The 13th Annual Middle East Insurance Forum(MEIF 2017), being held in partnership with the Central Bank of Bahrain (CBB), kicked off on the 20th February 2017 in the Kingdom of Bahrain with more than 400 global and regional insurance leaders and experts in attendance marking the start of another high-level industry gathering
Day one, of the two day Forum, was opened by keynote speakers Mr. Abdul Rahman Al Baker,Executive Director of Financial Institutions Supervision at the CBB, Mr. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) and Mr. Mark Cooper, General Representative of the Middle East and Director of Lloyd’s Limited, with speakers addressing the theme of this year’s Forum – “Current Challenges and their Implications on the Regional Insurance Industry – The Road Ahead”.
The Forum programme continued with a series of expert panels bringing together a diverse range of contributors focused on topics selected in order to help regional insurance and Takaful companies meet existing obstacles and identify new strategies, solutionsand frameworks for further industry advancements. This included in-depth views into:
- The Role of Regulation: Current Issues and Challenges
- Mergers & Acquisitions in the Insurance Sector
- Introduction of VAT and its Implication in the Regional Markets
The Forum also held a special ceremony to honour the “Best Insurance Company in the MENA Region”. The Award, which recognizes extraordinary achievement in the industry among those servicing the GCC, MENA and Levant regions and with minimum banking assets of USD15 million, was won this year by RSA Insurance UAE. Also shortlisted for the award were Hannover Re Takaful Bahrain and Life Insurance Corporation (International) Bahrain.
Commenting on RSA’s win, Mr Chris Dooley, CEO RSA UAE and MD RSA Bahrain, said: “We are very proud to be celebrated today at the MEIF 2017, one of the industry’s most prestigious events. Receiving this coveted accolade “the Best Insurance Company in the MENA Region” is a clear testament to our commitment to simply be ‘Best in Class’. We have witnessed the commencement of a successful year being crowned with multiple awards across the GCC and the wider Middle East. This continued success gives us the reassurance that our compass is pointing in the right direction when it comes to making everything better for the customer, together.”
The Forum now gears up for a second exciting day of exchange, which has continued to make MEIF a leading industry platform for more than a decade. In focus will be:
- The Role of Insurance Companies in Health Care Reform
- How Financial Technology is changing the Insurance Industry
- Challenges facing the Takaful Industry
A special presentation of the “EY 2017 Middle East Insurance Report” will also feature on the agenda of the Forum’s second day. Mr. Sanjay Jain, Director and MENA Insurance Leader at Ernst & Young, will unveil the high-level report which provides a summary of developments in MENA insurance markets made up of the six GCC countries plus Egypt.
This flagship event, spearheaded by the Central Bank of Bahrain, is being held with the support and cooperation of the BIA and sponsored by Braxtone Insurance Management as Lead Partner, Protection, the Broker Partner, Silver Sponsor Solidarity and Bronze Sponsors Ta’zur, SNIC, ARIG and GIG.