The United Arab Emirates will host the 20th Gulf Insurance Forum on October 28 and 29, featuring over 250 CEOs, experts, and managers from insurance companies and related professions across the Gulf Cooperation Council (GCC) countries, along with representatives from various Arab and international nations. Attendees will include members from Arab and Afro-Asian insurance federations, as well as regional and global reinsurance companies.
According to Khalid Mohammed Al-Badi, Chairman of the UAE Insurance Association and the Gulf Insurance Federation, this 20th forum, taking place at the Millennium Plaza Hotel in Downtown Dubai, is expected to be one of the most successful gatherings in the series. This is largely due to the significance of the topics set to be discussed, particularly the rapid developments within the global insurance sector and their implications for the GCC nations. Additionally, the forum will address the necessary strategies to adapt to these changes, as well as the scale of participation and the caliber of speakers and experts who will enrich the discussions with their insights and predictions for the future landscape, along with proposed solutions to the challenges facing the sector in the Gulf countries.
The forum will highlight the issue of natural disasters in the GCC region, focusing on evaluating the measures taken by the member states, insurance firms, and the Gulf Insurance Federation to enhance their disaster resilience. This includes improvements in risk assessment, the development of disaster-specific insurance products, and public-private partnerships in this field.
Additionally, the forum will address the dynamics of the changing global reinsurance market, including reduced capacity and rising prices, and their implications for the GCC countries. It will also tackle the challenges local insurance companies face in maintaining adequate reinsurance coverage amid increasing regional risks.
Key discussions will revolve around the critical role of underwriting in determining reinsurance capacity, pricing, and optimal conditions, along with strategies to strengthen partnerships and create specific regional risk groups to mitigate financial risks. The event will also cover investments in technology and digitization, as well as the adoption of artificial intelligence and predictive analytics for improved risk evaluation.
During the workshops held throughout the forum, participants will delve into the perspectives of reinsurance companies regarding how global trends, such as climate change, inflation, and digital transformation, are influencing their strategies and views on the GCC insurance market.