By Hammad Al-Mutairi
MANAMA, Oct 9 (KUNA) -- Under the patronage of Bahraini Prime Minister Prince Khalifa Bin Salman Al Khalifa, the Federation of Afro-Asian Insurers and Reinsurers (FAIR) opened its 25th conference FAIR Bahrain 2017 on Monday.
The three-day event, jointly organized by the Central Bank of Bahrain (CBB), the Bahrain Insurance Association (BIA), the Arab Insurance Group (Arig) and Trust Re, gathered professionals in the insurance and reinsurance industry, brokers, loss adjustors, and regulators from Africa and Asia as well as other parts of the world.
Addressing the opening ceremony, CBB Governor Rasheed Al-Mi'raj reaffirmed Bahraini government's support to the banking, financial and insurance sectors.
He voiced hope that the conference will help maximize the role of the insurance sector in the national economies of the participating countries, promote regional cooperation in this field, and explore the present and future business opportunities.
Al-Mi'raj conveyed to the participants the greetings of Prince Khalifa Bin Salman, the sponsor of the event.
Meanwhile, Chairman of the Organizing Committee Nabil Hajjar said the global Insurance and Reinsurance industry is witnessing sweeping technological and operational transformation that will redefine the future of the industry.
"We have chosen the theme: 'Insurance Transformation in FAIR-Land' to reflect the current characteristics of the market and find ways to adapt within these changes," he said.
"In-depth debates will provide the delegates, with insights about the future of the industry and solutions to remain competitive in increasingly volatile economic, technological and political environments," Hajjar added.
On his part, CEO of the Gulf Insurance Group (GIG) Khaled Al-Hassan said his group in taking part in the event with a view to sharing experience with key players on the latest developments in this field.
"The conference provides an platform for the participants to network and open new horizons for regional cooperation," he said in statements to KUNA on the sidelines of the ceremony.
"GIG has tabled specialized papers to the gathering on who to upgrade the insurance and reinsurance industry in the Afro-Asian region," he added.
The opening ceremony saw the handover of FAIR presidency from Egypt to Bahrain.
Yasser Al-Baharna, CEO of Arig, will chair the federation for a two-year term.
Founded in September 1964, FAIR serves as an umbrella organization for 255 institutions active in 52 Afro-Asian countries. (end) hmd.gb