Daily news updates from GAIF OMAN 2024
Chief executive of Trust Re explains the reinsurer plans to restore it’s former rated A-rated status, putting an end to temporary fronting arrangements while its shareholding issue is resolved.
Reinsurance rates are being driven by increased claims and exposures, but the insurance industry has the data in its power to incentivise construction practices that will in turn reduce insureds’ exposure to climate change, and the prices paid for protection.
2023 saw major earthquakes in Turkey and Morocco, severe thunderstorms and flooding in Saudi Arabia and the UAE, hailstorms in Jordan, a tropical cyclone in Oman, and a major flood in Libya.
Onshore and offshore construction, M&A and financial lines are the top priorities for the reinsurance broker’s Middle East hub, Nadim Semaan told GR at GAIF34.
Saudi Re is using technology to drive ESG, while speakers agreed on the need for top-down ESG strategy to align with overall strategy and to emphasise the business case of ESG.
An insurtech innovation panel debate at the GAIF34 event in Oman emphasised ways forward for insurtech, and AI in particular, to demonstrate the most value to insurance in the shortest time possible.
Secretary general of the General Arab Insurance Federation, kicked off the GAIF34 conference, which is back in Oman for the first time since 2002.
This year, the GAIF conference returns to Oman for the first time in more than two decades. Two of the country’s leading insurance figures sat down to talk with Global Reinsurance before the event begins in Muscat.
It’s one thing to lead an insurance federation during a period of small, incremental change. But the role is different when the regional industry is undergoing a broad and deepening transformation.
ABOUT GAIF
The General Arab Insurance Federation (GAIF) was established in September 1964 in Cairo in response to the collective desire of Arab insurance professionals and companies. It operates with legal personality, administrative autonomy, and financial independence, enabling it to effectively pursue its objectives. Since its inception, GAIF has had its permanent headquarters in Cairo, Arab Republic of Egypt.
The primary goal of GAIF is to foster cooperation among Arab insurance markets and related bodies, promoting stronger relationships and coordination of various activities. Its mission is to safeguard the interests of its members and advance the Arab Insurance industry.
As an Arab International Organization, GAIF works diligently to support the development and integration of the Arab Insurance Industry. It adheres to the policies and procedures outlined in its Articles of Association, ensuring that its efforts are dedicated to serving the best interests of its members.