Dubai, UAE: GIG Gulf, a leading insurance provider in the MENA region, has commented on the UAE’s growing share of the GCC marine insurance market and highlighted a ten-year spike in import/export activity during its participation in the 2023 edition of the International Union of Marine Insurance (IUMI) Asia Forum in Dubai. 

Hosted by Mr. Fareed Lutfi, the Secretary-General of the Emirates Insurance Association and the Gulf Insurance Federation, the forum was held for the first time in the Middle East, bringing together members of marine insurance associations from countries across the Middle East and Asia. 

Co-hosting and moderating a special joint-session on the marine insurance markets in the Middle East, GIG Gulf’s Cenk Bilgin explained how the GCC – and the UAE in particular – is experiencing its highest spike in import/export volumes for a decade. 

Cenk Bilgin, Senior Regional Marine Underwriting Manager GIG Gulf, commented: “Economic activity in the Middle East has increased steadily over the past decade, with the UAE, KSA and Qatar leading some of the highest volumes of marine activity, imports and exports over the past  fifteen  years. The region is also an important hub for the marine premium business, with the Middle East representing 3.2% of the entire global marine insurance premium This growth provides enormous potential for marine insurance, particularly in cargo and logistics.”

The joint-session also saw the panel discuss the impact of changing consumer habits and the implications of a changing regulatory landscape. Bilgin explained, “Sustained economic growth – even through difficult economic cycles – has been supported by an enabling, pro-investment policy and regulatory backdrop. These factors have helped to deliver stability and opportunity across the region, driving not only the marine insurance market but all insurance products. This is creating high potential for insurance companies like GIG Gulf to leverage tailor-made and exclusive insurance products, like comprehensive yacht insurance and logistic secure package insurance.”

During the IUMI Asia Forum, delegates also shared perspectives on a range of emerging trends and issues, from the impact of the climate crisis on marine energy consumption, to how global geopolitical events (particularly Russia) have been affecting marine insurance and the nature of the risk cycle. 

ABOUT GIG GULF 

GIG Gulf is part of the Gulf Insurance Group (GIG), the #1 largest regional composite insurer in the Middle East and North Africa, with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia, and Emirates. Its reported consolidated assets stand at US$ 4.5 billion as of 31 December 2021. 
GIG Gulf is an ‘A’ rated regional insurer with a top 5 position in each of its markets. GIG Gulf has been present in the region for over 70 years with a strategic focus on both growth and investments and is a one stop shop offering a wide range of insurance products and services that cater to a broad variety of needs for corporates, SMEs and individual customers throughout UAE, Oman, Bahrain, and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi.

With a workforce of over 800 employees across 15 branches and retail shops region-wide and over 1 million customers, GIG Gulf is a caring partner that encourages customers to achieve their goals and live an inspiring and fulfilling life. Obsessed with customer feedback and continuously evolving to become the region’s digital insurer of reference, GIG Gulf is also focused on making a difference for customers, partners, and communities through strong CSR commitments.

Recognised as a leading insurance brand, GIG Gulf has been winning several awards for its quality of services and products, most recently winning the 2022 Health Insurer of the Year award, by MENA IR for the second year in a row, and winning two awards at the Global Economics Awards 2022 under the Best Non-Life Insurance Company and Most Customer Centric Insurance Company categories. 

For more information, visit http://www.giggulf.ae and follow us on: https://twitter.com/gig_gulf
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FOR MORE INFORMATION:
GIG:
Manon Gaillard
Regional Communication Manager
Manon.gaillard@gig-gulf.com  
WEBER SHANDWICK:
Karan Narsinghani
Senior Account Manager
KNarsinghani@webershandwick.com