The Dubai Maritime City Authority (DMCA) highlighted Dubai's pioneering experience in the development of marine insurance policies in its bid to raise its global competitiveness at the recently concluded Dubai Marine Insurance Conference.

The conference gathered decision makers, experts, and pioneers in the marine insurance, trade and shipping sectors at the Queen Elizabeth II Hotel in Port Rashid, Dubai. UAE, to discuss new industry trends that are currently affecting the local and global trade and shipping sectors.

Its participation formed part of its continued commitment to the development of the marine insurance industry, drawing on the experience of Dubai and the UAE as a leading global centre for shipping cargo and export and re-export goods.

Khalid Meftah, director of business development, DMCA, said: “The conference gave stakeholders an opportunity to tackle emerging trends and sustainable solutions that will bring the sector to a new level of growth driven by innovation and technology in line with the 21st Century requirements.”

“As a sponsor, we aimed to highlight Dubai's pioneering experience in the development of marine insurance policies in its bid to raise its global competitiveness and increase the attractiveness of its maritime clusters. Today, Dubai ranked fifth among the best international shipping centres in the world,” he added.

He also stressed the importance of combining local and international efforts to improve marine insurance, which provides a reliable mechanism to accelerate the growth of the local shipping segment that now accounts for 80 per cent of the total volume of the global shipping sector.

He pointed out that Dubai and the UAE are now an influential force on the global maritime insurance map. Total marine insurance premiums in the UAE insurance market reached Dh1.1 billion ($299.48 million) in 2017, up by 10 per cent compared to 2016. During the same period, the country saw a 3.5 per cent increase in in total property and liability insurance premiums.

Meftah added: “National companies are a major contributor to the development of the local marine insurance sector, taking a 71 per cent market share in 2017 while 29 per cent was occupied by foreign insurance subsidiaries.”

“The growth of the marine insurance reflects the success of the national polices supporting the overall development of the maritime industry, an important sector in the emirate’s economic diversification and post-oil strategies,” he added.

Meftah continued: “Dubai and the UAE are world leaders in marine insurance industry, which is critical to the maritime sector’s competitiveness and attractiveness. Due in part to its robust marine insurance sector and the support of its wise leaders, Dubai won the Category B membership of the International Maritime Organization (IMO).”

“Public and private institutions are collaborating closely together to build an integrated maritime community, taking advantage of its competitive elements such as an advanced infrastructure, legislative and logistics systems and strategic location linking East and West,” he said.

“Today's urgent need for developed marine insurance policies is growing amid the rising confidence of the international maritime community in the UAE. The country now hosts 20 international ports, many of which are among the top 10 ports worldwide in terms of advanced transport and shipping infrastructure,” he added.

“The DMCA is fully committed to continue to share its successful experiences with the world in the hope of strengthening local and international partnerships with the government and private sectors. We will continuously strive to find new and innovative ways to promote marine insurance, in line with our aspirations to build a safe, renewable and sustainable maritime sector that supports the overall development process of Dubai,” he concluded. – TradeArabia News Service