Bassam Chilmeran, Chairman of the Reinsurance sub-committee, Emirates Insurance Association; General Manager, Al Wathba National Insurance Co, presented his welcome speech saying, "I am very delighted and honoured to be a part of the event."
He spoke about the current economic scenario of the UAE in context of the insurance market. He mentioned, "The UAE has a very vibrant economy and boasts of a green market with free movement of capital, more information on the status of private companies and relatively lesser restrictions. There has been a certain amount of growth in the overall GDP in the market and this is exclusive to the UAE as most of the other markets have been affected by the turmoil and hence their economies."
The event had the participation of experienced imminent speakers from the energy, power and construction, marine insurance and the reinsurance sectors. Orators from Arab Loss Adjusters (UAE), Al Madina Gulf Insurance Co (Oman), Trust Re (Bahrain), Lukoil Middle East, Clyde & Co, Zurich Insurance Co and Kuwait Re shared their views and perspectives related to the dynamics of the industry. Their combined experience brought into limelight the burning issues related to fraud, piracy and sanctions-especially related to the marine insurance industry.
It also served as a platform to discuss the risks, which arose during construction and erection and suggested the way to assess them. Not only that, but there was a presentation on Iraq, which highlighted the opportunities for insurance from major oil and gas operator's perspective. Needless to say, the forum served as a great platform for networking before the reinsurance renewal season would begin.
The event was closed by a speech, which was delivered by Rinat Mustafin, CEO Malakut Insurance Brokers. He said, "We have been overwhelmed by the attendance of the delegates at the event. We had more than 100 people from 18 different countries participating at the event. It is much more than what we had expected. I would like to personally thank all the delegates, speakers and supporters who have made this event a huge success. The topics we discussed today were very thought provoking and current."
"We will very soon complete three years of operation in the Middle East and Africa and have enjoyed good growth in business volume. We have achieved more than our expectations. We participate in conferences and love organizing events such as this as they open doors to a lot of prospects. We started with three people and now we are seventeen of us, which further emphasizes on the robust growth of the company," continued Mustafin.
He further added saying, "Though there have been a lot of challenges and stiff competition in the market, we have sailed smoothly. We are currently developing on corporate lines of business such as insurance in the marine, energy, construction and aviation sector. We will soon enter the health insurance sector as it seems to be a promising arena for 2013."
The second day of the event comprised a guided tour of the Jebel Ali Port and the Dubai World Central Al Maktoum Airport. It was followed by an interesting presentation on 'Risk Management,' which was given by the Regional Safety and Environment Manager of DP World. The highbrow event rounded off with a fun-filled recreational first Reinsurance Go-Karting championship.
Source: http://www.ameinfo.com/malakut-insurance-brokers-hosts-emirates-reinsurance-319433
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