LONDON, 15 May 2008 – Aon’s Women’s Insurance Network (WIN) is hosting a London visit from the Dubai Women’s Business College to exchange knowledge in today’s global insurance market. The visitors will be advising on how the UK industry can take advantage of growth opportunities in Islamic insurance, while learning about the FSA, broking in the London market and differing employment practices in the UK.

The role of women in the Dubai insurance market, comprising of major international players such as Aon and RSA, has changed dramatically over the last ten years to the point that men and women now routinely work together. This has been driven by Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai. The Advanced Diploma in Insurance Services and Management at the Dubai Women’s College is designed to further support the recruitment and development of UAE nationals into the industry.

Diane Jenkins, technical director at Aon and deputy chairperson of WIN, commented: “WIN is not only about promoting diversity in Aon but supporting the careers of women in insurance across the world.  By hosting the visit, we’re learning more from an established Takaful market on how the global insurance industry can take advantage of new opportunities both in the Middle East and also at home in the UK.  It’s also bringing an insight into different working cultures as we meet the next generation of female talent in the industry.”

Forecasts estimate an annual global growth of up to 20% for Islamic or Takaful insurance over the next five years. Spending on insurance is about 1% of GDP in the Middle East, compared with about 9% in Europe and the US, but this is beginning to increase through compulsory motor third party liability and health schemes for both ex-patriots and nationals in the UAE.

Dubai student Naeima Ali, said: “As affluence increases, so must the recognition that insurance is a part of protecting that wealth. To capitalise on these opportunities, the biggest challenge is overcoming misconceptions about the insurance industry and its ethical investments, while raising customer awareness over the suitability of the Shari-ah compliant policies. This applies both in the Middle East or if targeting the 1.6 million Muslims in the UK.

“Understanding customer needs is crucial. Even policy wordings being in English and Arabic is a must for international brokers and underwriters looking to pursue new business in the Middle East. Despite English being the accepted business language, the UAE wants to ensure that the Arabic heritage and language does not disappear.”

Other challenges in the delivery of Takaful insurance, include:
• the lack of Shari’a compliant reinsurance solutions
• technical ability in the insurance industry
• recognition of cultural differences between Muslims
• FSA compliance.

Ends
PICTURED: Host Diane Jenkins, technical director at Aon and deputy chairperson of WIN (L), with visitors from the Dubai Women's College

For more information contact:
Alexandra Lewis
020 7882 0541
Alexandra.lewis@aon.co.uk

About Aon
Aon Corporation (NYSE:AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting. Through its 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was named the world’s “best broker” by Euromoney magazine’s 2008 Insurance Survey. Aon also was ranked by A.M. Best as the number one global insurance brokerage in 2007 based on brokerage revenues, and voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 by the readers of Business Insurance. For more information on Aon, log onto www.aon.com.