Industry Leaders converge in full force to review strategies in the context of the global economic crisis
Leading insurance companies are converging in full force at the 5th Annual Middle East Insurance Forum (MEIF 2009), which will take place on the 8th and 9th of February 2009 at the Gulf Hotel, Kingdom of Bahrain, under the patronage of the Governor of the Central Bank of Bahrain. The Middle East Insurance Forum (MEIF) has, over the past 5 years, firmly established itself as the pre-eminent regional forum where the market leaders come to confront the industry’s most pressing issues - and MEIF 2009 is set to achieve a new record-breaking attendance as industry executives seek new insights and to review their strategies in light of the global economic crisis.
In an otherwise gloomy global market, the huge potential in the Middle East Insurance Market, according to experts, continues to be fuelled by the current low market penetration rates, increased consumer awareness as well as growth in insurable products in the region. This growth will offer enormous opportunities to existing players as well as new entrants to the regional insurance landscape.
It is in this context that MEIF 2009 is bringing together more than 300 delegates, representing decision-makers from Arab and international insurance and reinsurance companies, Takaful operators, regulatory agencies, brokers, and banking institutions to assess the potential and seize new growth opportunities in the dynamic Middle East insurance market. MEIF is a uniquely high-level forum which has over the last five years played a significant role in shaping crucial dialogue in the industry on future growth paths.
Speaking ahead of the conference Chakib Abouzaid, Chief Executive Officer Takaful Re Limited said that despite the financial turmoil, Middle East insurance industry is still promising and will continue growing. “MEIF is a unique opportunity to address the impact of the current crisis on the regional markets; and discuss the strategies to enable the insurance penetration to reach an acceptable level. Both conventional and Takaful must work together to achieve this ambitious target. We in Takaful Re will do our best to add our contribution to make MEIF successful and achieve tangible objectives for Takaful and the insurance industry within the region”.
The Forum is hosted in strategic partnership with the Central Bank of Bahrain and with the support of the Bahrain Insurance Association. MEDGULF and Crescent Insurance Global Services are the platinum sponsors. Other leading partners to have already secured their role at MEIF 2009 include: Bahrain National Insurance, ARIG, AMAN, Ensurion, Tabreed Captive Insurance Company, AM Best, Standard & Poor’s, Bahrain Kuwait Insurance, Trust Re, and Ace Insurance.
Key debates at MEIF 2009 will focus on the new international landscape, and the need for industry players to shift gears and capture growth opportunities beyond the turmoil in the international financial markets.