Manama, Bahrain: Bahrain Institute of Banking and Finance (BIBF) collaborates with Bahrain Kuwait Insurance Company (GIG Bahrain) and Takaful International Company. (GIG Bahrain Takaful) successfully concluded the “Sustainable Insurance Forum: From Awareness to Integration”. The event, held on December 10, 2023 at BIBF Headquarters in Bahrain Bay, was the Kingdom of Bahrain’s first initiative to promote sustainability in the insurance sector.
More than 250 senior officials, executives and business professionals from a variety of sectors participated in the forum, showcasing industry-wide commitments to sustainable practices. The event featured 18 speakers, including industry leaders and experts who consider integrating environmental, social, and governance (ESG) factors into insurance operations for the benefit of national economic growth.
The forum kicked off with a keynote speech by Abeer Al Saad, Director General for Financial Institutions Supervision at the Central Bank of Bahrain (CBB), highlighting the importance of sustainability in the financial sector and its alignment with the regulatory framework. It was done. Zeyad Zainal, ESG Chairman and Head of Digital Transformation at Bahrain-Kuwait Insurance Company (GIG Bahrain), affirmed the company’s commitment to ESG principles.
The first session focused on the strategic integration of ESG issues into insurance operations. The distinguished panel included Chiti Gupta, ESG Senior Strategy Consultant at Marsh Advisory, Dr. Simone Krammaker, Associate Dean of Bayes Business School, and Manager of Risk, Compliance and Information Security at Bapco. They included Sama Alhamad and Najat Alwadi. – Mr. Sathyan Laxman, Manager, Governance, Risk Management, Compliance and Sharia Management, Takaful International Company (GIG Bahrain Takaful) – Director, Strategy and Business Development, Insurance and Investor Relations, Aluminum Bahrain (ALBA) , Annika Dr. Thorns – ESG Manager at P&C Global Services at Hannover-Re. The session was moderated by Ms. Manal Mashkoor, Director of the Insurance Center at the Bahrain Institute of Banking and Finance (BIBF), who discussed how environmental, social and governance considerations can be seamlessly integrated into the core of insurance operations and strategy. We emphasized a practical approach.
The second session delves into the key intersections of insurance and sustainability, from climate change considerations to the pursuit of zero neutrality, with Elaine O’Brien, Head of Sustainability Risk Management at Swiss Re The Chancellor, Dr. Tarek Seif, appeared. Jessica Botelho, AM Best Assistant Director, Egyptian Insurance Federation; Reema Nowruz, Chief Underwriting Officer of Takaful International Company (GIG Bahrain Takaful). The conversation was led by Ms. Jiba Askar, President of CFA Institute Bahrain. This session explored the salient connections between the insurance industry and climate change, with a focus on the path towards achieving net-zero targets.
The final session of the forum delved into the important role of regulation and oversight as catalysts for integrating and exposing environmental, social and governance issues. Elham Taleb, Director of Insurance Supervision at the Central Bank of Bahrain (CBB), and Diana Dias, Program Supervisor at the United Nations Environment Program (UNEP), actively contributed their insights to this discussion. . The session was led by Ms. Nadia Alkasab, Senior Lecturer at Bahrain Institute of Banking and Finance (BIBF), on promoting integration and disclosure of environmental, social and governance considerations in the insurance sector. He emphasized the importance of the regulatory framework.
Dr. Ahmed Al Shaikh, CEO of Bahrain Institute of Baking and Finance (BIBF), said: “The great success of this forum will shape the future of responsible and sustainable insurance in the Kingdom and encourage sustainable practices. “This reflects the insurance industry’s commitment to embrace the industry.” of bahrain. ”
Dr. Abdullah Sultan, CEO of Bahrain-Kuwait Insurance Company (GIG Bahrain), said: “The success of this forum is a testament to the industry’s commitment to driving positive change and leading the industry to a more responsible and sustainable future. It clearly shows our efforts.”
Essam Al Ansari, Chief Executive Officer of Takaful International Company (GIG Bahrain Takaful), further added: “The Sustainable Insurance Forum will provide a roadmap for sustainable practices in the insurance sector, It affirms our commitment to becoming a leading Islamic insurance company in the field of sustainability,” he added.
The outcomes of the forum represent a shared dedication among sector leaders to achieve positive change and shape a more sustainable future for the insurance industry in the Kingdom of Bahrain.
About BIBF
Bahrain Institute of Banking and Finance (BIBF) was established in 1981 under the Central Bank of Bahrain. Since then, BIBF has emerged as a leading provider of education and training with a mission to develop human capital in Bahrain and around the world.
BIBF offers a wide range of programs and initiatives across a variety of business sectors, with a focus on cutting-edge training programs and trending technologies. The institute covers areas such as banking, finance, insurance, Islamic finance, digital transformation, project management, leadership, management evaluation, executive education and academic research. We provide comprehensive training and development opportunities for individuals and organizations.
BIBF has established itself as an official partner of numerous professional and educational institutions around the world and has a strong global presence in 64 countries. This wide range of activities will enable BIBF to establish itself as a prominent player in the education and training industry and contribute effectively to the growth and development of professionals across diverse fields.
For more information about Bahrain Institute of Banking and Finance, please visit our website www.bibf.com.
About Bahrain Kuwait Insurance Company (GIG Bahrain)
Bahrain-Kuwait Insurance Company is a leading insurance company in the Bahrain market and a major company in Kuwait with a credit rating of A- (Excellent), the highest rating given to a local insurance company in Bahrain by AM Best. , and the outlook is stable. It is a direct insurance company and reflects a company’s financial strength to meet future obligations. GIG Bahrain is a subsidiary of Gulf Insurance Group (GIG). Gulf Insurance Group (GIG) is Kuwait’s largest insurance group in terms of premiums received and retained, operating in Takaful insurance as well as life and non-life insurance.
About Takaful International Company (GIG Bahrain – Takaful)
Takaful International Company is the region’s first Islamic insurance company. It was established in 1989 to provide an integrated set of products and insurance coverages that meet the principles of Islamic Sharia and the requirements of various institutions and individuals. It is a subsidiary of his GIG Group in Bahrain. The company is rated (A-) Excellent by international rating agency AM Best.