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| Dubai Insurance Sector Growth Discussed |
by Lorys Charalambous, LawAndTax-News.com, Cyprus
Thursday, March 04, 2010
Deep structural changes and changing attitudes toward risk are driving long-term
growth in the insurance sector within the Middle East and North Africa region,
Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre (DIFC), told attendees of a bi-annual insurance conference.
Held in Dubai on March 1-3, 2010, the World Space Risk Forum, organized in
association with the DIFC, brought together professionals in the space business to
exchange ideas on space risk management and insurance. Over 280 delegates including
CEOs and CFOs of satellite manufacturers, satellite operators and launch service
providers, in addition to all the major global insurance brokers and underwriter
companies attended the event.
Speaking about the prospects for the space risk sector, Ahmed Humaid Al Tayer
said: “Space insurance is one of the very few financial sectors that have
weathered the storm of the global economic crisis and have continued to be strong
and healthy. Future prospects for the space industry are strong. Demand for
satellite communication capacity continues to grow as new TV, radio, Internet
and mobile telephone services are launched and new earth surveys for pollution,
resources and disaster monitoring are implemented.”
The space insurance sector plays a very important role in the success of space
projects and in supporting innovation and new technological developments, he
pointed out. “By allowing risks to be shared and managed more efficiently,
insurance helps to secure the financial stability of businesses. For the same
reason, the insurance sector plays a vital role in economic development. This
is why the Dubai International Financial Centre has made insurance one of our
key focus sectors,” he said, noting that insurance companies locating
in the DIFC benefit from its well established legal framework, Dubai’s
‘onshore’ status, zero tax rated platform and high quality support
services.
Observing other opportunities for the industry in the region in general, Al
Tayer concluded:
“The region’s huge programme of infrastructure spending on energy,
water, transportation and petrochemicals is creating mega projects that require
insurance and reinsurance services.”
“Furthermore, the privatization of state assets has created a vast array
of previously uninsured assets that now require insurance cover. The introduction
of compulsory insurance for certain non-life risks by the region’s governments
and their efforts to encourage individuals to save for retirement have also
given a strong boost to insurance sector growth.”
A comprehensive report in our Intelligence Report series
which studies the 20 main offshore jurisdictions which offer captive insurance
regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report11.asp
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