Bahraini insurers condemn the way mega projects are allocated

The association of Bahraini insurers has submitted a petition to the Central Bank in order to grant priority to the local insurance companies during the assignment of mega public projects.

Most of these projects are underwritten by international insurers through foreign brokers. As a consequence, substantial premiums are transferred abroad. Yet, local companies are sustaining operational deficits as a result of their activities in the motor and health classes of business that are heavily strained by claims.

A greater participation in the insurance of mega public projects is likely to grant their portfolio considerable diversification.

Read also:

• General Arab Insurance Federation (GAIF): the current situation
• Bahrain, Legal & General Gulf getting renamed
• Middle East: Trust Re-Lloyd's syndicate partnership