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A recent report has shown that average insurance penetration in the relatively small and undeveloped Middle East market stands at just 1.5%, despite having grown faster during the last decade than any other region in the world. The global average of 7.1% penetration is almost five times as great, suggesting there is room for significant growth in the region. The same report also shows that the total insurance premiums in the Middle East & Central Asia grew by 4.7% in 2008, compared to a global decline of 2.0%, further emphasising the opportunities.
Debo Ajayi, Summit Chairman and Managing Director and Consulting Actuary, Milliman Dubai Office, said:
"The Middle East Insurance Summit is taking place at what I believe is a pivotal stage in the development of the Middle East insurance market. There is now a pool of local expertise for the global players to utilise, representing great opportunity to tap the latent potential of the insurance sector through product offerings that are relevant to the region and meet the rising demand being created by the introduction of mandatory insurance requirements and favorable demographics of the region."
The Summit will begin with two days of interactive panel sessions, speeches and debates, followed by a three-day workshop programme to explore key industry issues in depth. Summit Days One and Two will see dialogue taking place on hot topics such as the wider economic climate, regulatory issues, corporate governance, and mergers and acquisitions.
The in-depth workshops will give delegates the opportunity to discuss issues and opportunities in specific areas of the insurance market in the Middle East. The topics covered will be:
• Exploring the Potential of Captive Insurance for the Region
• Financial Risk Management: Improving Returns by Managing Risk
• Assessing Shari'ah Compliant Takaful Options, Benefits and Accessibility
Speakers during the forum and workshop days will include renowned industry experts from key sponsors Milliman, Dewey & Le Boeuf and Emirates Insurance Association, as well as other leading insurance companies and associations who are keen to help the large Gulf insurance market realise its potential.
Fareed Lutfi, Secretary General, Emirates Insurance Association (EIA), added, "One purpose of the Summit is very much to stimulate delegates to challenge imported ideas and generate original content that can generate higher returns for stakeholders and attract further investment. Our aim is for every company and individual attending to leave with the insight and inspiration needed to effect this change and sustain the anticipated growth. That's why the event is centred on open, honest debate, dialogue and discussion."
Posted by Siba Sami Ammari
