Financial crises are a serious concern and can be extremely costly – not only in terms of the direct cost to the government and taxpayers, but also in terms of foregone growth. The NPF saga is a classical example.
We are fortunate in Bahrain to have had significant growth in the level of gross premiums over the last several years. In 2007, insurance premiums increased by more than 20% and the interim reports received for 2008 appear to indicate a similar trend.