The 20th Gulf Insurance Forum (GIF) concluded with a series of strategic recommendations for insurers and reinsurers across the GCC, underscoring the need to keep pace with fast-evolving regional and global developments.
A central theme of the Forum, held in Dubai on 28-29 October, was the urgent need to update reinsurance legislation to address modern risks such as climate emergencies, pandemics, and cyber attacks. Participants also stressed the importance of harmonising accounting and regulatory standards across the region to enhance collaboration and attract international investment. In addition, the Forum called for clearer policies to support innovation, safeguard data, and strengthen transparency in operations.
Adapting products to emerging risks
The Forum urged the development of insurance products aligned with global transformations, particularly those that cover emerging risks such as natural disasters, climate change, cyber incidents, and global health crises.
To reinforce regional and international cooperation, GIF recommended the creation of frameworks among GCC and Arab reinsurance companies to bolster local capacity and reduce dependency on foreign entities. The Forum also encouraged agreements on data sharing, risk exchange, and technical collaboration to mitigate losses and enhance crisis response capabilities.
Embracing technology and digital transformation
Participants highlighted the importance of investment in technology and digitalisation, including AI, predictive analytics, and the Internet of Things (IoT), to improve risk assessment, underwriting, and claims management. The Forum called for the establishment of robust, unified data systems that facilitate analysis while maintaining privacy and cybersecurity.
Innovative financing and capital management
The recommendations advocated for the adoption of innovative financing models such as green bonds, risk funds, and pooled coverage schemes, alongside global governance standards to strengthen financial resilience. Capital adequacy guarantees and other mechanisms were also proposed to help insurers navigate unforeseen crises.
Integrating ESG and expanding protection
GIF underscored the necessity of embedding environmental, social, and governance (ESG) principles into reinsurance strategies, encouraging investment in environmentally sustainable projects and supporting climate adaptation through reinsurance tools.
The Forum also recommended expanding takaful and cooperative models to align with societal values and support inclusive economic growth. Additionally, it called for broadening insurance access through microinsurance and community health insurance, particularly for underserved populations, leveraging technology to lower costs and improve accessibility in rural areas.
Building human capital and awareness
To develop local expertise, the Forum proposed specialised training programmes to equip professionals with skills in data analysis, risk management, and technical governance. It also encouraged ongoing professional development across the insurance and reinsurance sectors.
In promoting an insurance-aware culture, GIF recommended media and educational initiatives to raise public understanding of insurance and reinsurance — including disaster and cyber risk protection — and to foster a broader culture of risk management.
Continuous review and collaboration
The Forum concluded with a call to organise regular workshops and conferences to review and update its recommendations in light of global developments.
Held under the theme “Navigating Change: Shaping the Future of Reinsurance in a Dynamic Global Landscape”, the two-day Forum attracted more than 250 CEOs and insurance leaders from 30 countries.