Al Mansouri, Al Zaabi opens the 12th Annual Gulf Insurance Federation Forum in Dubai

: 11/3/2015

Under the patronage of Al Mansouri, Al Zaabi opens the 12th Annual Gulf Insurance Federation Forum in Dubai

Dubai, 28 October 2015

Under the patronage of H.E Eng. Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Insurance Authority, H.E. Ebrahim Obaid Al Zaabi, Director General of the Insurance Authority, opened today the 12th Annual Gulf Insurance Federation Forum in Dubai under the motto "GCC Insurance Market and Reinsurance Challenges", with attendance by a number of officials, experts and specialists.

H.E Eng. Sultan bin Saeed Al Mansouri confirmed that the Insurance Sector in the GCC states is distinguished by increasing growth and high competitive potentials at the Arab, regional and international levels at a time when confidence in the future of this sector is strong at all levels.

In his opening speech delivered on his behalf by H.E. Ibrahim Al Zaabi, Director General of the IA, the Minister said that the GCC states are heading to enhance their strategic economic policies which aim at diversifying their economies apart from oil. Furthermore, projects that boost economic growth, as well as other infrastructure and development projects are ongoing and steady, which is positively reflected on the growth of all economic and financial businesses, including insurance business in particular.

He explained that if the reality enforces us to promote such growth and develop the competitive potentials, the bright future we all aspire for makes it inevitable for us to overcome the challenges, whether those imposed by the global economic developments and geopolitical events in the Middle East, or those sustained by the sector at the regulatory, legal and technical levels, or even those arising from high competition which we all can understand and address with all means possible.

He said that talking about the insurance sector in the region leads to addressing the reality of the insurance sector in the UAE and its future.  The insurance sector in the UAE remarkably grew over the years 2010-2014 at an annualized compound rate of 11% with its volume amounting to AED 33.5 billion in 2014.  Total investments during these years increased at 10% amounting to AED 45.2 billion in 2014.

He added: "definitely such positive indicators and others imply the growing demand for insurance products in the UAE market recently.   Such growth is expected to further increase at a high rate during the upcoming stage, which depicts a bright image of the sector’s future in all fields.  He explained that the Insurance Authority of the UAE was keen to issue legislations to support the insurance sector in terms of legal and regulatory aspects and the financial and technical foundations.    Such legislations include the issuance of the financial instructions to the traditional and Takaful insurance companies at the end of last year.  The instructions gave the UAE the precedence in the Middle East in terms of introduction of regulatory legislative rules consistent with the best international practices with respect to financial solvency, investment principles, and bases of calculation of the technical provisions, which enhance the financial structures of companies and protect them from the potential risks, in order to attain strong financial economic entities capable of global competition.

He added that the 12th Annual Gulf Insurance Federation Forum is an ideal opportunity to identify the current reality of the GCC insurance sector and to study the practical steps and procedures required to turn the current challenges into a real opportunity to make change in the features of the insurance sector in the GCC states, and consequently, promote the growth of this sector and reinforce the growth of the GCC economies to become more comprehensive, growing and diversified.

The Forum, organized by the Gulf Insurance Federation, in cooperation with the Emirates Insurance Association for two days, discusses many issues including: the relationship between the GCC insurance and reinsurance companies, current and future problems and expectations, means to promote and develop the relationship between the GCC insurance companies and international reinsurance companies, reinsurance and the legal aspects, and determining appropriate retention and topics of special interest in reinsurance calculations. Other issues include reinsurance by the fronting approach and its impact on the insurance companies, mobilization of retention capacities of the GCC reinsurance companies, and resorting to international reinsurance markets as well as modern trends of the GCC reinsurance industry under global changes.

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