The total value of insurance premiums in Arab countries reached $35 billion by the end of 2016 for all types of conventional and Islamic insurance, said Dr Abdulrahman bin Abdullah Al Humaidi, director-general of the Arab Monetary Fund (AMF).

Meanwhile the annual growth in insurance premiums is estimated at around 6 per cent, he added, speaking at the opening session of the "Identifying and Managing Insurance Company Risk" workshops in Abu Dhabi, UAE, reported the Emirates official news agency Wam.

The event is organised by the Economic Policies Institute of the AMF in co-operation with the Financial Stability Institute of the Bank of International Settlements, in the headquarters of the AMF until April 6, with the participation of 30 Arab member-countries of the AMF.

Al Humaidi stated that the insurance sector in Arab countries has grown in recent years, in line with developments in Arab economies that promote the need for insurance services.

He pointed out that the sector faces several challenges, and the most important is the need to increase the specialised competencies of supervisory and regulatory bodies and companies that operate in the insurance sector. This requires harnessing the potential and raising the level of professionalism of insurance sector personnel.

He also stressed the need to develop risk management practices in the insurance industry, which will have a direct impact on the sector’s development and stability, by raising awareness about the importance of risk management by creating systems and mechanisms and to activate and develop them at various levels.