According to the Bahrain Insurance Report 2008, life insurance premiums are set to increase by 13% annually, reflecting rising demand and a growing population.
Life insurance is contributing the lion’s share of growth in the insurance market, while the fire and the traditionally strong motor business are also showing robust growth.
Nexus, which specialises in the provision of high level advice on wealth management and financial protection, is investing heavily into recruiting local talent to support the Bahrain market.
Nigel Watson, the new general manager for Bahrain, believes that the market has significant potential for ongoing growth.
“Nexus is actively recruiting and providing one of the most comprehensive training and development programmes for financial service professionals in Bahrain,” said Watson.
“As the market matures and continues to expand, there is going to be a greater need for qualified professional advisors. We believe that by investing in the market today, and encouraging the development of local talent, we will be making a significant contribution to the future of the Bahrain financial sector,” he added.
Since the start of 2008, Nexus has expanded its Bahrain operations to include a second office, increasing the number of advisors by 20%.
Nexus is also working with the Chartered Insurance Institute of the United Kingdom to help improve the standard of professional in the Middle East.
The company already places a premium on encouraging its representatives to pursue certification as well as professional and ethical standards, with advisers encouraged and assisted financially to study for a qualification such as the CII Financial Advisers International Qualification.
Recently, Nexus was named as the Personal Lines Broker of the Year at the Middle East Insurance Awards 2008.
Tuesday, June 3- 2008 @ 16:22 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.