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Bahrain's gross premiums rise 22pc in 2006

MANAMA — Bahrain's reputation within the region's insurance sector continues to develop, as both the size of the market and the regulatory framework evolves, according to experts gathering in Manama this week.

Central Bank of Bahrain (CBB) statistics show a 22 per cent rise in gross premiums in 2006, marking the sector's strongest-ever annual growth of recent years, driven by increasing public awareness and acceptance of the importance of insurance.

The ongoing development of the market was celebrated at a gathering of financial industry professionals at a major event held at the Ritz Carlton this week.

The first Bahrain Nexus Awards Ceremony honoured leading representatives for their contribution to growing the company and developing the industry.

"It was an important event where we were able to demonstrate the importance of their involvement in our company's ongoing success to all our colleagues, partners and supporters. Nexus is an organisation with a sense of purpose and a tremendous appetite for growth — and many of the people we honoured at the awards are helping to drive its development," said Mahmoud Nodjoumi, owner and CEO, Nexus.

In terms of market scale, in the area of Takaful (Islamic) insurance alone, Bahrain has now eclipsed Kuwait — previously the largest GCC market — following the Bahraini government's BD1.6 billion ($4.2 billion) contract award earlier this month.