Bahrain has achieved preeminence as the regional financial services centre, through the Government's wise and far-sighted policy of maintaining an open and diversified economy base and by paying close attention to the legal and regulatory infrastructure. This has provided the framework for the Bahrain insurance industry to flourish and for Bahrain to become the insurance hub of this important region.
The Bahrain Insurance Association received its charter in 1993 and became operational as a Society in 1994, under the umbrella of the Ministry of Social Affairs. Currently the BIA reincorporated officially under the CBB and are being the first financial services industry association to be reincorporated under CBB, with registration number (1). At present, there are 48 members comprising local insurance companies, foreign insurance companies, reinsurance, brokers and service providers.