Abu Dhabi reinsurance platform RIQ and Swiss Re have teamed up to boost the emirate's position in the global insurance industry.
The companies will develop a globally-connected reinsurance platform in Abu Dhabi, powered by RIQ's platform that integrates artificial intelligence and advanced analytics to improve insurance services, RIQ said.
The partnership aims to boost client services such as underwriting accuracy, capacity deployment and investment management.
The agreement was signed at Abu Dhabi Finance Week by RIQ chief executive Mark Wilson and Swiss Re group chief executive Andreas Berger, in the presence of Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and chairman of RIQ.
“AI is one of the major global trends driving economic transformation. It is a key engine for enhancing the efficiency, resilience and adaptability of global systems,” Dr Al Jaber said.
The deal with Swiss Re “will help support sustainable economic growth and reinforce Abu Dhabi’s position as a leading global centre for advanced and innovative solutions in risk management and reinsurance”, he added.
The partnership aims to deepen Zurich-based Swiss Re’s engagement in the UAE.
“By combining our joint capabilities with the region's strong innovation drive and vibrant insurance market, we can explore novel risk-transfer instruments, creating new ways to support our clients through peak risks,” Andreas Berger, group chief executive of Swiss Re, said.
RIQ was launched in May this year by Abu Dhabi conglomerate IHC in partnership with the world's biggest asset manager BlackRock and alternative investment management company Lunate as a $1 billion reinsurance company.
It will be based in ADGM and will offer a full suite of reinsurance solutions.
In September, Abu Dhabi energy company Adnoc also signed an agreement with RIQ aiming for an allocation of over $500 million in risk coverage within the coming decade.
