Total value of insurance market in Arab countries is more than $40.9bn

Total value of insurance market in Arab countries is more than $40.9bn

Muscat: Activities of the 34th General Arab Insurance Federation Conference kicked off at Oman Convention and Exhibition Centre on Monday.

The event is titled “For a more sustainable and inclusive Arab insurance industry: How Arab companies can join the artificial intelligence revolution”.

The three-day conference is organised by Oman Insurance Association and the Secretariat General of the Arab Insurance Federation.

The opening ceremony was held under the auspices of HH Sayyid Dr. Kamil bin Fahd bin Mahmoud Al Said, Secretary General at the Secretariat General of the Council of Ministers.

In emerging markets, the real value of insurance premiums between 2010 and 2019 grew by 7.3 percent, compared to 1.8 percent in developed markets, said Ahmed Ali al-Maamari, Vice President for Insurance Sector atthe Capital Market Authority (CMA).

He added that, in 2022, the sector’s growth rate ratio in the two markets was 4.7% to 3%.

In his turn, Mustafa Ahmed Salman, member of the Board of Directors of the Oman Chamber of Commerce and Industry, Chairman of the Chamber’s Finance and Insurance Committee, said that steps are underway to develop laws, decisions and regulations related to the insurance sector, monitor its challenges and submit proposals and visions to address these challenges.

He added that, in recent