The 20th Gulf Insurance Forum concluded in Dubai today with a recommendation to establish a foresight and prediction system to monitor economic, political, and technological changes affecting the insurance sector. A statement noted that the forum, inaugurated by President of the Emirates Insurance Federation and President of the Global Insurance Union, Khalid Mohammed Al-Badi, with the participation of over 250 CEOs and insurance experts from 30 countries and representatives of Arab and foreign insurance federations, stressed the need to update reinsurance legislation to address modern risks such as climate emergencies, pandemics, and cyber-attacks. At the same time, it emphasized the importance of unifying accounting and regulatory standards to facilitate collaboration and attract investment, highlighting the need for clear policies to support innovation, protect data, and enhance operational transparency. Following two days of discussions and workshops, the forum also stressed the need to innovate insurance products that align with global transformations, particularly designing new products to cover emerging risks like natural disasters, climate change, cyber-attacks, and global health risks. In the area of enhancing regional and international cooperation in reinsurance, the forum recommended creating frameworks for cooperation among reinsurance companies in Gulf and other Arab countries to strengthen local capabilities without complete reliance on external sources, and to agree on exchanging expertise, data, and shared risks to mitigate losses and improve crisis response. The forum also highlighted the importance of adopting artificial intelligence, predictive analytics, and the Internet of Things for better risk assessment, improved underwriting, and claims settlement. It called for building strong, unified data systems to facilitate information collection and analysis while ensuring privacy and cybersecurity. In the context of innovative financing mechanisms and capital management, the forum recommended adopting new financing models like green bonds and risk funds, as well as implementing takaful (Islamic insurance), pooled coverages, and ensuring capital adequacy, alongside applying global governance standards to handle unexpected crises. The forum also stressed the importance of expanding insurance coverage to include new societal segments through microinsurance and community health insurance, and using technology to reduce costs and improve access to insurance services in remote and rural areas. In the area of developing Gulf human capital, the forum recommended launching specialized training programs to equip professionals with future-oriented skills like data analysis, risk management, and technical governance. In the realm of awareness-building and fostering an insurance culture, the forum confirmed the need to implement media and educational campaigns to enhance public understanding of insurance and reinsurance, including disaster and cyber-risk insurance, and to involve media and educational institutions to spread awareness of modern insurance concepts and the importance of risk management. Participants in the 20th Gulf Insurance Forum affirmed the need to establish a foresight system to monitor
