Representing His Majesty, the Governor of the Central Bank inaugurates the 35th General Conference of the Arab General Insurance Union

GAIF 35 gathers 2,155 participants from 48 countries at the Dead Sea under the slogan "Insurance: Back to Basics"

Abu Zeid: Arab insurance premiums reach about $70 billion, with an ambition to raise their ratio to the national product to 3%

Semirat: We look forward to sustainable partnerships and practical solutions that enhance cooperation between Arab insurance markets

Al-Busaidi: Enhancing financial solvency and developing personnel is a necessity to face risks and protect policyholders' rights

Al-Kalloub: Jordan's presidency of the Arab General Insurance Union is a responsibility to enhance joint action

Representing His Majesty King Abdullah II Ibn Al Hussein, the Governor of the Central Bank of Jordan, Dr. Adel Al-Sharkas, inaugurated on Monday, October 5, 2026, the proceedings of the 35th General Conference of the Arab General Insurance Union (GAIF 35) at the King Hussein Bin Talal Convention Center at the Dead Sea, with the participation of 2,155 people from 48 Arab and foreign countries.

The conference is organized by the Arab General Insurance Union and the Jordan Insurance Federation from October 4 to 7 under the slogan "Insurance: Back to Basics", bringing together leaders of insurance and reinsurance companies, representatives of regulatory authorities and professional institutions, as well as experts and specialists from Arab and international markets.

The conference proceedings focus on enhancing cooperation among insurance markets, discussing technical transformations and escalating risks, and developing professional practices in a manner that protects the rights of the insured and supports companies' ability to meet their obligations and sustain their businesses.

Al-Sharkas emphasized that the high Royal patronage of the conference reflects the importance Jordan attaches to the insurance sector and its pivotal role in supporting economic activity, enhancing financial stability, and providing protection for individuals and institutions, noting the conference's standing as a platform for dialogue and the exchange of expertise and visions regarding the future of the industry.

He stated that digital transformation, artificial intelligence, the changing nature of risks, and the needs of the insured compel the sector to develop its tools, practices, and business models, while adhering to trust, the protection of rights, solvency, governance, and sound management of assets and investments, so as to balance innovation with established professional principles.

He pointed out that total global insurance premiums reached about $8 trillion in 2025, explaining that insurance has become an important part of the economic stability system, supporting investment and the ability of economies to face shocks and recover from their impacts.

On the domestic front, Al-Sharkas explained that the Economic Modernization Vision 2023–2033 gave clear importance to the insurance sector within a deeper and more efficient financial system, and charted a path to strengthen its financial base, develop its services, and restructure it, ultimately leading to a strong and sustainable industry, noting a 6% growth in insurance premiums in the Kingdom during 2025.

He indicated that the Central Bank, since assuming regulatory and supervisory duties over the sector in 2021, has been working on developing legislation and regulatory frameworks, addressing obstacles, and building more robust insurance entities, alongside enhancing governance, investing in human resources, and providing more innovative insurance solutions.

He stated that the enactment of the Insurance Contracts Law for 2026 constitutes a qualitative step in developing the sector's legislative framework by establishing a clear legal reference that regulates contracts and defines the rights and obligations of their parties in a clearer and more balanced manner, thereby enhancing confidence in the sector and its attractiveness for investment.

He added that the Central Bank is working to develop the regulatory environment to keep pace with digital transformation, including setting regulatory requirements for licensing electronic insurance platforms and developing the legal framework for conducting insurance business via electronic means, emphasizing the necessity of utilizing technology in a responsible manner governed by fairness, transparency, and the protection of rights.

He also emphasized the importance of the role of the insurance broker as a liaison between companies and the insured by providing professional advice, clarifying options, and assisting in choosing appropriate solutions, thereby enhancing customer protection and confidence in the sector.

The Secretary-General of the Arab General Insurance Union, Shakeeb Abu Zeid, stated that insurance premiums in Arab markets reached about $70 billion in 2025, equivalent to 1.7% of the Arab national product, compared to a global average of 7%, emphasizing the importance of developing markets and companies and increasing insurance penetration to reach an Arab average of 3%.

He explained that the value of Arab premiums is an estimate, given the lack of statistics from some markets and the impact of political conditions on others, which explains the use of an approximate figure for the volume of premiums.

He explained that some markets have exceeded this percentage or come close to it, while other markets remain far from it due to reasons related to the size of their economies or the repercussions of geopolitical situations, which calls for enhanced efforts to expand insurance protection and increase the sector's contribution to Arab economies.

Abu Zeid indicated that the choice of the conference slogan is linked to the need to enshrine utmost good faith, transparency, and the technical foundations of insurance, and to ensure the payment of due compensation in a way that safeguards the rights of the insured and protects the interests of all parties to the insurance relationship.

He pointed out the escalating risks of natural disasters, epidemics, chronic diseases, and aging, alongside cyberattacks and challenges associated with artificial intelligence, including personal data protection and deepfakes of accidents, particularly in motor and health insurance.

He emphasized that utilizing digitalization and artificial intelligence to improve customer satisfaction requires clarity in all stages of the insurance process, starting from product presentation and advertisements, all the way to explaining coverage terms, exclusions, and claims settlement, warning against lowering prices at the expense of technical foundations and delaying due compensations, due to the impact of such practices on customer trust and company reputation.

He also expressed his solidarity with the Palestinian people and Arab peoples affected by crises, looking forward to the restoration of peace and stability, and thanking Jordan, the organizing entities, and partners for supporting the convening of the conference.

For his part, the Chairman of the Higher Organizing Committee of the conference and Chairman of the Board of Directors of the Jordan Insurance Federation, Eng. Majid Semirat, emphasized that the high Royal patronage represents support for the path of the insurance sector and an affirmation of its role in serving the national economy and enhancing stability and development.

He said that Jordan's hosting of this Arab and international gathering is a source of pride and honor, and an opportunity to pool expertise and exchange visions on the future of the industry, and that choosing the Kingdom as a gathering place for participants represents a message of trust, affection, and appreciation, welcoming guests among their families in a country of security and safety and the home of the Hashemites.

Semirat explained that the slogan "Back to Basics" means moving forward toward the future with steadfastness, adhering to the foundations upon which the insurance industry was built, foremost among them being good faith, trust, transparency, responsibility, the protection of the rights of the insured, and sound risk management, in parallel with innovation and keeping pace with rapid transformations.

He stressed that the future of Arab insurance requires further cooperation and integration, investment in knowledge and competencies, and the development of legislation and products, expressing his hope that the conference proceedings will yield sustainable partnerships, applicable solutions, and initiatives that serve the sector.

He noted that preparations for the conference lasted more than a year and a half through the efforts of the Jordan Insurance Federation teams led by its CEO, Dr. Moayyad Al-Kalloub, and in coordination with the Arab General Insurance Union, thanking the Central Bank, companies, brokers, consultants, actuaries, partners, sponsors, and media outlets for their contributions to the success of the hosting.

In turn, the President of the Arab General Insurance Union and Chairman of the Board of Directors of the Omani Insurance Association, Nasser bin Salem Al-Busaidi, emphasized the importance of the conference as a platform for dialogue, expertise exchange, and coordination among Arab markets, especially in light of geopolitical turmoil and its impact on the business of insurance companies.

Al-Busaidi stressed the necessity of training national personnel and empowering them to keep pace with technological development, and developing products and services to deal with climate change, natural disasters, and emerging risks.

He also emphasized the importance of maintaining the financial solvency of companies and enhancing their technical provisions to ensure fulfillment of their obligations toward policyholders, and linking innovation and digital transformation with the professional and technical foundations upon which the industry is based, looking forward to practical outcomes that enhance the sector's ability to protect economies and societies.

The opening ceremony witnessed the handover ceremony of the presidency of the Union from the Sultanate of Oman to the Hashemite Kingdom of Jordan, between Al-Busaidi and Semirat, with the participation of Dr. Moayyad Al-Kalloub in presenting the ceremony, and the screening of a film depicting the transfer of the insurance torch and the continuation of cooperation among Arab markets.

During the handover ceremony, the CEO of the Jordan Insurance Federation, Dr. Moayyad Al-Kalloub, emphasized that the transition of the presidency of the Board of the Arab General Insurance Union from the Sultanate of Oman to Jordan represents a responsibility to serve the Arab insurance industry, expressing his confidence in the ability of Eng. Majid Semirat to make a qualitative addition during his tenure of this responsibility.

Al-Kalloub expressed his appreciation for the efforts of Nasser bin Salem Al-Busaidi and the Omani market, emphasizing the keenness to build upon the achievements of the Union, including the Orange Card and agreements between Arab countries, and to develop cooperation in a manner that enhances the sustainability of joint Arab insurance work.

He also praised the efforts of the former chairmen and board members and the employees of the Jordan Insurance Federation, emphasizing that institutional work is an extension of the efforts and contributions achieved.

The Higher Organizing Committee of the conference honored Dr. Adel Al-Sharkas, and also honored Al-Busaidi in appreciation of his efforts over the past two years. It also honored the legacy of the late Mohammed Mazhar Hamada, one of the most prominent figures in the Arab insurance industry. His son, Zaid Mohammed Mazhar Hamada, received the honorary shield in recognition of his father's professional contributions spanning more than 5 decades, and his role in the work of the motor insurance committee, the Arab General Bureau, and the Orange Card.

Representatives of the Arab insurance markets joined hands, signaling the launch of the conference proceedings, in a scene that expressed cooperation and joint action. The ceremony included the screening of an introductory film about Jordan and the conference, along with a sand art performance presented by Omani artist Shaima Al-Mughairi.

The scientific program includes 5 sessions addressing the basic principles of insurance and digital transformation, emerging risk modeling and underwriting, parametric insurance to cope with disaster risks, applications of actuarial expertise in artificial intelligence and machine learning, and institutional resilience and leadership in facing cross-border risks.

The program also includes the General Assembly meeting of the General Arab Insurance Federation, announcing the formation of the Federation Council to complete the 2026–2028 term, reviewing the Secretary-General's report, resolutions, and recommendations, alongside business meetings and bilateral encounters, with the location and date of the 36th session to be announced at the conclusion of the conference.