Arab insurance leaders have made a collective call at the opening yesterday of the 35th GAIF General Conference (GAIF35) to the insurance industry to return to core values, embrace digital innovation and bolster regional cooperation in an increasingly complex risk landscape.
Referring to the Conference’s core theme: “Back To Principles”, GAIF Secretary General Chakib Abouzaid said in his address, “Whether risks are traditional, emerging, or entirely new, we, as an insurance industry, are required to remain committed to the ethical and technical principles on which insurance is founded, in addition to complying with the professional standards established by international institutions and supervisory authorities.”
Targeting ambitious growth
Mr Abouzaid also urged the industry to fully embrace digital transformation and AI adoption to drive customer satisfaction to ensure sustainability.
GWP in Arab markets reached around $70bn in 2025—equivalent to around 1.7% of aggregate Arab GDP—with many markets well below this level, he said. “This average presents us with a clear challenge: to develop our insurance companies and expand our premium base so that we can reach a target of 3% as an Arab average.”
Building on this call for growth, Mr Nassir Bin Salim Al Busaidi, outgoing GAIF President and Chairman of Oman Insurance Association, said, “The insurance industry is undergoing rapid transformation and facing increasingly complex challenges.
“Among top priorities is the need to develop national talent in the sector and empower them to keep pace with technological advances. At the same time, the industry contends with climate change, natural catastrophes and geopolitical tensions, all of which have inevitably affected the performance and results of insurance companies across the Arab region.”
To counter headwinds, Mr Al Busaidi pointed to the pressing need to continuously develop advanced insurance products that can respond effectively to evolving challenges, noting also that the industry must strengthen trust among all stakeholders and maintain the financial solvency of insurance companies.
Moving forward
Addressing the Conference theme, Engineer Majed Smairat, Chairman of the Jordan Insurance Federation, which organises the Conference in collaboration with GAIF, said, “Returning to principles does not mean looking back to the past; rather, it means moving forward into the future with confidence and conviction.
“We remain committed to the foundations upon which the insurance industry was built: utmost good faith and trust, transparency, accountability, commitment, protection of policyholders’ rights and sound risk management.”
He added that moving forward, the Arab insurance industry will require greater cooperation and integration, increased investment in knowledge and talent, the development of legislation and products, innovation and enhanced capacity to address emerging risks.
He expressed hope that the Conference proceedings would lead to sustainable, practical partnerships and provide applicable solutions and initiatives that serve the Arab insurance industry.
Around 2,200 participants from more than 48 Arab and foreign countries are attending GAIF35, which runs 4-7 October.