Bahrain National Insurance Company (bni), has launched a professional liability and directors and officers insurance suite of products designed to provide insurance protection to senior corporate managers. And in a first for the region, the package includes a regional re-insurance offer which will see four other GCC insurance companies and some international re-insurers back the contract. This uniquely designed pan-regional facility of bni is supported by the best possible security the London Market has to offer, specialising on specific risks in addition to allowing leading players in the GCC to use the facility by ceding business and participating as re-insurers. The facility currently provides professional indemnity insurance protection for most of the professions including, but not limited to, medical malpractice and hospital liability, financial institutions, oil and gas, media and telecommunications as well as directors and officers' liability. bni will provide through this facility various proactive tailor-made insurance solutions in conjunction with highly reputed names in the region and London. “This facility is the result of our acknowledgment to the regulator's recognition for the need to protect the consumers together with the demand of our corporate clients in this regard,” said bni general insurance department general manager Joseph Rizzo. “It is after all our duty as a leading insurer in Bahrain to innovate, for our clients and the insurance industry, harmonized products taking into account the current market conditions.” “Under this scheme we will take on 10 per cent of the risk and re-insure 90pc through some top international re-insurers but also with partners Arig in Bahrain, United Insurers in Dubai, Gulf Insurance in Kuwait and Arabian Shield in Saudi Arabia,” he said. “And we intend to increase this re-insurance model with partners in Oman and Abu Dhabi which will see the industry keep money and risk in the region rather than simply re-insuring in global markets.” He said the market for the product in the region was probably at present worth between BD1 million ($2.65m) to BD1.5 million a year but this was expected to grow by around 20pc a year. “It is a market that is highly price sensitive but what we are bringing to this is an offer of security, expertise, quality and continuity.” Underwriting for these policies have been undertaken by London-based group New Dawn. “This is very much a first in this region,” said New Dawn director Max Carter at the launch of the new range of policies at the capital Club at Bahrain Financial Harbor.
