Arab insurance meet in Muscat proposes coverage of natural disasters 

Arab insurance meet in Muscat proposes coverage of natural disasters 

The 34th Conference of General Arab Insurance Federation in Muscat recommended that the insurance sector in the region works on coverage to mitigate natural calamities.Muscat – The 34th Conference of General Arab Insurance Federation (GAIF), which commenced on Monday in Muscat, recommended that the insurance sector in the region works on coverage to mitigate natural calamities. 

Addressing the opening day of the three-day conference, Chakib Abouzaid, Secretary-General of GAIF, said the calamities that struck the Arab region in 2023 exposed the lack of insurance coverage. “If we exclude one or two cases, all Arab countries remain exposed to natural catastrophes without the minimum insurance coverage,” he said. 

“Financial inclusion and sustainability are no longer an intellectual luxury, but rather a necessity and a national duty and social responsibility for us. This calls for a radical change and ensuring that we provide healthcare coverage for everyone, develop agricultural insurance, enhance microinsurance, work on creating coverage to mitigate natural catastrophes, and ensure decent retirement pension through insurance and savings.”

Hosted by Oman Insurance Association in collaboration with GAIF under the auspices of H H Dr Kamil bin Fahd bin Mahmoud al Said, Secretary-General of Secretariat-General of the Council of Ministers, the conference is seeing participation