MANAMA: There are strong growth prospects for the insurance industry across the region. That is the view of Bahrain Insurance Association chairman Ashraf Bseisu who sees 2010 as a year of opportunity for the growing industry.

Speaking on the sidelines of the sixth Annual Middle East Insurance Forum (MEIF 2010) at the Gulf Hotel yesterday he said that he believed 2010 would be a good year but stressed that his optimism was qualified by caution.

"I think that the worst of the financial downturn is now over and this year will be a good year in this region," he said.

"I do not expect any great feats, but we have weathered 2009 and I think we are now out of the downward cycle."

That was a view echoed by conference organiser David McLean.

"People came here this year to debate the way forward for the industry and the mood, while cautious as Ashraf says, is still definitely upbeat," he said.

"The global economy has weathered the storm and appears to be on the upturn.

"As an industry insurance is still just scratching the surface in this part of the world and there is remarkable potential for growth across every sector of the industry.

"This has been the biggest turnout for this event to date in spite of the industry having a hard year and the prospects for the future look good."

"We are already looking forward to next year's Middle East Insurance Forum which will be returning to Bahrain and the majority of delegates at this event have already expressed interest in taking part in the 2011 debates," he added.