The decision marks the first time the WIF has held the biennial insurance and reinsurance industry event outside Bermuda

The decision to host the World Insurance Forum in Dubai marks the first time that the WIF has held the biennial insurance and reinsurance industry event outside Bermuda. The intension is to further involve new and evolving global markets.

The World Insurance Advisory Board is chaired by Michael Butt, chairman of AXIS Capital Holdings.

Butt said, “I am delighted that we have this opportunity to open doors, build relationships, exchange views, develop mutual opportunities and move forward to help establish the standards of international best practice.”

“Dubai and the Gulf in general are experiencing an increasing demand for insurance products, driven in part by the region's massive investments

His Excellency Dr Omar bin Sulaiman

His Excellency Dr Omar bin Sulaiman, governor of the DIFC, said: “The World Insurance Forum is a very significant event for the insurance industry. Being named as host for 2008 is therefore a great honour for the DIFC. Dubai and the Gulf in general are experiencing an increasing demand for insurance products, driven in part by the region's massive investments in infrastructure spending, its introduction of compulsory health insurance and the rapid growth of Islamic or Takaful insurance offerings. We are sure that the WIF will find Dubai a vibrant and rewarding venue.”

“In 2008 the forum will make it's debut outside Bermuda and we could not have chosen a more strategic venue than Dubai as it successfully positions itself as a 'crossroad city' where 'East meets West' and is beginning to emerge as a powerful regional and global financial centre,” said World Insurance Forum operating committee chairman, Robin Spencer-Arscott.