Dubai International Financial Centre (DIFC) will play host to the first World Insurance Forum (WIF) being held outside Bermuda.

For the past fifteen years, this event has taken place in Bermuda, which has emerged as a leading global insurance hub, and arguably the most important reinsurance domicile in the world.

However, this year, to reflect the city’s growing status as a centre for international business, trade and finance, the forum is being held in Dubai from March 17 to 20, said a DIFC official.

'With its ideal location between East and West, and at the epicenter of a rapidly developing and prosperous region, Dubai offers attendees a chance to access a new and exciting market,' George Oommen, executive director – Insurance & Reinsurance at DIFC said.

Industry leaders and experts will be invited to come together in order to analyse and discuss the current market situation and upcoming challenges to be faced by the insurance sector.

The event will also allow participants to learn more about the region, and to discover for themselves the extensive opportunities across the Middle East, North Africa, South Asia and the Caspian Region.

Following the theme of the Forum, “Where West meets East…The New Frontier”, it will focus on global macro issues, featuring world leader opinions on today’s evolving risks and challenges.

'The second day will look at industry micro issues, consisting of perspectives on selected industry matters. Day three will provide an insight into global and regional opportunities, offering views on business potential in markets across the East and West. The final day will then conclude the event with a tour of the DIFC, allowing delegates a chance to find out more about the Dubai market.'

The forum will feature an impressive line-up of regional and international speakers, including Dr Omar Bin Sulaiman, DIFC governor; Lord Patten of Barnes, former governor of Hong Kong; Yassir Albaharna, CEO of the Arab Insurance Group; Fareed Lutfi, president of Dubai Insurance Group; Jeremy Cox, deputy CEO of the Bermuda Monetary Authority; and Bradley L. Kading, President & Executive Director of the Association of Bermuda Insurers and Reinsurers.

Oommen said: “Given the recent economic turbulence, volatility, and evident slow growth in the mature markets of Western Europe and North America, the world’s insurance and reinsurance companies are now looking beyond their traditional market boundaries.'

Michael A. Butt, chairman, WIF advisory board said: “Since the last WIF meeting 20 months ago, our industry has undergone, yet again, transforming challenges. Complacency will never be endemic in our industry, we suffer too many shocks for it to become embedded. With catastrophe losses in 2005 likely to exceed insured losses of $80 billion the industry has shown resilience and the ability to meet its obligations, even in extreme circumstances.”

The DIFC, as the region’s leading financial centre, will host the conference to reinforce its status as a globally recognized business hub and a catalyst for regional growth, development and diversification.

Through the DIFC, Dubai has managed to attract many of the world’s leading financial institutions to operate from the Emirate.

The DIFC is also looking to develop the Islamic insurance and re-insurance sector, known as Takaful and Re-Takaful, which is becoming increasingly appealing both regionally and internationally.

As the Shari’a compliant alternative to conventional insurance, the market for Takaful is making progress and looks set to continue this growth as more and more Islamic finance instruments become available.-TradeArabia News Service