DMCA Underscores Role of Maritime Insurance Segment in Move to Increase Competitiveness and Attractiveness of Dubai’s Maritime Sector
The Dubai Maritime City Authority (DMCA) has emphasized a new Dubai’s pioneering experience in maritime insurance as it shed light on some of the major local insurance services designed to ensure safe navigation, support maritime operational efficiency and security, and help transform the emirate into one of the best maritime capitals in the world.
Hamed Hassan, Director for Registration and Licensing, DMCA said, “A comprehensive insurance coverage is one of the major pillars of the growth and sustainability of a maritime sector. We are keen towards adopting an integrated portfolio of insurance services that have been developed to meet the needs of the maritime sector, investors, owners and operators of international ships—ensuring their protection and coverage in case of an accident or an emergency situation.”
Hassan added, “We are very interested in marine insurance services, especially that it represents a strong boost to our efforts to enhance the competitiveness and sophistication of the local maritime cluster on a global level and serves the national direction towards economic diversification. We look forward towards attracting more marine investments and taking advantage of the benefits that Dubai offers as the emirate is recognized as one of the world’s most attractive marine destinations. The move is in line with Dubai Plan 2021 and its plan to transform the emirate into a major hub for the global economy.”
As an example, several local insurance companies provide a range of comprehensive and high-valued services for private and commercial pleasure crafts. These services range from Marine Hull Yacht Insurance to Third Party Legal Liability Insurance, that also cover both crew and passengers.
The DMCA has been at the forefront of promoting excellence and quality across key maritime indicators, including maritime insurance, that form part of a robust, inclusive, attractive and sustainable maritime environment, the ongoing efforts of the Maritime Authority contribute to enhancing the contribution of the maritime sector to the GDP of the Emirate of Dubai.
Source: Dubai Maritime City Authority (DMCA)