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Sep 2018

Contents

September-Home
Editor's Message
Special News

MENA market growth trails behind global rate for the first time in 10 years

Cover Story
Magazine article aboutChasing-growth-with-tenacity

Reinsurance

Chasing growth with tenacity

The InsurTech challenge

Expanding capabilities: Saudi Re

Country Profile
Magazine article aboutA-highly-competitive-market

Oman

A highly competitive market

Takaful outpacing market growth

On the path to success: Oman Re

Feature
Magazine article aboutTalent-matters-in-times-of-change

HR Management

Talent matters in times of change

New approaches to attract, engage and retain

Healthcare

Digital innovations the cure for health insurers

GCC healthcare trends signal a need for change

Marine insurance

Misdeclared dangerous goods: A matter of life and death

Insights
Magazine article aboutAt-the-cutting-edge-of-the-blockchain-insurance-revolution

Technology

At the cutting edge of the blockchain insurance revolution

Harnessing technology for success

Legal Page

Good faith in the UAE - Impact on marine claims

Curtain Raiser
Magazine article aboutCustomer-centricity-is-top-of-the-agenda-at-upcoming-LIMRA-Life-Conference

Customer centricity is top of the agenda at upcoming LIMRA Life Conference

News

MENA

Middle East: Economic growth to improve to 2.4% this year

Middle East: UN body highlights climate change threats

EMEA: Six insurers within the region win LOMA Awards

GCC: Demand for low-skilled migrant workers will stay high in short term - ILO

GCC states expected to break heavy dependence on oil by 2050

GCC: Man-made risks require reinsurers to increase focus on ERM

Algeria: 1Q premiums rose by 8% to $331.5m

Algeria: Farm sector wilts in heatwave with little insurance

Bahrain: First Gulf state to offer real estate insurance bonds

Egypt: Committee formed to promote microinsurance

Egypt: Private insurance funds see stable performance last year

Iran: US sanctions seen barring Lloyd's IT platform for Iranian trade

Iran: Regulator reveals risk retention and inward reinsurance capacity of insurers

Jordan: Profits of 21 insurers surged 332% to $13.5m in 1H

Jordan: Govt to unify health insurance funds

Kuwait: Minor accident settlement law saves time

Kuwait: Ahlia National gets licence for general business

Lebanon: 100% universal health insurance will take several more decades

Morocco: Insurers deemed vulnerable to bank failures

Oman: Insured losses from Mekunu exceed $280m

Oman: Mandatory health cover to boost non-life insurance

Oman: Regulator warns drivers against crossing flooded wadis

Palestine: Financial regulator brokers agreement between insurers and hospitals

Tunisia: Amended insurance law likely to be ready this year

Tunisia: 90% of motorbikes are uninsured

Turkey: Premiums up 20.5% to $5bn in 1H

Turkey: Carrier liability insurance made mandatory for freight forwarders

Turkey: Milliman sets up office in Istanbul

UAE: IA plans mandatory liability insurance for engineers & doctors

UAE: Abuse accounts up to 15% of health premiums

UAE: Regulator spells out bancassurance conditions

UAE: Average premiums for top 5 car brands down by 8% in 1H

UAE: Insurance sector has exposure to hard-hit Abraaj Group

UAE: ADNIC's 1H net profit grew 17% to $41m

UAE: Replacement car and personal accident most popular add-on covers in 2Q

UAE: RTA and Dubai Police to start trial run of Traffic Incidents Management Scheme this month

Global

IIS to open offices in Singapore and London

Industry-wide pledge launched to drive greater inclusion at workplaces

Aon: Global insured Nat CAT losses during 1H18 is 40% lower than 10-year average

Qatar Re closes Singapore branch office after just three years

IR4 Conference to ride on the Korean digital wave

Takaful

A.M. Best sweeps up Best Rating Agency for Takaful award for the fourth time

Takaful Rendezvous 2018 goes 'Back to basics'

GCC: Islamic insurance sector to remain profitable in 2018 despite decline in net income

Kenya: New takaful regulations expected to be issued by year end

Malaysia: Govt mulls health takaful for low- and middle-income citizens

Malaysia: IFSB issues the first working paper on takaful

Philippines: Market not yet ready for takaful

Saudi Arabia: Health ministry cancels contract with two large insurers

Saudi Arabia: Health premiums too high for the elderly

UAE: AXA LM acquires majority stake in Emirates Re

Diary
People on the move

People on the move

Feature

HR Management

Talent matters in times of change

With the shifting business landscape and the relentless pace of automation, insurers need to evolve and develop talent at all levels to better position themselves and remain competitive in the digital age.
 

New approaches to attract, engage and retain

The shortage of insurance professionals and the dearth of insurance programmes at tertiary levels are common challenges for HR managers in the Middle East. To overcome these challenges, companies should focus on employee experience, innovative recruitment processes and relevant online training programmes, says Mr Andreas Grammas of Oman Insurance Company (OIC).
 

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Healthcare

Digital innovations the cure for health insurers

The implementation of digital and analytical tools in health insurance should be part of an overall strategy to reduce costs and maintain a competitive edge in the industry, says Mr Ihab Alameh of Munich Re.
 

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GCC healthcare trends signal a need for change

The current health expenditure in the GCC shows an unsustainable trend with high medical inflation, increased utilisation and unhealthy loss ratios. Fortunately, a number of new solutions, such as telehealth, offer more benefits for less, says Mr Sameer Mankani of Health at Hand.
 

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Marine insurance

Misdeclared dangerous goods: A matter of life and death

Catastrophic containership fires caused by the mishandling of dangerous goods can be avoided with greater diligence from all stakeholders, says Mr Julien Horn of TT Club.
 

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