Survey Finds Business Confidence Levels In The Middle East Region At An All Time High
Posted: 02 May 2005
Levels of business confidence within the Middle East have never been higher according to a recent survey of over 350 delegates from major oil, gas, energy and insurance companies. The delegates were taking part at a Middle East Energy Insurance seminar in Dubai last week, hosted by Aon, one of the world’s leading insurance broking, risk and human capital consulting firms.
With 65% of the delegates believing that business confidence levels in the Middle East region had never been higher, only a fifth of respondents thought that terrorism was the most significant risk management issue. A third of the energy insurance buyers polled now see transparency of their insurance arrangements as their number one risk management issue.
Energy insurance buyers seemed generally content with insurance products in the Middle East market with over 84% agreeing that the industry understands their business needs; 80% agreeing that the industry provides the required protection and coverage; and 75% agreeing that energy insurance represents good value for money.
92% of respondents at the conference agreed that the insurance markets’ appetite for power business will increase as responsibility for managing power risks transfers from governments to private owners. 87% of the conference believed that insurance is key to the success of project finance transactions.
Commenting on the results from the surveys, Latif Al Rayes, Chairman, Aon Middle East said: “With such high levels of confidence in doing business in the Middle East, we are well set for a period of tremendous growth. The role of insurance and risk management has never been as important as it is now in helping to support the massive energy projects currently underway.
”Aon was proud to bring the 8 th Middle East Energy Insurance Seminar to Dubai at such an exciting time and hear the latest views from a host of the leading figures in our industry.”
Posted by Editor Pipeline Magazine
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