsors.
“The forum remains an important industry platform that not only keeps us aware of existing market challenges, but also helps us as insurance entities to co-operatively overcome them,” said PIS CEO Osama Abdulaal.
“Bahrain has proved to be an important regional insurance hub and home for innovation. We also look forward to gathering with our regional and global peers to address areas of growth. The regional insurance markets are in a significant development phase.”
avinash@gdn.com.bh
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