Amman — Representing His Majesty King Abdullah II, Central Bank of Jordan Governor Dr. Adel Al-Sharkas yesterday opened the 35th General Conference of the General Arab Insurance Federation (GAIF 35) at the King Hussein bin Talal Convention Center at the Dead Sea, with 2,155 participants from 48 Arab and foreign countries.
اضافة اعلان
The conference, organized by the General Arab Insurance Federation and the Jordan Insurance Federation, is being held from October 4 to 7 under the theme “Insurance: Back to the Principles.” It brings together leaders of insurance and reinsurance companies, representatives of regulatory bodies and professional institutions, and experts and specialists from Arab and international markets.
The conference focuses on strengthening cooperation among insurance markets, discussing technological changes and growing risks, and developing professional practices that protect policyholders’ rights while supporting companies’ ability to meet their obligations and maintain sustainable operations.
Al-Sharkas said the royal patronage of the conference reflects Jordan’s importance to the insurance sector and its pivotal role in supporting economic activity, strengthening financial stability and providing protection for individuals and institutions. He noted that the conference serves as a platform for dialogue and the exchange of expertise and perspectives on the future of the industry.
He said digital transformation, artificial intelligence, changing risk patterns and policyholders’ needs are requiring the sector to develop its tools, practices and business models while maintaining trust, protecting rights, ensuring solvency and sound governance, and properly managing assets and investments. This, he said, would help balance innovation with the established principles of the profession.
Al-Sharkas noted that global insurance premiums totaled around $8 trillion in 2025, explaining that insurance has become an important part of the economic stability system, supporting investment and economies’ ability to withstand shocks and recover from their effects.
On the domestic front, Al-Sharkas said the Economic Modernization Vision 2023–2033 has given the insurance sector clear importance as part of a deeper and more efficient financial system. It has set a path to strengthen the sector’s financial base, develop its services and restructure it toward building a strong and sustainable industry. He noted that insurance premiums in Jordan grew by 6% in 2025.
He said that since assuming responsibility for regulating and supervising the sector in 2021, the Central Bank has been working to develop legislation and regulatory frameworks, address obstacles and build stronger insurance entities, while strengthening governance, investing in human resources and providing more innovative insurance solutions.
Al-Sharkas said the enactment of the Insurance Contracts Law of 2026 represents a qualitative step in developing the sector’s legislative framework by establishing a clear legal reference governing contracts and defining the rights and obligations of the parties in a clearer and more balanced manner, thereby strengthening confidence in the sector and its attractiveness to investment.
He added that the Central Bank is working to develop the regulatory environment to keep pace with digital transformation, including establishing regulatory requirements for licensing electronic insurance platforms and developing the legal framework for conducting insurance business through electronic means. He stressed the need to use technology responsibly, guided by fairness, transparency and the protection of rights.
He also stressed the importance of the role of insurance brokers as a link between companies and policyholders by providing professional advice, explaining available options and helping customers choose appropriate solutions, thereby strengthening customer protection and confidence in the sector.
Secretary-General of the General Arab Insurance Federation Shakib Abu Zaid said insurance premiums in Arab markets reached around $70 billion in 2025, equivalent to 1.7% of Arab gross national product, compared with a global average of 7%. He stressed the importance of developing markets and companies and expanding insurance coverage to raise the Arab average to 3%.
He explained that the figure for Arab premiums is an estimate, as statistics from some markets have not yet been released and other markets have been affected by political conditions, which explains the use of an approximate figure for total premiums.
He said some markets have exceeded or approached this percentage, while others remain far below it due to the size of their economies or the repercussions of geopolitical conditions. This, he said, requires greater efforts to expand insurance protection and increase the sector’s contribution to Arab economies.
Abu Zaid said the conference’s theme reflects the need to reinforce the highest standards of good faith and transparency and the technical foundations of insurance, while ensuring that due compensation is paid in a manner that safeguards policyholders’ rights and protects the interests of all parties to the insurance relationship.
He pointed to rising risks from natural disasters, pandemics, chronic diseases and ageing, as well as cyberattacks and challenges associated with artificial intelligence, including the protection of personal data and deepfakes, particularly in motor and health insurance.
He stressed that using digitalization and artificial intelligence to improve customer satisfaction requires clarity throughout the insurance process, from presenting products and advertisements to explaining coverage terms and exclusions and settling claims. He warned against cutting prices at the expense of technical foundations or delaying due compensation, given the impact this can have on customer confidence and companies’ reputations.
He also expressed his solidarity with the Palestinian people and Arab peoples affected by crises, and his hope for the restoration of peace and stability. He thanked Jordan, the organizers and partners for supporting the conference.
For his part, Eng. Majed Al-Sumairat, chairman of the conference’s Higher Organizing Committee and chairman of the Jordan Insurance Federation’s Board of Directors, said the royal patronage represents support for the insurance sector and confirms its role in serving the national economy and strengthening stability and development.
He said Jordan’s hosting of the Arab and international gathering is a source of pride and an opportunity to bring together expertise and exchange views on the future of the industry. He added that choosing Jordan as the meeting venue represents a message of trust, affection and appreciation, welcoming participants to a country of security and safety and the Hashemite home.
Al-Sumairat explained that the theme “Back to the Principles” means moving firmly toward the future while adhering to the foundations on which the insurance industry was built, foremost among them good faith, trust, transparency, responsibility, protection of policyholders’ rights and sound risk management, alongside innovation and keeping pace with rapid changes.
He stressed that the future of Arab insurance requires greater cooperation and integration, investment in knowledge and expertise, and the development of legislation and products. He expressed hope that the conference would produce sustainable partnerships, practical solutions and initiatives serving the sector.
He noted that preparations for the conference had continued for more than a year and a half, with efforts by teams at the Jordan Insurance Federation led by its CEO Dr. Muayad Al-Kloub, in coordination with the General Arab Insurance Federation. He thanked the Central Bank, companies, brokers, consultants, actuaries, partners, sponsors and media outlets for their contributions to the successful hosting of the event.
Meanwhile, Nasser bin Salem Al-Busaidi, chairman of the General Arab Insurance Federation and chairman of the Board of Directors of the Oman Insurance Association, stressed the importance of the conference as a platform for dialogue, exchanging expertise and coordinating among Arab markets, particularly amid geopolitical instability and its impact on insurance companies’ operations.
Al-Busaidi stressed the need to train and empower national cadres to keep pace with technological developments and to develop products and services capable of addressing climate change, natural disasters and emerging risks.
He also stressed the importance of maintaining companies’ financial solvency and strengthening their technical reserves to ensure they meet their obligations to policyholders, while linking innovation and digital transformation to the professional and technical foundations on which the industry is based. He expressed hope for practical outcomes that would strengthen the sector’s ability to protect economies and societies.
The opening ceremony included the handover of the federation’s presidency from Oman to Jordan, with Al-Busaidi handing it over to Al-Sumairat. Dr. Muayad Al-Kloub participated in presenting the ceremony, which also featured a film symbolizing the transfer of the insurance torch and the continuation of cooperation among Arab markets.
During the handover ceremony, Al-Kloub, CEO of the Jordan Insurance Federation, said the transfer of the presidency of the General Arab Insurance Federation’s council from Oman to Jordan represents a responsibility to serve the Arab insurance industry. He expressed confidence in Al-Sumairat’s ability to make a significant contribution during his tenure.
Al-Kloub expressed his appreciation for the efforts of Al-Busaidi and the Omani market, stressing the importance of building on the federation’s achievements, including the Orange Card and agreements among Arab countries, and developing cooperation to strengthen the sustainability of joint Arab insurance efforts.
He also praised the efforts of former chairpersons and board members and employees of the Jordan Insurance Federation, stressing that institutional work is an extension of the efforts and contributions already made.
The conference’s Higher Organizing Committee honored Dr. Adel Al-Sharkas and also honored Al-Busaidi in recognition of his efforts over the past two years.
It also paid tribute to the career of the late Mohammad Mazhar Hamada, one of the leading figures in the Arab insurance industry. His son, Zaid Mohammad Mazhar Hamada, received the commemorative shield in recognition of his father’s professional contributions spanning more than five decades and his role in the Arab Unified Insurance Bureau and Motor Insurance Committee and the Orange Card.
Representatives of Arab insurance markets joined hands to mark the launch of the conference, in a scene symbolizing cooperation and joint action. The ceremony also featured an introductory film about Jordan and the conference, as well as a sand-art performance by Omani artist Shaima Al-Mughairi.
The scientific program includes five sessions addressing the fundamental principles of insurance and digital transformation; modeling and underwriting emerging risks; parametric insurance for addressing disaster risks; applications of actuarial expertise in artificial intelligence and machine learning; and institutional resilience and leadership in confronting cross-border risks.
The program also includes the General Assembly meeting of the General Arab Insurance Federation, the announcement of the federation’s council for the remainder of the 2026–2028 term, and a review of the secretary-general’s report, decisions and recommendations, in addition to business meetings and bilateral discussions. The venue and date of the 36th conference will be announced at the conclusion of the event.
Resource: Al-Ghad
