Europe's largest insurance broker says Iraq will fuel cargo & marine insurance growth

"When things settle down and the reconstruction of Iraq gets fully underway, then there will be an increased level of shipping supplying goods to Iraq and that will lead to more cargo and marine insurance opportunities," said Andrew J. Simmons, Director of Marine and Project Finance, Heath Lambert, UAE.

"Heath Lambert currently has a significant share of the Gulf maritime insurance market and, through participation in Seatrade Middle East Maritime later this year, we hope to enhance this.

"Goods will be required to be shipped to Iraq and that should lead to more cargo and maritime insurance opportunities," he added.

Seatrade Middle East Maritime, a three-day conference and exhibition, will be held at the Dubai World Trade Centre from December 6-8. The show has, to date, attracted exhibitors from 19 countries and industry pavilions from Iran, India, Pakistan and Turkey. The organisers say the show is set to triple in size on 2003 with almost 80% of floor space contracted or reserved with five months to go before the event.

"The shipping industry worldwide is booming and opportunities arising in the Middle East will fuel demand from a vast range of maritime suppliers," said Chris Hayman, Managing Director, Seatrade.

This year's event will have four distinct conference streams - General Shipping, the first Dubai Commodities Conference (organised in association with the Dubai Metals & Commodities Centre), the fourth Seatrade Middle East Cruise Conference and a one-day conference on the expanding SuperYacht market in the region.

"The impact factors of the reconstruction in Iraq on the pattern and volume of cargoes will be part of the Trade Shipping and Ports segment of the General Shipping conference," explained Hayman. "It is an important element of shipping and trade in both the short and long term and will be a key issue for speakers and delegates to address."

Seatrade Middle East Maritime 2004 is being held under the patronage of His Highness General Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister. Organisations supporting the event include Dubai Chamber of Commerce and Industry; Dubai Shipping Agents Association, National Association of Freight Logistics UAE Branch; Indian National Shipowners' Association; The Nautical Institute UAE Branch; and the UAE National Ship Suppliers' Association.

The event is principally sponsored by Dubai Maritime City; Dubai Ports Authority; the Government of Dubai Department of Tourism & Commerce Marketing; Gulf Energy Maritime PJSC (GEM); and the Islamic Republic of Iran Shipping Lines (IRISL).

Other sponsors include Aalborg Industries A/S (Dubai branch); Aqua Group, Arabian Adventures; British Airways; Castrol Marine; Clyde & Co; Dubai Metals & Commodities Centre; HSBC; Instone International; Lloyd's Register; Maritime London; Net Cruises; Nico International; Norton Rose; Scan-Trans Chartering LLC ; and Sharaf Shipping Agency LLC.