US 26b the value of marine insurance market in the GCC

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Dubai Marine Insurance Conference forecasts the sector’s geopolitical variables

Marine insurance experts call for a regional insurance alliance

  • Khamis Buamim: Marine insurance protects $ 35 trillion in international exports and imports annually.
  • Khalid Meftah: National insurers account for 71 per cent of the local marine insurance market
  • Gamal Fekry: US 26b the value of marine insurance market in the GCC

The conference witnessed an announcement of partnership between International Institute of Marine Surveying (IIMS), UAE branch celebrating its 10th anniversary in November 2019, and Maritime sky that specializes in Marketing and media strategy, to support the (IIMS) 6th biennial conference in Dubai, that brings attention to the UAE as a leading maritime hub.

The Dubai Marine Insurance Conference, the region’s unique event focusing on the regional and global maritime insurance sector has concluded its activities on Wednesday, with a call for establishing a GCC or even a Gulf-Asian insurance group that specializes in insurance and reinsurance operations in the maritime sector, including ships, vessels, cargo operations, transport of goods, oil and petrochemicals to and from the region.

The call comes within efforts to reinforce stability in the levels of insurance prices and to retain the largest share of insurance premiums locally or in the Gulf regionally.

The conference, which kicked off on Tuesday, and led by Khamis Buamim, CEO of Gulf Navigation Holding, and organized by Anchor Marine – one of the region’s leading providers of shipping services – the conference focuses on factors affecting maritime trade security, Marine and equipment, cargo shipping and risk management insurance, and marine electronic risk management and insurance.
H.E. Khamees Buamim stated that: “we are so delighted that Dubai Marine Insurance Conference, succeeded in attracting this kind attention & appreciation exhibited in the great number of participation from marine industry experts & stakeholders, which I consider a great success of the conference in its first term.

He added: “To gather 440 marine business experts & marine insurance experts, participating in the 2 days one of its kind event focusing on the marine sector issues & on the latest regulations of Marine Insurance is an unprecedented achievement.

He continued: “As a critical engine for the national economy, the marine insurance sector needs to be addressed more frequently to make sure that it adapts with the rapid developments of the marine industry, the objective that has been achieved successfully by Dubai Marine Insurance Conference”.

During his keynote speech, H.E. Khamees Buamim pointed out that: “more than 90% of marine insurance operations are carried out outside the region through non-local insurers, which means a significant loss of premiums, moreover the situation does not reflect the strength and reality of the national economy and active trading movement.

He also pointed out to the importance of the existence of insurance institutions or a group capable of carrying out large insurance operations to provide the national economy with insurance premiums commensurate with the size of the UAE’s strong economy, which is characterized by a stable investment environment, economic and political and can continue to grow.

The conference witnessed an announcement of partnership between International Institute of Marine Surveying (IIMS), UAE branch which celebrates its 10th anniversary in November 2019, and Maritime sky that specializes in Marketing and media strategy, to support the (IIMS) 6th biennial conference in Dubai, that brings attention to the UAE as a leading maritime hub.

Speakers list at the conference that took place onboard of Queen Elizabeth || in Dubai, included Captain Abdullah Darwish Al Hayas, General Manager of Maritime Transport Affairs at the Federal Authority for Land and Marine Transport, Khaled Miftah, Business Development Manager, Dubai Maritime Authority, Oscar Lavender, Rolls Royce Marine Vice President, Walid Al Tamimi, General Manager, Executive Assistant to the Vice President of the Emirates Maritime Arbitration Center, and representatives of the companies operating in the insurance and maritime transport sector from the countries of the region and the world.

Khamis Buamim, said: “Marine insurance premiums have witnessed a decline of 13% due to the decline in commodity prices and the global economic recession.” Maritime sector.

He added that the cost of marine insurance has increased in the past as a result of piracy. Some insurance companies have raised premiums due to regional conditions. Others have proven prices as they are because the risks in the region are not high. The Gulf region is stable and the risks they are talking about are tense relations to some international countries with Iran is illogical.

Khaled Meftah, director of business development at the Dubai Maritime City Authority disclosed that the total marine insurance premium in the UAE insurance market rose to a whopping AED 1.1 billion in 2017, higher by 10 per cent over the previous year. It also represented a 3.5 per cent increase in the total property and liability insurance premiums during the same period.

He added that the market share of the national insurance companies accounts for a remarkable 71 per cent of the local marine insurance market against 29 per cent for foreign companies, providing once again its importance in the progress of both the domestic maritime industry and the country’s entire national economy.

Capt. Gamal Fekry, the managing director  of MC ship management in Dubai said the maritime insurance landscape witnesses a lot of changes, as more and more shipping and oil vessels companies are focusing on a proactive actions to reduce the high cost of marine insurance, by adopting risk management systems that would minimize the faults that could cause risks in earlier stages, while some other giant companies have developed self-insured schemes as there are no big enough insurance companies that can handle the volume of business.

He added that the volume of marine insurance in the Gulf region accounts for US 26b annually.

IIMS is a non-governmental 27year old professional institution that has its membership base in over 92 countries, which makes it one of the most diverse global institute of its kind.

The Dubai Marine Insurance Conference represented an ideal opportunity for industry leaders from leading marine insurance experts, marine safety and security experts, port authorities, shipowners, ship shippers, ship manufacturers, exporters, importers and agency owners. The sector, especially the marine insurance sector, plays a crucial role in protecting global trade, especially with the transfer of up to 90% of the world’s trade. Lost between nations across the sea.

 

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