Amman, Oct. 7 (Petra) - The 35th General Arab Insurance Federation (GAIF) conference concluded on Wednesday in Jordan.

During the closing session, the participants issued recommendations to modernize the regional industry through artificial intelligence (AI), advanced risk modeling, and expanded parametric coverage.

Held October 4–7, the event drew 2,155 delegates from 48 countries for panel discussions, business sessions, and bilateral networking between insurance and reinsurance leaders.

GAIF Secretary-General Chakib Abu Zaid noted the sector’s dramatic growth, noting that regional insurance premiums rose from under USD4.5 billion in 1989 to nearly USD70 billion today.

While rapid technological advancements like AI offer transformative potential for underwriting, pricing, and claims management, insurers must remain grounded in core technical principles, governance, data protection, and ethical oversight, he pointed out.

The conference recommendations focused on practical steps to address emerging risks, including natural disasters, climate change, and cyber threats: - Technology and AI integration: Leverage AI and modern analytics to better underwriting, pricing, and claims handling while maintaining human expertise and strict data governance.

- Parametric solutions: Explore parametric insurance to complement traditional coverage, particularly for natural disasters, climate impact, and supply chain disruptions.

- Regional data sharing: Create centralized Arab databases to improve risk analysis, loss modeling, and overall market transparency.

- Workforce and market expansion: Invest in specialized training for AI, data analytics, and cyber risk, while promoting financial literacy to drive broader insurance inclusion across the region.

Majed Smairat, Chairman of GAIF and the Jordan Insurance Federation, announced GAIF’s board selected Bahrain to host the 36th conference in 2028, followed by Morocco in 2030.

Essam Ansari, Board Director of Bahrain Insurance Association, welcomed the decision, voicing the country's readiness to host the event.

//Petra// HA