Amman, May 2010 – Ernst & Young announced its participation in the 28th General Arab Insurance Conference as gold sponsor. The conference, which was hosted in Jordan and was organized by the Jordan Insurance Federation in cooperation with the General Arab Insurance Federation, was held between the 17th and the 19th of May 2010 at the King Hussein Bin Talal Convention Centre in the Dead Sea.
The conference was attended by over 1,500 participants representing large local, regional and international organization operating in the insurance and reinsurance sectors, in addition to a number of prominent figures investments, brokerage, Third Party Administrators (TPA), loss adjustors and lawyers.
Participation in this important international event stems from Ernst & Young’s interest in providing its economic insights, especially with regards to the insurance sector, by discussing the most recent insurance practices, regulatory issues related to risk management and the Solvency II indicator, in addition to other operations and financial reporting practices. Ernst & Young shed light on how its extensive know-how in the insurance sector will help in the provision of better insurance and risk management services to its clients around the world.
Commenting on Ernst & Young’s sponsorship of the conference, Mr. Bishr Baker, Managing Partner at Ernst & Young, said: “This conference is one of the largest taking place in the Middle East that brings together notable economists and insurance experts. The financial crisis has undoubtedly impacted the sector, giving new meaning to the concept of liability, and so it is time to put forward strategies for companies to follow in order to maintain stability in the market. This conference is an ideal venue for us to discuss the future of this vibrant sector, and Ernst & Young is continuously interested in communicating with experts in different fields in a manner that adds value to the services we offer and is at par with the expectations of all those we work with.”
On risk and compliance, Mr. Justin Balcombe said: “The insurance sector is playing a pivotal role on the economic front, especially as a result of risk and compliance becoming key items on management agendas across the world. Middle East markets have much to offer in terms of the development and growth of this sector because of its unique composition, which includes a mixture of energy producers as well as trading and service providers.
“Studies that have been conducted by Ernst & Young show that it is important for companies to make the right decisions with regards to risk management and financial reporting practices. The role also falls on governments and regulators to pave the way for reforms to be made and for the sector to play a more constructive role in the economy.”
The third edition of Ernst & Young’s ‘World Takaful Report 2010: Managing performance in a recovery’, unveiled at the 5th Annual World Takaful Conference of 2010, confirms that the global Takaful industry is well on course to surpass US$8.8 billion in contributions in 2010. Contributions grew by 29% in 2008 to reach US$5.3 billion. Takaful refers to Shari’ah-compliant cooperative insurance.

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