Dubai Chamber hosts insurance seminar

Organised by the Chamber's Business Support Department to create more awareness amongst businesses about the benefits and shortfalls of insurance, as well as the risks involved in not being insured, the seminar provided the information necessary for business owners to make informed decisions when purchasing insurance.

This was supported by representatives from AXA Gulf, Dubai Islamic Insurance and Coface Emirates Services.

Mohamed Iqbal Mankani, Chairman, Dubai Islamic Insurance and Reinsurance Company (Aman) gave a presentation on Takaful Islamic insurance and offered a comparison to conventional insurance. He informed that though Takaful's contribution is still minor in the UAE it has emerged as one of the fastest growing industries within the Middle East.

Mankani, who anticipates the demand for Islamic insurance to grow substantially over the next five years, said that it is very important for Takaful operators to be ready and capable of meeting these demands at every stage. He stated this can be done by introducing a diversified product range, training of the required manpower and focus on quality of service that they would extend to their clientele.

Mankani added: "Takaful industry has also very successfully attracted several UAE nationals to the insurance industry, many of whom are holding senior management positions with national companies."

In his presentation on credit insurance, David Venediger, Managing Director, Coface Emirates Services explained how businesses could protect their accounts receivable and prevent insolvencies by purchasing credit insurance. "Worldwide, insurance plays a vital role in mitigating risk and thereby helping economies develop in a stable fashion. Here in Dubai, credit insurance plays an important part not only in helping the Emirate develop its export trade, but also its domestic trade, by supporting open trade between partners," stated Venediger.

Andrew Holdway of AXA Gulf discussed different insurance products available to businesses in his presentation.

He stated:

"Businesses have unique requirements and it is important that they are offered comprehensive, competitive and dependable solutions to suit their specific needs. Insurers should be available and attentive, providing a reliable service, especially in these challenging times."

Dr Belaid Rettab, Senior Executive Director, Economic Research and Sustainable Business Development Sector, Dubai Chamber informed that in the current economic downturn, credit insurance is becoming increasingly important for UAE businesses as a means of protecting against the uncertainties of selling to buyers whose financial position is not clear.