Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Lloyd's CEO discusses 2017 Middle East insurance challenges and opportunities
 

Cyber threats are the most critical and rapidly evolving risk facing business in 2017

Dubai, UAE, March 1, 2017:  Inga Beale, CEO, Lloyd’s, met with H.E Essa Kazim, Governor of the Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM) earlier this week.

The executives discussed 2017 business outlook, new growth opportunities and means to further promote an efficient and effective flow of information to mitigate and build deeper risk insights across the region.

Beale is in the UAE to attend the Dubai World Insurance Congress taking place from 28 February – 1 March, as its keynote speaker.

Addressing decision makers at the Congress, Beale stressed on the role of insurance in driving innovation in the global economy.  “The insurance industry plays a critical role in underpinning economic development and growth. We underwrite human progress: without us driverless cars would be stuck in their charging pods, space rockets would be stationary on the launch pad and new infrastructure would grind to a halt on its rusty tracks,” said Inga Beale, CEO, Lloyd’s. 

However, she warned of the need for the insurance sector to be aware of the rapid digital transformation taking place globally. This fast-paced shift is driving changes to the risk landscape as intangible, digital assets become increasingly vulnerable to new threats like cyber-attacks, which according to Beale, will remain one of the most critical and rapidly evolving risks that businesses face in 2017. 

Lloyd’s underwriters pioneered cyber insurance and have seen a significant increase in demand in recent years. This year 77 syndicates plan to write $1.2bn premium income, a 40% increase from 2016. Lloyd’s currently has around 25% of the global cyber insurance market and is leading the way in ensuring clarity in underwriting and managing these exposures. 

In the Middle East, risk management and mitigation to build resilience for the future has become more critical than ever before. According to Lloyd’s City Risk Index 2015 - 2025, the Middle East will generate $2.4trillion in GDP in the coming decade, but 15% of this economic growth is at risk from 18 threats. Man-made threats such as market crash, sovereign default, terrorism, power outage and cyber-attacks account for $213bn or approximately 58% of GDP at risk.

“The Middle East is a key area of interest for us, and our work to grow our business here is integral to our global market access strategy. Lloyd’s has an expert understanding of the risks across the Middle East and can help protect business across the region. The presence of the Lloyd’s underwriting community in the DIFC allows us to build stronger relationships and deeper risk insights across the region and we are seeing promising business growth as a result of this investment,” Beale commented. 

Lloyd’s, who will soon complete two successful years of operations in the DIFC, established its specialist underwriting platform in Dubai in 2015 to access business from the Middle East and North Africa region. There are currently 11 Lloyd’s syndicate service companies in the DIFC and five coverholders in the Middle East writing specialist reinsurance business from across the region.

Lloyd’s provides tailored reinsurance cover for a diverse range of risks in the Middle East, including: marine and energy, property, construction and engineering, terrorism, political risk and trade credit, casualty, personal accident, professional and financial risks, aviation, and contingency.


Posted by : Dubai PR Network Editorial Team
Viewed 7216 times
PR Category : Banking & Investments
Posted on : Wednesday, March 1, 2017  5:42:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : UAE Banks Federation, Emirati Entrepreneurs Association to h...
Next Story : RAK SME and RAKBANK Sign Agreement for Financing Solutions
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Michael Kors Presents Spring 2018 Jewelry [29018-Views]
Malabar Gold & Diamonds makes historic gain Opens 11 showrooms in a day across 6 countries... [17110-Views]
IKEA Welcomes Children in-store to Spread Love for the Arabic Language as Part of ‘Arabic ... [16629-Views]
Transform Your Lips With Glitter Flip Liquid Lipsticks from Ciaté London [16458-Views]
Max Fashion #ForgetFilters Campaign Celebrates Living for the Moment [16305-Views]
LG Exploring New Commercial Opportunities With Expanding Robot Portfolio [15909-Views]
New Year, New Skin with the Labo Transdermic Anti-Aging Range [15476-Views]
Sports Bras Banishing Bounce by 83% arrive in store [15134-Views]
LG's 2018 Speaker Lineup Wows With Premium Sound, Ease of Use and Now Smart Capabilities [13701-Views]
We Sheet You Not! Foreo Announces End of Face Mask Epidemic [13322-Views]
Transform Your Skin In 2018 with QNET's Revolutionary Elixa Skincare [11883-Views]
Emirates sends off UAE fans on special A380 flight to Kuwait [11456-Views]
Experience the ultimate beauty extravaganza as MyBeautyFest kicks off with the industry's ... [11181-Views]
Golden Bridge Rectangle Diamonds designed to dazzle [10986-Views]
Qabala joins Air Arabia's Azerbaijan network [10730-Views]
Bubble Clown by Matt Barnes [8369-Views]
Michael Kors Presents Spring 2018 Watches [8247-Views]
DS Podium Chronograph Lap Timer – Racing Edition [8046-Views]
Land Rover's 70th Anniversary Begins With Restoration of ‘Missing' Original 4x4 [7564-Views]
Coach presents the Grand Stainless Steel Bracelet Watch Collection [7357-Views]
OMEGA and Pyeongchang 2018 [7314-Views]
Celebrate love with Rado [6887-Views]
Corum Bubble Art For Those Who Appreciate A Work Of Art [6612-Views]
Shimmering Gilda takes on a silvery sheen [6405-Views]
New Year – New Savings now with Al-Futtaim Honda [6277-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories