The recent floods in the GCC region were an eye-opener for all stakeholders to act to deal with weather-related perils and their impact on the societies and economies of the region, said speakers at the 19th Gulf Insurance Forum in Dubai earlier this week.
The recent severe floods that hit the GCC region and led to serious economic damages underscore the necessity to commit to strategies to confront these challenges, which means working proactively rather than responding reactively, said Gulf Insurance Federation cum Emirates Insurance Federation chairman Khaled Al Badi, as he opened the Forum.
He added that the natural disasters that hit the Arab region in 2023 and 2024 and the consequent losses indicate that insurance coverage is inadequate. “Therefore, it is necessary to work on building resilience in the face of natural disasters and (strengthening) community cooperation and participation, especially with the severity of the effects of climate change.
“Insurance companies must quickly join forces and abide by the legislation issued by the supervisory and regulatory authorities, which will provide coverage for natural disasters within the Gulf states, to forge a beginning for establishing the Arab pool for confronting natural disasters.”
On technological developments in the GCC region, Mr Al-Badi stated that insurance companies in the GCC have come a long way in developing their technical tools and making optimal use of modern means.
With the theme “Recent Floods in the GCC and Landscape of Digital Disruption”, the two-day forum discussed recent trends in the regional insurance industry, including technological developments and explored means of setting up a unified Arab body to face climate-related risks.
Around 200 delegates attended the annual event.