GAIF resolutions: Aspirations for further development with emphasis on AI and technology
Source: Middle East Insurance Review | Mar 2024
At the end of the 34th GAIF General Conference, the board of directors announced a number of recommendations to be adopted for the next period, most of which emphasised developing the organisation’s corporate governance structure and forging a progressive outlook that focuses on leveraging the technological standards in the future.
In his closing statement of this year’s conference, GAIF secretary general Chakib Abouzeid congratulated the Oman insurance market and participants on the great success achieved and the high level of organisation. The event attracted a record number of delegates which is a testimony of its importance on the regional and international levels, he said.
Mr Abouzeid said that the sessions held during the conference discussed the basic starting points for moving the insurance industry towards the horizons of AI, which contributes to providing high-quality insurance products that provide protection for all parties and ensure good performance of the insurance markets in the region.
He expressed his thanks to the organisers and sponsors of the conference, led by the Oman Insurance Association, the general secretariat of the GAIF and the strategic sponsorship by the Capital Market Authority for the facilities and great support it provided to ensure the success of the conference.
The conference recommendations are based on necessity of:
- Working to train Arab cadres specialised in actuarial science, governance and risk compliance management.
- Encouraging companies to use AI in risk management to facilitate business.
- The conference affirms previous recommendations regarding the necessity of working with Arab regional insurance federations in developing maps and models of Nat CAT and disasters in the Arab region.
- Continuing work on studying the Orange Card system to ensure improvement of its performance and in accordance with current developments.
- Encouraging the in-depth work of insurance companies’ regulatory bodies in accordance with international standards to ensure the soundness of insurance companies.
- Adopting the federation’s statute and internal regulations. M