Insurance

The 2006 Insurance Order and Insurance Regulations began a process of sector consolidation by implementing new requirements, such as a higher paid-up capital of $6.2m, up from $778,800. The government’s concerted efforts to reduce overall levels of personal debt in the Sultanate are expected to help the insurance sector grow and develop. Fronting business makes up a large part of activity in the local insurance segment, especially for the major international oil companies operating in the Sultanate. Although growth within the sector is unlikely to be spectacular in the coming years, with prudent management, insurance firms in the country can expect a healthy profit. This chapter contains an interview with Helen Yeo, Chairperson, General Insurance Association of Brunei Darussalam.