Bahrain – Request to give priority to Bahraini insurers
Thursday, 04 28 2016, Category: Insurance and Reinsurance, Country: Bahrain
Mr. Younis Jamal CEO of Takaful International revealed that “the Bahrain Insurance Association which represents local insurance companies submitted a complaint to the Central Bank of Bahrain in order to gain priority for the coverage of large projects as well as their evaluation and pricing instead of offering the tender to foreign insurance companies.
Mr. Jamal who was formerly the president of the Bahrain Insurance Association told the economic “Al Ayam” that “the Bahraini insurance sector achieves growth in insurance premiums. However, companies suffer from operational losses due to high claims and the concentration of activities in motor and health insurance”.
He confirmed that “most large projects are insured outside the scope of Bahraini insurers where international foreign insurers and brokers take advantage of them, which means insurance premiums are transferred outside the Bahraini insurance market”.
Source: Al Ayam