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Posted On: 10 October 2016 06:46 am
Updated On: 12 November 2020 01:57 pm

The 49th annual International Association of Engineering Insurers concluded

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The 49th annual International Association of Engineering Insurers (IMIA) conference has conducted its meetings on Wednesday 5 October after discussing many related insurance topics of infrastructure, modeling of natural catastrophes, and economical fluctuation of the global markets.
The conference was opened on the 3rd of October under the patronage and in the presence of His Excellency Sheikh Abdulla Bin Saoud Al-Thani Governor of Qatar Central Bank, with the participation of more than 110 delegates and guests from more than 30 Countries representing the top worldwide experts in the Engineering Insurance.
The 49th IMIA conference was Held for the first time in Qatar and GCC by International Association of Engineering Insurers in collaboration with the Qatar General Insurance & Reinsurance Company under the patronage of Qatar Central Bank, at Kempenski Marsa Malaz at the Pearl Qatar.
Commenting on holding the conference in Qatar for the first time, Mr. Oscar Treceno Chairman of IMIA, Head of engineering by Helvetia Insurance Said:”The legendary sense of hospitality from our Qatari friends was clearly evident and made a major contribution to the success of the conference. Qatar has already achieved remarkable progress and is in the process of undertaking major projects including its rail system and a number of world class sports stadiums. To successfully complete these will require engineering risks to be carefully managed; this conference demonstrates the interest being paid to this area by the local insurance industry.”
Delegates of the conference praised Qatar for the stability of economy and the insurance system it has set, considering it as “positive exception” due to the investment in developments as stated in Qatar vision 2030

the experts discussed the current situation of the real estate projects in light of the difficult financing solutions. Although the entire world is suffering recession and investment in infrastructure is reducing, some countries have often compensated for a slowdown of the private economy by investing in large infrastructure, this is more difficult now as other states are struggling to finance it.

In the Cyber risk field, the experts stated that there is exposure of such risk in the industrial operating system and will surely become more significant. IMIA's working group paper on this subject gave some guidance and good solutions to the problem. The approach recommended for underwriters is Like it (price it), leave it (exclude it) change it (limit it).

The conference heard about modeling of natural catastrophes in engineering insurance which have the potential to disrupt the worldwide market and which are becoming more frequent due to climate change. As a conclusion, the delegates agreed on new topics to be tackled at our annual conference 2017.
The International Association of Engineering Insurers (IMIA) comprises a network of engineering insurance experts from around the world, who share their experience and knowledge, and together investigate critical and emerging issues relevant to the Engineering Insurance sector.