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Member, Beacon International Group, Ltd.
MANAMA, BahrainEmployment in Bahrain's insurance market grew by 14.3% last year as the country's financial sector continued its strong expansion.
A Central Bank of Bahrain survey released last week showed that insurance-related businesses employed 1,129 workers last year, up from 988 the year before. Bahrainis held 760 of the jobs in 2006, a 17% increase from the year before. Women made up 34% of the Bahraini insurance workforce last year.
The insurance market growth was part of a financial sector expansion that saw an 18.7% gain in employment in 2006, with 1,534 jobs added that year. In the past three years, the financial sector workforce has grown by 40%.
"Employment is an important indicator of the overall performance of an economy and, in this case, the financial sector, which is seeing strong growth due to the unprecedented economic expansion in Bahrain and the (Gulf Cooperation Council) region," said Shaikh Salman bin Isa Al Khalifa, director, financial stability at the CBB, in a statement.