Insurance companies in the Emirates add the issue of climate change to their list of priorities

The activities of the 19th Annual Gulf Insurance Forum for the year 2024 were launched yesterday in Dubai, with the participation of more than 250 officials and insurance experts from 36 Arab and foreign countries.

Khaled Al Badi, Chairman of the Board of Directors of the Emirates Insurance Federation and President of the Gulf Insurance Federation, said in the opening speech that disasters and the risks of climate change have led to significant economic and financial losses in many regions of the world. , pointing out that our region is no longer isolated from the effects of these challenges, so it has become necessary to adhere to treatment strategies, which means working to proactive rather than reactive responses.

He said that the damage suffered by the Arab sector, especially in the years 2023 and 2024, requires the development of strategies that allow insurance companies to improve their models and analytical tools to reduce risks in the predict the future.

Al Badi confirmed that the re-emergence of disasters due to climate change in the region and the state of uncertainty regarding future challenges have been a major challenge for insurance companies, representing an incentive for these companies to expand create innovative new services that are more resilient. serious risks, including products designed for this type of accident.

Regarding how insurance companies dealt with the consequences of the water wave that the UAE saw, Khaled Al Badi said that UAE insurance companies put the issue of climate change and future possibilities in this regard among their priorities, indicating that continued these companies in general. in accordance with the instructions of the Central Bank to cover all the damage caused by the wave of water on Despite the huge amount of money these companies had to pay claims, the reinsurance cover was not enough to them.

On the other hand, Khaled Al-Badi pointed out that the subject of artificial intelligence is an important area of ​​the forum’s discussions, indicating that artificial intelligence is advancing at a tremendous pace to become the biggest thing in the next phase. . , and that the countries of the Gulf Cooperation Council in particular are taking rapid steps to develop and update their legislation in this area to keep up with global developments in the use of new technologies