Bahrain is one of the most populous country in the Middle East, with estimated population of nearly 1 million living in no more than 665 km2. In such a small island there are more than 75 registered insurance company that varies between conventional and takaful, where 26 is locally incorporated, yet the Central bank of Bahrain (CBB), approved more than 25 new applicants in years 2007-2008 alone. Aligning, Bahrain as the preferred insurance zone in the Middle East by offering insurance companies incentives to locate there.
Surprisingly, the number of people working in the field of actuarial in Bahrain is limited, despite the huge demand to their skills and speciality, though the legislation of the CBB requires a detailed actuarial and statutory report for each insurance company covering the evaluation of the reserves and company’s liabilities.
At as there are around 18 actuarial firms authorised to work in Bahrain. Unfortunately, fewer are located in Bahrain which they assist in training and developing local capabilities.
In Bahrain, the CBB set a new future projects that will include the development of actuarial standards, recognising the importance of the actuary in the underwriting and reserving techniques of insurance firms.
Read this article from The Actuary http://www.the-actuary.org.uk/
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