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Insurance Authority Sponsors the Marine International Insurance Conference

: 5/3/2018

Under the patronage of H.E. Eng. Sultan Bin Saeed Al Mansoori, Minister of Economy, Chairman of the Insurance Authority, the activities of the International Marine Insurance Conference were launched on 2-3 May in Dubai. The conference was held under the theme of (marine insurance-moving forward towards a varying industry) with the participation of 80 local and international experts to discuss technical developments and updates in the insurance and marine shipping industry.

H.E. Ebrahim Obaid Al Zaabi, Director general of the Insurance Authority, delivered the inaugural speech of the Conference on behalf of H.E Eng. Sultan Bin Saeed Al Mansoori, Minister of Economy, chairman of the Insurance Authority.

Al Zaabi has pointed out that marine shipping accounts for about 80% of the global transport volume. It also needs a mechanism that maintains its prosperity through marine insurance, which represents the majority of return of the premiums earned by insurance companies. He explained in the same context that the importance of Marine Insurance to the National Economy and international trade movement is to provide cover for the cargo transportation. Eventually this will contribute positively to increasing the volume of exports and imports and developing the mechanisms of the international trade system.

The Director general of the Insurance Authority added that the growth of the shipping sector has witnessed a remarkable improvement in the past years, which is reflected on the trade movement and the growth in import and export operations in the region. This also contributes to making the marine insurance sector the most profitable sector compared to other insurance sectors such as fire insurance, motor vehicle insurance or health insurance.

He emphasized that holding such a conference in the United Arab Emirates reflected the importance of the State as a global economic and commercial hub and a pillar of the trade movement at the Gulf region, Arab and international levels. In addition to being a linking point in the International Shipping movement, which enhance spreading the insurance awareness in the State's entities and the new developments in the region. As well as stressing on the need to develop this type of insurance to elevate the economic level of the State and the region. The importance of this international event arises also from being a platform for all parties of shipping companies and marine insurance companies to discuss the latest developments of marine insurance and exchange ideas about the risks and challenges facing the industry and the need to work regionally and internationally to address them.



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