LIST OF INSURANCE COMPANIES LOGOS IN BAHRAIN
Bahrain Companies – World Insurance Companies Logos.The graphic mark of a company is synonymous with its brand. In insurance, a logo is immediately recognizable and enables the customer to associate the company with the useful qualities such as confidence, the right price, and a lot of other vital questions about the task of finding the best insurance. Click on the logos of the insurance companies to get a bunch of updated information offering every insurer in BAHRAIN. We want to help you to find the best insurance on the internet.
DIRECTORY OF INSURANCE COMPANY LOGOS AND NAMES
By clicking on the insurance company logo, you have instant access to updated information on insurance matters that can help you in the task of selecting the best insurance,and also, get phone numbers, addresses, and prices, that insurers offer on the Internet.
The insurance sector is said to be the most resilient of all the components of the financial sectors. Its business is the evaluation of risks on a daily basis and therefore, should demonstrate a very prudent approach to its exposures and concentrations thereof.
I believe that all of us agree that insurers have emerged relatively unscathed from the fiscal fallout, or so it seems. It is true that, with the exception of one large international insurer, we have not seen any casualties amongst risk takers.
However, we cannot fall into the trap of being complacent as we all know that insurers, especially those with limited market and limited spread, have seen a decline in business from construction projects being delayed or deferred, decrease of consumer activity which affected imports and exports and clients’ restrictive budgets coupled with new entrants in the market which continued to bring down prices to substandard levels.
In the introduction speeches of the last MEIF conference, a lot was said about the low prices, excess reinsurance capacity and excessive competition due to new players coming into the market. Although the solutions put forward varied, all agreed on one point that this trend is unsustainable.
There was the suggestion of raising the barriers for entry and at the same time, it was being recommended that there should be cross-border insurance activity and more freedom of establishment in the GCC region.
In these instances, the blame was being put on the international reinsurers for providing this capacity and on the regulator for allowing too many competitors. It is also the time that the market players have to look inwardly and examine what they themselves are actually doing.
It might be due to excessive pressure from their shareholders to service the capital or maybe the wrong focus on top-line figures only. The time has come for us to do what we preach. It was recommendations for the local players to increase their retentions instead of acting
as intermediaries that was refreshing to hear. The sector will grow stronger by maintaining premiums within the local economy as much as is feasible. It is ploughing back profits into the company to make it stronger and more resistant to future threats and not the payment of excessive dividends. Insurance is a long term steady investment.
Let us take what happened to the banking sector as a wake-up call for our industry and evaluate these areas of common interest.
Profitability is only achieved and sustained only if the market finds the right equilibrium. Top-line or cash flow underwriting will only serve to reduce prices and destabilize markets forces.
The concept of local facultative reinsurance, as opposed to co-insurance, also contributes to excessive price reductions as companies compete to write the business and declare 100% of the risk in their gross premiums written but then only retain a fraction.
On the other hand, the model of co-insurance does not create this pressure as each insurer will declare their respective share of the gross premium and, therefore, eliminates the urge to cut the price to win the account.
Who leads will be dictated by the capacity of the insurers participating. Also local facultative inward placements and 100% fronting tend to distort market figures and statistics.
Instead of raising the barriers to trade I would recommend that implementation of regulations are effected promptly.
We have to ensure that regulations are not subject to interpretation and that the terms of trade are clearly defined.
Regulations should not differentiate to the extent of creating a different level playing fields for insurance providers. We need to review our industry’s accounting standards and solvency requirements in line with the changing economic environment. We need to consider risk-based capital and the vast exposures keeping in mind the high values at risk and concentrations we have in the region when compared to the premiums that are being charged. Let us be proactive and not wait for the bang as we might have problems surviving the next fallout.
In other countries, insurers contribute to an insolvency fund to protect the consumer in the event that an insurance company becomes insolvent. This is the serious approach we have to take as an industry as this will make us stand out and be different.
The CBB as the regulator of the insurance industry has come a long way to the extent that it is defined as exemplary in the region. It is now up to the insurance industry to suggest and discuss the regulatory issues that protect the development of the sector and ensure that it continues to be resilient to secure the future.
From BIA by Joseph Rizzo, General Manager at BNI
Bahrain, Asia – World Insurance Companies Logos