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An initiative that is the first of its kind in the UAE, a roundtable for the maritime insurance sector has been organized with the participation of a wide range of regional maritime insurance companies and government agencies to promote the development of effective strategies for challenges and opportunities in the sector
Dubai – United Arab Emirates: Under the patronage of The Federal Transport Authority for Land and Maritime (FTA), and with the support of the Insurance Authority, Fichte & Co, one of the UAE's leading law firms and legal consultants, successfully launched the “Maritime Insurance Roundtable”. The event took place on December 10th, 2019 at the Ministry of Infrastructure Development in Dubai under the theme of ‘Collaborating to strengthen the UAE marine insurance sector.’
HE Ibrahim Obaid Al Zaabi, Director General of the Insurance Authority, emphasized the importance of organizing the roundtable to develop the maritime sector and enhance maritime insurance activity, as well as support all economic sectors.
He added: “This initiative aligns with the role of the Insurance Authority, which was established under Federal Law No. (6) of 2007, to regulate and supervise the insurance sector, and to strengthen the legislative, legal and regulatory base of the sector in all fields. This includes maritime insurance, which contributes to the development of the insurance market’s performance both locally and globally. It will also support the economic and service sectors, specifically in regards to maritime.”
Al Zaabi went on to underline the remarkable growth achieved by the insurance sector in the UAE in all fields. He pointed out that the total marine insurance premiums amounted to AED 1 billion in 2018, representing 2.9% of total property and liability insurance premiums.
The Director General of the Insurance Authority said that the Authority will follow up the discussions, initiatives and final recommendations of the dialogue forum to enhance the efforts of the Authority in its continued efforts to develop the insurance sector and support maritime insurance. This falls within the framework of its continued keenness to adopt valuable ideas and initiatives, in addition to remain receptive to the views of the public and proposals which will develop the insurance sector in the country from all aspects.
Empowering the competitiveness of the UAE
Eng. Hessa bint Ahmed Al Malek, Executive Director of Maritime Transport Sector at the The Federal Transport Authority for Land and Maritime said: “The maritime sector in the UAE is witnessing an unprecedented boom; Dubai is ranked ninth overall as a global maritime center. This is largely due to the readiness of the country to adapt, innovate and continue to grow. In order to continue achieving these outstanding achievements and further progress, we focus on remaining credible and transparent with our clients. We are confident that this forum will serve as a powerful platform for us maintain world-class standards that meet the expectations of the sector."
Jasmin Fichte, Managing Partner at Fichte & Co said: “The maritime sector is a major part of the global economy and it heavily relies on insurance services. However, with geopolitical fluctuations in the world, the adoption of new standards to protect the environment, the continuous development of technology, and many other factors, the maritime industry is suffering from some disruption. The roundtable was accordingly organized to navigate these issues, because we believe that the industry can not progress without transparency. It is our duty as a law firm working in the UAE to put the interests of our clients as a first priority. The roundtable will also allow us to play the role of mediator between government agencies and private companies, to help the owners and operators of ships, ports and terminals, logistics providers and cargo owners, to flexibly deal with these changes, minimize risks and maximize business opportunities.
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About Fichte & Co. Legal:
Fichte & Co is one of the UAE’s leading law firms which was launched in 2005, with offices in both Dubai and Abu Dhabi. Driven by passion, professionalism, and a team of over 25 dedicated local and international lawyers and counsel, Fichte & Co is a force to be reckoned with and the ‘go-to’ firm for legal advice and business support. Landmark cases include being the first law firm to successfully enforce an International Arbitration Award in the UAE Courts under the NY Convention.
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