Dead Sea:Central Bank of Jordan (CBJ) Governor Dr. Adel Al-Sharkas inaugurated the 35th General Conference of the Arab General Insurance Federation (GAIF) at the King Hussein bin Talal Convention Center. The event, organized by GAIF and the Jordan Insurance Federation (JIF), runs until October 7 and is themed "Back to Principles."
According to Jordan News Agency, Dr. Al-Sharkas emphasized the importance of royal patronage, highlighting Jordan's strategic focus on the insurance sector. He noted the sector's critical role in economic activity, financial stability, and risk management. The conference occurs during a time of significant digital transformation and evolving risks, enhancing the necessity of foundational principles.
Dr. Al-Sharkas pointed out that the insurance industry is central to Jordan's Economic Modernization Vision (2023-2033). In 2025, Jordan's insurance sector saw a 6 percent growth in gross written premiums, reaching approximately 1.2 billion dollars, with total sector assets around 1.8 billion dollars.
He outlined the CBJ's regulatory reform efforts since taking up sector supervision in 2021. These include a roadmap for solvency margins, corporate governance, human capital upgrades, and policyholder rights protection. The Insurance Contracts Law of 2026 enhances legal frameworks for risk-transfer mechanisms like parametric insurance.
Shakeeb Al-Zaidan, Secretary-General of GAIF, warned of escalating risks, including natural disasters, pandemics, and climate change. He emphasized the increasing threat of cyberattacks and the misuse of artificial intelligence, which challenges data privacy and operational security.
Majed Smeirat, Chairman of the Jordan Insurance Federation, and GAIF President Nasser Al-Busaidi highlighted the need for cross-border cooperation, technical expertise sharing, and workforce upskilling. They stressed the importance of capital adequacy, technical provisioning, and adherence to industry principles amid global volatility.