• High losses of some Arab insurance companies as a result of political violence


    Arab companies installments reached to 27 billion

    High losses of some Arab insurance companies as a result of political violence


    Abdel Khalek Khalil, Secretary-General of the General Arab Insurance Federation said that the insurance companies in Arabic decrease in profits as a result of popular protests and political violence in the Arab world, and reflected on the rate the profitability of companies in the Arab world, but the company remains strong and stable, and able to absorb the resulting risks but these situations represent threats to progress. At a forum called secure professional responsibilities that took place yesterday in Bahrain, insurance companies to increase community awareness of the importance of secure property against the dangers of political violence, and sound underwriting rules determine a fair price and conditions for coverage of such incidents. He said that the insurance premiums Arabic amounting to 27 billion dollars from 16.5 billion dollars in insurance premium in the GCC over the past year, adding that the Gulf markets grew by 11.7 per cent in premiums than in 2011, adding that business insurance needs to the development speed of change and the emergence of more specialized branches.
    The General Arab Insurance Federation in the insurance operations into several branches and specialties including secure professional responsibilities, adding that this type of insurance is based on a functional and professional aspects. The insurance professional responsibilities stems through the functions, responsibilities and authority, and this requires the discharge of professional duties and responsibilities in accordance with the standard regulations governing foundations, adding that negligence, abuse and resulting from an error or omission had rights to compensate third parties for damages. This concept represents a form of professional responsibility and part of the contemporary human rights, stressing that this explains the increasing need for professional liability insurance products in all fields and promote the steady increase in the value of the amounts of compensation.
    The gravity of the some banks of financial risks and the risks of operations, finance and risk of neglect, saying that insurance companies are good at dealing with such errors as one of its functions, including insurance coverage. Adnan Yousif CEO Albaraka banking group urged in his speech to the Forum that the Arab and Gulf insurance market, is one of the most durable and most stable markets, where demand remains stable insurance services at high levels. He added that professional responsibility insurance product is one of the solutions provided by the insurance industry over the past two decades, to the role of this product to enhance the economic stability of its connection with middle class economic sense. He predicted that the insurance professional responsibilities a key growth engine for the insurance industry if the appropriate conditions in terms of both the nature of the business regulatory environment or the ability to integrate with the sectors of the national economy.

    The Forum was the first GCC to ensure professional responsibility opened today at the Ritz Carlton in the Kingdom of Bahrain with the participation of 300 experts and professionals in the insurance sector and related sectors. Focused forum held on 21 and 22 October to raise awareness of the concept of securing professional responsibilities in the insurance markets of Arabic and explore a number of key themes and important trends related to risks of professional liabilities in various sectors. The first day of the Forum Saw a number of high-level speakers and business leaders who shared their creative solutions available to reduce and manage the risks in the current economic and trading environment that involves increasing challenges. The Forum addressed in depth the needs of professional sectors such as banking, finance, medical and other professional services. The Forum also provided space for companies wishing to offer their products and services, through which participants could communicate directly with the audience and communicate with insurance companies for services of professional responsibilities and other products.

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