The General Arab Insurance Federation (GAIF) officially opened its 34th General Conference on 19 February 2024. The theme of the conference is "Sustainability and inclusivity in the Arab insurance industry: How Arab insurers leverage the artificial intelligence revolution".
Over 2 400 participants, including 1 900 foreigners, from 60 countries are taking part in the event. Participants were welcomed on 18 February 2024.
On the program for the first day of the event:
- speech by Chakib Abouzaid, Secretary General of the GAIF
- speech by Sayyid Nassir Salim Al Busaidi, Chairman of the Oman Insurance Association (OIA)
- speech by Abdullah bin Salem al Salmi, Executive President of the Omani Capital Market Authority (CMA)
- speech by Youcef Benmicia, President of the GAIF
- speech by Faisal Abdullah Al Rowas, Chairman of the Oman Chamber of Commerce and Industry (OCCI)
The Arab insurance market is booming and offering major opportunities for development, despite the challenges posed by geopolitical instability, climate change and lack of investment, according to this first session.
By 2022, the sector's total turnover stood at 45 billion USD, or 1.66% of the Arab GDP.
Under its current leadership, the GAIF has contributed to the following projects:
- digitization of the Orange card
- launch of the arab catastrophe insurance initiative
- Improved legislation and supervision
- creation of the Arab Actuaries League in Beirut
Read also | Program for the 34th GAIF General Conference [4]