Life insurance premiums in Bahrain to rise by 13%

Nigel Watson, the new general manager for Nexus in Bahrain. (SUPPLIED)

Life insurance premiums are set to increase by 13 per cent annually, reflecting rising demand and a growing population, Business Monitor International (BMI) said in its Bahrain Insurance Report 2008.

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.

To capitalise on the growing insurance market, leading independent financial advisor Nexus is expanding its operations in Bahrain to better support its diverse range of clients.

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 per cent.

Nexus is also working with the Chartered Insurance Institute of the United Kingdom to help improve standards in the region.

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