The Gulf Insurance Forum recommends establishing a system to monitor changes affecting the sector

Dubai, October 29 / WAM / The 20th Gulf Insurance Forum, at the conclusion of its meetings in Dubai today, recommended establishing a forecasting and forecasting system to monitor economic, political, and technological changes affecting the insurance sector.
The forum – which was opened by His Excellency Khalid Mohammed Al Badi, President of the Emirates Insurance Federation and Chairman of the Gulf Insurance Federation, in the presence of more than 250 CEOs and insurance experts in 30 countries and representatives of Arab and foreign insurance federations – stressed the necessity of updating legislation related to reinsurance to take into account modern risks such as climate emergencies, epidemics, and cyber attacks.
At the same time, he stressed the importance of unifying accounting and regulatory standards to facilitate joint work and attract investments, noting the need to develop clear policies to support innovation, protect data, and enhance transparency in operational practices.
After two days of discussions and workshops, the forum stressed the necessity of creating insurance products that are in line with global transformations, especially designing new products that cover emerging risks such as natural disasters, climate change, cyber attacks, and global health risks.
In the field of enhancing regional and international reinsurance cooperation, the forum recommended the necessity of establishing cooperation frameworks between reinsurance companies in the Gulf and other Arab countries to inject stronger capabilities locally, without completely relying on abroad, and agreeing to exchange experiences, data, and common risks to mitigate losses and improve response to crises.
The forum highlighted the importance of adopting artificial intelligence, predictive analytics, and the Internet of Things to better assess risks, improve underwriting, and settle claims.
He called for the need to build strong and unified data systems that facilitate the collection and analysis of information, while ensuring privacy and cybersecurity.
Within the framework of discussions related to innovative financing mechanisms and capital management, the forum recommended the necessity of adopting new financing models such as green bonds and risk funds, adopting verbal insurance, pooled coverages and ensuring capital adequacy, in addition to applying global governance standards to confront unexpected crises.
The forum also stressed the importance of expanding the scope of insurance to include new segments of society, through microinsurance and community health insurance, in addition to using technology to reduce costs and facilitate access to insurance services in remote and rural areas.
In the field of qualifying Gulf human cadres, the forum recommended the necessity of launching specialized training programs to qualify cadres in future skills such as data analysis, risk management, and technical governance.
In the field of awareness and building an insurance culture, the forum stressed the need to implement media and educational campaigns to enhance the public’s understanding of insurance and reinsurance, including insurance against disasters and cyber risks, in addition to engaging the media and educational institutions to spread awareness of modern insurance concepts and the importance of risk management.

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