Maritime industry leaders discussed the key trends in the regional and global trade and shipping insurance industries at Dubai Marine Insurance Conference 2019.
Under the theme ‘Risk Management,’ the conference served as a venue for the attendees to identify the best practices in risk management amid the rapidly changing global maritime landscape.
The event was one the major featured conferences during the ongoing UAE Maritime Week 2019 organized by the Dubai Maritime City Authority (DMCA) under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.
The UMW aims to establish the UAE’s status as a leading maritime destination in the world.
The second edition of Dubai Marine Insurance Conference took place aboard the Queen Elizabeth II in Port Rashid, Dubai.
During the event, the participants tackled the future of maritime insurance from the perspective of innovation and technology; reviewed trends affecting the oil and gas sector in the Middle East; and explored the most effective solutions to challenges brought about by climate change, oil price fluctuations, insurance regulations, changing government policies, and disruptive technologies.
Khalid Meftah, Director – Maritime Development, DMCA stressed the importance of strong direct communications between leaders of the maritime industry and other associated sectors, including oil and gas, energy, technology, and insurance.
These dialogues, he said, will enable stakeholders to anticipate challenges and create innovative solutions to future risks amid economic, environmental, and regulatory changes.
He added that a clear roadmap for an updated marine insurance mechanism is needed to further enhance the local industry’s competitiveness, efficiency, and attractiveness — elements that have catapulted Dubai, one of the top five global cities in the International Shipping Centre Development Index, into the ranks of the world’s best maritime capitals.
Meftah added: “For the second year, Dubai Marine Insurance Conference has proved to be a strategic platform to enhance the maritime insurance industry as we continue to build a sector that serves our common aspirations. During the event, the attendees discussed the global trade business, the role of emerging technologies in simplifying insurance services, and ways to enhance risk management capability by utilizing data analytics to improve operational efficiency at reduced cost.”
“The attendees also reviewed the progress of Dubai and the UAE in the area of marine insurance amid modernization efforts in the industry, with emphasis on innovation, technology, transparency, and reliability. By looking into the latest developments, we hope to sustain maritime safety, safe navigation, and operational efficiency to attract international investors.
“We aim to maintain the global community’s confidence in the local maritime industry’s competitive edge as a vital economic pillar and an important sector in the economic diversification efforts of Dubai, which bids to become a major global economic hub.”
Dubai Marine Insurance Conference was launched in 2018, with the support of DMCA and the Emirates Maritime Arbitration Center.
The first edition, which featured 52 guest speakers, welcomed 440 industry experts and leaders who took part in the discussions about key issues affecting the global marine insurance market.
This year’s edition was part of the UAE Maritime Week, which also features Dubai Maritime Agenda.