The 34th General Arab Insurance Federation Conference commenced at the Oman Convention and Exhibition Centre in Muscat.
This year's conference, titled "For a more sustainable and inclusive Arab insurance industry: How Arab companies can join the artificial intelligence revolution," aims to explore the integration of artificial intelligence in the insurance sector. The event is organized by the Oman Insurance Association and the Secretariat General of the Arab Insurance Federation.
The opening ceremony was held under the patronage of HH Sayyid Dr. Kamil bin Fahd bin Mahmoud Al Said, Secretary General at the Secretariat General of the Council of Ministers.
Ahmed Ali al-Maamari, Vice President for Insurance Sector at the Capital Market Authority (CMA), highlighted the significant growth of insurance premiums in emerging markets compared to developed markets. He stated that between 2010 and 2019, the real value of insurance premiums in emerging markets grew by 7.3 percent, while in developed markets, it only grew by 1.8 percent.
Furthermore, he mentioned that the sector's growth rate ratio in the two markets is projected to be 4.7% to 3% in 2022.
Mustafa Ahmed Salman, a member of the Board of Directors of the Oman Chamber of Commerce and Industry and Chairman of the Chamber’s Finance and Insurance Committee, emphasized the ongoing efforts to enhance laws, decisions, and regulations concerning the insurance sector. These steps aim to address challenges, propose solutions, and provide a clear vision for the sector.
He highlighted the significant growth of the Arab insurance sector in recent years, aligning with the economic advancements in Arab countries. The total value of the insurance market in Arab nations exceeded $40.9 billion by the end of 2021, marking a 1.8 percent increase from the previous year, as estimated by the Arab Monetary Fund.
On the other hand, Chakib Abuzaid, the Secretary General of the General Arab Insurance Federation (GAIF), expressed disappointment in the industry's performance, falling short of GAIF's expectations. Despite total insurance premiums not surpassing $45 billion, accounting for only 1.66 percent of the gross Arab national product.
Chakib Abuzaid also noted that the gross Arab national product represents 3.49 percent of the global GDP, emphasizing that the disasters in the Arab region in 2023 highlighted the inadequacy of insurance coverage.
The conference delves into the integration of artificial intelligence in insurance technologies and explores the transformation of the Arab insurance industry, focusing on sustainability, inclusivity, and sustainable insurance practices.
It examines opportunities for creating domestic and regional strategies in insurance to protect the sector from natural calamities. Additionally, it addresses the establishment of regulatory frameworks for utilizing artificial intelligence in the industry and enhancing the expertise of its workforce to stay updated on technological advancements in the area.
The inaugural session of the conference was graced by ministers, deputy ministers, and delegates from insurance firms in Oman and overseas, totaling over 2,200 attendees.
