Middle East Insurance Summit Sees Growth Potential of up to 400% as Regional Insurance Market Enters Pivotal Stage of Development

• Debo Ajayi: “Summit will encourage debate and dialogue, stimulating innovation and regional products to realise huge untapped market potential”
• Summit runs from 11 to 15 October 2009 under patronage of HH Sheikh Hamdan Bin Mohammed Al Maktoum

Under the patronage of His Highness Sheikh Hamdan Bin Mohammed Al Maktoum, Crown Prince of Dubai, the Middle East Insurance & Reinsurance Summit will take place at the Monarch Hotel in Dubai on 11-15 October 2009. The Summit will explore untapped potential of as much as 400% within the Middle East insurance market through a full programme of speeches, panel sessions, clinics and workshops that encourage open discussion between delegates and expert panellists and speakers.

A recent report* has shown that average insurance penetration in the relatively small and undeveloped Middle East market stands at just 1.5%, despite having grown faster during the last decade than any other region in the world. The global average of 7.1% penetration is almost five times as great, suggesting there is room for significant growth in the region. The same report also shows that the total insurance premiums in the Middle East & Central Asia grew by 4.7% in 2008, compared to a global decline of 2.0%, further emphasising the opportunities.

Debo Ajayi, Summit Chairman and Managing Director and Consulting Actuary, Milliman Dubai Office , said, “The Middle East Insurance Summit is taking place at what I believe is a pivotal stage in the development of the Middle East insurance market. There is now a pool of local expertise for the global players to utilise, representing great opportunity to tap the latent potential of the insurance sector through product offerings that are relevant to the region and meet the rising demand being created by the introduction of mandatory insurance requirements and favorable demographics of the region.”

The Summit will begin with two days of interactive panel sessions, speeches and debates, followed by a three-day workshop programme to explore key industry issues in depth. Summit Days One and Two will see dialogue taking place on hot topics such as the wider economic climate, regulatory issues, corporate governance, and mergers and acquisitions.

The in-depth workshops will give delegates the opportunity to discuss issues and opportunities in specific areas of the insurance market in the Middle East. The topics covered will be:

• Exploring the Potential of Captive Insurance for the Region
• Financial Risk Management: Improving Returns by Managing Risk
• Assessing Shari’ah Compliant Takaful Options, Benefits and Accessibility

Speakers during the forum and workshop days will include renowned industry experts from key sponsors Milliman, Dewey & Le Boeuf and Emirates Insurance Association, as well as other leading insurance companies and associations who are keen to help the large Gulf insurance market realise its potential.

Fareed Lutfi Secretary General Emirates Insurance Association (EIA) added, “One purpose of the Summit is very much to stimulate delegates to challenge imported ideas and generate original content that can generate higher returns for stakeholders and attract further investment. Our aim is for every company and individual attending to leave with the insight and inspiration needed to effect this change and sustain the anticipated growth. That’s why the event is centred on open, honest debate, dialogue and discussion.”

* “The UAE Insurance Industry”, published by Alpen Capital, 2 August 2009

About The Middle East Insurance Summit

The Middle East Insurance & Reinsurance Summit is designed for insurance and reinsurance company CEOs, CFOs, COOs, CROs, marketing and new business development executives, as well as property and casualty insurance buyers, key brokers, regulators and agencies from major jurisdictions, investors and the world media. The Summit will also be beneficial to general insurance officers, compliance officers, Bancassurance specialists, insurance agents and advisors.

The Middle East Insurance & Reinsurance Summit provides an unrivalled opportunity to hear the world’s insurance and reinsurance leaders debate the critical macro-trends affecting the business.