Dubai: 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, Ahmad Humaid Al Tayer, Governor of the Dubai International Financial Centre (DIFC), said on Tuesday.
Speaking at a reception hosted by DIFC for delegates of the inaugural World Space Risk Forum, a bi-annual conference that brings together professionals in the space business, the DIFC governor said: "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 privatisation 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, the DIFC governor added.
The World Space Risk Forum that began on Monday and concludes today has 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 major global insurance brokers and underwriter companies, are attending the event.
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."
