Bahrain – Insurance will benefit from traffic law
Saturday, 06 10 2017, Category: Insurance and Reinsurance, Country: Bahrain
Mr. Younis Jamal Al Sayed the CEO of Takaful International said that there is a competition among companies in the insurance sector to capture the growth in premiums. The growth is concentrated in motor and health insurance. Mr. Younis Jamal Al Sayed indicated that the growth in the overall sector remains limited due to many factors including low oil prices.
He added that the decrease in the number of traffic accidents that followed the implementation of the new traffic law reflected positively on insurance companies. This is confirmed by the figures of insurers noting that insurance companies used to face losses in the motor insurance line.
Mr. Al Sayed also mentioned that all insurance companies are now ready to implement the value added tax.
Source: Al Bilad Press