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The 27th General Arab Insurance Federation (GAIF) conference, which was held at the Gulf Hotel Convention Centre this week, under the patronage of Prime Minister Shaikh Khalifa bin Salman Al Khalifa, was declared a major success for Bahrain.
The Bahrain Insurance Association (BIA), which hosted the Pan-Arab region's largest and most important insurance industry event, said this was a natural elevation of the kingdom's already prominent stature as a regional finance and insurance hub, in addition to a prime MICE destination.
More than 1,400 of the insurance industry's elites attended the three-day event.
GAIF president and BIA chairman Ashraf Bseisu drew particular attention to the positive response received by the diverse range of attendees, which represented 60 nationalities worldwide, and further commented, "The conference was a resounding success on all fronts; a feat which asserts Bahrain's solid positioning as a financial services and insurance centre."
The conference which revolved around the theme "Towards a More Integrated Arab Insurance Market" culminated in a number of resolutions and recommendations, based on the conference proceedings.
"The conference's main output was a call to further modernise and depoliticise the industry with a view to integrate it not only on a regional level but more so on a global platform."
The agenda comprised two debates, including an Arabic debate which discussed: "Are regional underwriting pools the way forward for integrating Arab insurance markets." A second debate, which took place in English, discussed whether the "Proliferation of new insurance companies across the Arab markets is inhibiting consolidation through mergers and acquisitions".
BIA chairman Mr Bseisu was appointed new GAIF president for the 2008-2010 term. New special committee members were also appointed.
The winner of the GAIF Essay Competition was Layth Al Sabagh from Al Wathba Insurance. He won free conference registration, business class round-trip airfare to Bahrain, and $5000 in cash.
The essay topics were the "Applicability of the European Union (EU) insurance regulations to the Arab markets and the modifications needed for adapting them" and "Main factors likely to influence the Arab insurance markets in the coming years".
The GAIF Conference secured solid local and regional backing, including the Central Bank of Bahrain (CBB) as the primary supporter. The event's lead sponsor was the Arab Insurance Group (Arig) and the Bahrain Economic Development Board (EDB) was the strategic partner.
Gold sponsors included Bahrain National Insurance, AON Middle East, AXA Insurance, Bahrain Institute of Banking & Finance (BIBF), Solidarity, Swiss Re and Dubai International Financial Centre (DIFC). Silver Sponsors included Takaful International, Crescent Global Insurance Services, KPMG Fakhro, The Chartered Insurance Institute and Ernst & Young; and Bahrain Credit was a Bronze sponsor.
