An Emirati delegation visits a market "Lloyd of London" For marine insurance

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Abu Dhabi, July 9 / WAM / An Emirati official delegation visited the Lloyd of London market, one of the most prestigious and most important maritime insurance markets in the world, with the aim of enhancing bilateral cooperation and exchanging experiences with the most prominent international institutions working in this vital sector, in the context of the UAE’s efforts to enhance its global competitiveness in the maritime transport and insurance sector.

The delegation of the state, His Excellency Eng. Hessa Ahmed Al Malik, Chancellor of the Minister of Energy and Infrastructure for Maritime Transport Affairs, was chaired, while the delegation included senior officials from the port of Fujairah, Sharjah ports, and Ras Al Khaimah ports, as well as a number of specialists in shipping and maritime insurance.

The visit aimed to discuss ways to enhance cooperation in the fields of maritime insurance and reinsurance, and to explore the prospects for partnership with “Lloyows of London” in developing innovative solutions to managing risk in the maritime sector, in line with global trade variables, and contributes to enhancing the flexibility and sustainability of supply chains.

His Excellency Eng. Hessa Al -Malik confirmed, during the meetings held by the delegation, that the UAE has an integrated naval system that is one of the most advanced in the region, and that it continues to work on developing its maritime policies and legislation in line with the highest international standards.

She said that Lloyd’s visit represents a pivotal station in the Ministry’s efforts towards building a strong network of relationships with the major marine insurance institutions, and to benefit from its experiences in developing the national marine insurance market, and stimulating the marine business environment in the country, stressing the importance of building a sustainable cooperation model that supports the UAE’s aspirations towards global leadership in the field of marine and logistical services.

During the visit, the delegation was briefed on the work mechanisms within “Lloyds”, including insurance pricing models, demand management, reinsurance mechanisms, compliance and governance systems related to this sector. The visit also included field tours and meetings with a number of the most prominent experts and decision makers in the market.

This visit comes within the framework of the strategic vision of the Ministry of Energy and Infrastructure, which aims to consolidate the position of the UAE as a leading global center in shipping and maritime insurance, and the development of a flexible legislative and investment environment that enhances attracting investments, transferring knowledge and localizing modern marine technologies.