BMA inks initial deal to set up Bahrain International Insurance Centre
The Bahrain Monetary Agency (BMA) and the Bahrain Financial Harbour (BFH) have inked a preliminary agreement for the opening of the Bahrain International Insurance Centre (BIIC).
Located within the precincts of the upcoming $1.3 billion global financial and business park, in Manama, BIIC will have under its roof, insurance companies, reinsurance majors and providers of specialist insurance services.
The BMA expects the BFH project to increase the contribution of the insurance industry to Bahrain’s gross domestic product (GDP). The insurance industry currently contributes 2.6 percent to the GDP and it is expected that this share will rise substantially in the coming years.
Speaking at a press conference, BMA governor Shaikh Ahmed Bin Mohammed Al-Khalifa said: "BIIC is an integral component of BMA's vision for the insurance industry. We are also developing a comprehensive insurance regulatory framework in line with global best practices and transparent corporate governance norms.”
Bahrain’s insurance industry comprises insurance and reinsurance firms, loss adjustors, brokers, actuaries, insurance consultants and providers of other ancillary services. Gross premiums of 18 insurance firms operating in the domestic market totaled $180 million in 2002. — (menareport.com)
© 2004 Mena Report (www.menareport.com)