Abu Dhabi (dpa) - The insurance sector in the Arab countries has grown in recent years, coinciding with developments in the economies of the Arab region, as the total value of the insurance market in the Arab countries exceeded $40.9 billion in 2021, a growth of 1.8% compared to 2020.

Today, Thursday, the Emirates News Agency (WAM) quoted Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, as saying, in his speech yesterday during the opening of the fifth high-level “remote” meeting of the insurance supervisory bodies in the Arab countries on “green and sustainable insurance.” In light of the risks of climate change and the repercussions of the post-Covid 19 pandemic, the volume of global insurance market premiums exceeds $4 trillion, with assets under management exceeding $24 trillion in 2021.

He pointed out that insurance premiums represent 6.3% of global GDP, with a large discrepancy between developing countries and developed economies, and the multiplier effect of claims payments in a multi-sectoral economy, where the indirect impact of insurance can extend to about 10% of global GDP.

Al-Hamidi stressed that the Arab region has great potential to increase the contribution of insurance, specifically in the field of sustainable insurance, which contributes to enhancing financial stability and mobilizing and developing savings to finance sustainable development, in addition to what can be achieved in providing protection for individuals and property, especially in light of the digital transformation.

He pointed out the Arab Monetary Fund's keenness to continue its efforts to support the role of the supervisory authorities in applying the principles of green and sustainable insurance in the Arab region, through constructive cooperation and sustainable partnership with regional and international institutions.