Chartered Insurance Institute spotlights insurance industry's rise in Arab world

Chartered Insurance Institute spotlights insurance industry’s rise in Arab world | Insurance Business Asia

Insurance News

Chartered Insurance Institute spotlights insurance industry’s rise in Arab world

Insurance boss delves into factors driving industry’s growth in the region

Insurance News

By
Roxanne Libatique

In a recent address at the 34th session of the General Arab Insurance Federation (GAIF) conference, Chartered Insurance Institute (CII) regional director Gaenor Jones (pictured above) underscored the upward trajectory of the insurance industry in the Arab region.

The conference, convened in Oman, attracted the region’s most extensive assembly of insurance professionals, delving into current industry dynamics, the advent of new risks, technological innovations, and the evolution of legal frameworks.

In her speech, Jones – who has been honoured with the Woman Leader of the Year award at the Middle East Insurance Industry Awards – shed light on the prioritisation of insurance growth across Arab nations.

Growth of insurance across Arab nations

Jones noted the sector’s burgeoning influence among regulatory bodies and government agencies, attributing the Middle East’s rising stature in the global insurance arena to advancements in professional training and regulatory collaboration.

“I don’t think there are many Arab countries that don’t have insurance growth high on the agenda. We are seeing insurance playing a more pivotal role with regulators and governmental departments, and these actions, as well an increase in upskilling, are putting the Middle East insurance sector on a global platform, and the region is receiving recognition for its development and success,” she said.

CII’s contributions to insurance growth

Jones elaborated on the CII’s contributions towards fostering educational opportunities in the region, notably through the provision of CII qualifications in English and Arabic and the introduction of globally applicable study materials.

She further highlighted the CII’s support for the UAE’s national development initiatives, particularly through its partnership with the UAE Central Bank and the Emirates Institute of Finance to enhance the skill set of UAE nationals for future leadership roles in the insurance industry.

Established in Dubai in 2018, the CII’s Middle East branch has been instrumental in propelling the regional insurance market forward by facilitating skill development and technical knowledge enhancement. The institute now boasts a membership of over 2,500 professionals across the Middle East.