GIG Gulf highlights emerging marine insurance opportunities at 2023 IUMI Asia Forum

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.