Leading
insurance figures come to Dubai
Posted: 1 October 2003
“Rebuilding for the Future” seminar considers
the future of the Arab insurance industry insurance costs expected
to decrease in 2004
Leading figures from the world of insurance and risk management
will be meeting at the Middle East Energy Insurance Seminar hosted
by Aon Corporation in Dubai next week.
During the seminar, executives from the UAE and other countries
around the Gulf region will discuss the specialist energy insurance
industry, a sector vital to the UAE’s economy as 33 per cent
of the UAE’s GDP comes from oil-related activities.
The seminar will give an overview of the future of insurance in
the Middle East energy sector and tackle the important issue of
insurance costs and their impact on the profitability of the oil
business in the Arab market. The seminar will also discuss the vital
problem of how companies can find insurance cover for their activities
in the Middle East in the future.
Magne Seljeflot, Chairman of Aon’s Energy Global Practice
Group said: “The good news is that we believe that there is
potential for the cost of insurance for oil companies in the Middle
East to decrease slightly in 2004. However, there are factors that
mitigate against this, including political and social instability.
The seminar aims at gathering experts’ opinion to help the
energy market in the region map its short-term plans as well as
its longer-term strategies.”
Now in its 7th year, the seminar will host seasoned international
insurance professionals who are involved in various areas of the
energy insurance market, to talk about “Rebuilding for the
Future.”
This bi-annual event is the perfect platform which will allow the
insurance industry to share its experiences with local and regional
energy players and discuss with them opportunities and challenges
and what they should be looking for in 2004 and beyond.
Tim Fillingham, Chairman of Aon Energy, added: “In 2003,
energy business has shown and is still showing profit to underwriters.
We hope that this positive trend will continue and that it will
reflect positively both on the energy portfolio and the commercial
market place.”
The keynote speech by Edmund O'Sullivan, Editorial Director of
Middle East Economic Digest (MEED), which was voted as the International
Business Magazine of the Year 2003, will discuss the “Prospects
for the Middle East to 2010.” Tim Fillingham, Chairman of
Aon Limited Energy, will converse about the “Energy Market
- Who Holds the Balance of Power?” The seminar will also give
an overview of developments in the offshore energy market and discuss
the aspirations of the reinsurance market, project finance in the
region and loss adjusting - linking clients to markets.
Other speakers include Kevin Jarman, Chief Executive of Matthews
Daniel Group, Martin Schweighauser, Managing Director and Global
Head of Energy at Swiss Re, Ahmed Saleh Al Noaimi, General Manager
of Finance Aluminium Bahrain BSC, Frank Costa President of AIG Oil
Rig and Jim Tracy, Administrator of the Risk Management Division
at Saudi Aramco.
Over 200 delegates from the major oil, gas and energy companies,
senior underwriters from leading international insurance companies
and locally based insurance companies with energy insurance expertise
are expected to attend the 7th Middle East Energy Insurance Seminar.
For more information see http://www.aon.com.
Posted by Richard Price,
Editor Pipeline Magazine
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