3rd Annual Middle East And Africa Insurance Summit Opens In Dubai

Dedicated two-day event puts spotlight on the future of Insurance in Middle East and Africa, while examining its growth opportunities and current obstacles

Dubai (I-Newswire) January 15, 2013 - 3rd Annual Middle East and Africa Insurance Summit was officially inaugurated today, as nearly 150 delegates gathered to learn the latest developments and issues surrounding the MEA sector.

With a large number of players in a limited market and majority of them not being regulated, leading to a cut-throat price war, there is a dire need to set up effective regulations for the MEA region that will see the desired consolidation and fuel commercial growth. Takaful – the Islamic alternative to conventional insurance – represents a radical new insurance business model that is firing a potentially very big emerging market in the MEA region. The conference is especially relevant considering that the field is dynamic and the information that delegates will gain will help them update themselves.

Supported by Bin Sahin and Associates (BSA) as Regulatory and Advisory partner, Bahrain Association of Banks and International Compliance Association as Supporting Associations, this summit is exploring the progress of Middle East and Africa insurance market focused on maintaining profitable business in the sector and the change they are experiencing as leading industry players implement re-tooled strategies to tap into the enormous growth potential that the region offers.

The summit commenced with an opening speech from the event chairman, Chris Beck, President - Clements Worldwide. Our prestigious guest of honor, H.E. Eng. Saleh Bin Rashid Al Dhahiry, Chairman of Emirates Insurance Association delivered the keynote speech followed by the Healthcare Keynote by Laila Al Jassmi, CEO - Health Policy and Strategy Sector of Dubai Health Authority.

The first half of the day witnessed speaker presentations and panel discussions covering relevant topics such as life insurance product innovation, Bahrain insurance industry, corporate governance-need for directors and officers liability, enterprise risk management (ERM) from an actuarial perspective, limitations on using local language for policy wordings, cyber liability in the MENA region, catastrophic losses and aftermath of the Arab Spring.

The evening session of the first day was a dedicated Panel Session entitled, Catastrophic Losses In The MENA Region which focused on challenges created by natural catastrophes and clearing the grey area between SRCC and Political Risks. Moderated by Ravi Shankar, CEO of Oman United Insurance Company SAOG, the Four CEO panelists in this exclusive session were Aftab Hassan, CEO of Arya Insurance Brokerage Co; Mohamed Hussein El-Dishish, CEO of Al Fajer Re; Nabila Taha, Consultant of Emirates Insurance Association and Ashraf Al Azzouni, Managing Director of RGA Reinsurance Company Middle East Limited - Middle East.

Tomorrow, the second day of the conference will be inaugurated by Her Excellency Fatima Mohammed Ishaq Al Awadi, of Insurance Authority Depuy Director General – UAE. Her presentation will enlighten the audience about the latest development in the Regulation of UAE Insurance Market. Other sessions will be presented and delivered by industry experts from Watkins Syndicate, Dubai Financial Services Authority, RGA Reinsurance Company, Arya Insurance Brokerage Co, Sterling Assurance, Gulf Insurance Institute, Al Fajer Re, Afghanistan Insurance Authority, Takaful Emarat and many more.

About Fleming Gulf Conferences:

Founded in 2005, Fleming Gulf is young, dynamic and has fast become one of the leading providers of business intelligence through industry specific conferences, webinars and skills enhancement training courses. Our goal is to link professionals and provide them with commercial acumen, business investment contacts and a world of opportunities. Our reach is global-spanning serving organisations in the Middle East, Asia, Africa, Europe, and as far as Latin America. Fleming Gulf delivers the most comprehensive business events by leveraging our network of industry influencers with specialist knowledge to provide organisations the winning edge that makes a difference in their decision making in today's competitive business landscape.

Media Contact:
Karthik Naik
Marketing – Finance and Mining
E: karthik.naik@fleminggulf.com
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Event Web-page: http://www.fleminggulf.com/conferenceview/3rd-Annual-Middle-East-and-Africa-Insurance-Summit/360