MANAMA: The impact of a new international accounting standard on Bahrain’s insurance and reinsurance industry was the theme of seminar organised by Grant Thornton in partnership with Bahrain Insurance Association and the Bahrain Institute of Banking and Finance.
Also discussed were the challenges many insurance companies face adopting IFRS 9 Financial Instruments at the same time as IFRS 17 Insurance Contracts.
The event attended by key representatives of the insurance industry in Bahrain, including the CBB, was held at BIBF’s campus in Juffair.
“BIA’s main objectives include bringing together the insurance industry to facilitate exchange of information, creating better insurance awareness, stimulating education and training, and improving the technical skills within the insurance industry,” BIA general manager Abdulhameed Al Ammadi said.
This has been the third event conducted by BIA so far in 2018.
“There will be significant changes in insurance in Bahrain over the next couple of years which will impact not just accounting and financial reporting, but IT systems and actuaries,” Jassim Abdulaal, managing partner of Grant Thornton Bahrain said.