Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Apr 2021

Contents

April-Home
Editor's Message
Magazine article aboutData-scientists-all-the-way-down

Data scientists all the way down

Insurance – general
Magazine article aboutConstruction-claims-and-their-challenges

Construction claims and their challenges

Post-pandemic recovery may improve opportunities for trade credit insurers

Hope raises prospects for insurance sector

View from India

India could get a government actuarial department

Reinsurance
Magazine article aboutIs-there-room-for-a-new-regional-reinsurer-

Is there room for a new regional reinsurer?

Market Profile
Magazine article aboutDrawing-a-new-regulatory-roadmap

UAE

Drawing a new regulatory roadmap

A modern international regulator

Market shows resilience

Robust performance of life and health

A focus on quality

Charting a sustainable path forward

A new phase in the cycle

Pursuing the gold standard in employee benefits

ESG
Magazine article aboutThe-green-economy-transition

The green economy transition

Climate change
Magazine article aboutSetting-the-stage-for-a-regional-pioneer-in-climate-risk-insurance

Setting the stage for a regional pioneer in climate risk insurance

2020 climate review: Global temperatures and ENSO

Risk management
Magazine article aboutResilience-in-the-new-age-of-risk

Resilience in the new age of risk

Insuring oil and gas refineries: The insured's perspective

News

MENA

Bahrain: 4 listed insurers see 17% surge in combined profit in 2020

Bahrain: gig-Bahrain joins BIBF's corporate sponsorship project

Egypt: Insurers' combined net profit jumps by 25% in 2020

Jordan: COVID-19 causes 3.5% drop in total premiums in 2020

Jordan: Mandatory motor insurance system covers all accidents except for criminal or deliberate acts

Kuwait: New stricter regulations could accelerate insurance M&A

Kuwait: Reinsurer posts 11% rise in net profit in 2020

Lebanon: Non-life premiums grow marginally in 2020 despite economic and political ills

Oman: CMA launches electronic licensing system for health insurance TPAs

Qatar: Oman Re grows with new branch at QFC

Saudi Arabia: Health insurance council offers incentive to encourage mergers among insurers

UAE: DIFC records 20% growth in annual registrations in 2020

UAE: Belt-tightening drivers shun comprehensive motor insurance

Global

Brokers adapted well to COVID-19's forced digital transformation

COVID-19 vaccine-related phishing attacks up by 26%

Insurers should increase number of CAT risk models to boost insurability

UK: Barriers for insurance professionals to help vulnerable clients

Takaful

Malaysia: Takaful operators less affected by COVID-19 than conventional insurers

Saudi Arabia: Health insurer posts 15.5% increase in net profit before zakat of $220m in 2020

UAE: Watania posts 40% surge in net profit for 2020

UAE: SALAMA's audited net profit jumps by 160% in 2020 to over $42m

Product Bites

Product Bites

Diary
People on the move

People on the move

Market Profile

UAE

Drawing a new regulatory roadmap

The long-anticipated merger of the UAE’s insurance regulator with its central bank finally came to pass at the end of January – delivering a single cohesive level of financial oversight that hints at the growing monetary sophistication of the nation.
 

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A modern international regulator

Part of the genius of modern Dubai was the decision to launch the DIFC and so create a new financial services hub for the region. Regulating the insurance sector activity of entities based in the centre falls to the DFSA. We spoke to its chief executive Bryan Stirewalt about regulatory developments for the industry.
 

Market shows resilience

The UAE insurance market continued to achieve an overall increase in profitability and premium growth in 2020 despite the pressures from lower oil prices and the COVID-19 pandemic.
 

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Robust performance of life and health

COVID-19 has impacted the performance of medical books in the UAE positively while increased capacity and possible large rate reductions for life insurance mean that the year ahead is going to be an interesting one. We spoke to ADNIC’s Mr Charalampos Mylonas to see how the market looks on the ground.
 

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A focus on quality

A company's financial solidity, its solvency, its focus on delighting customers and the quality of reinsurers it partners with are all critical factors influencing the client in choosing their preferred insurer, says Oman Insurance Company CEO Jean-Louis Laurent Josi.
 

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Charting a sustainable path forward

Against the backdrop of the ongoing COVID-19 pandemic, the UAE takaful market will have to respond and adapt effectively to changes in demand, competition, regulations and technology in order to thrive in an increasingly complex operating environment.
 

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A new phase in the cycle

The pandemic has contributed to the hardening of the reinsurance market in the region. The upswing in the market cycle is a healthy development for providers – both direct and reinsurers – yet it changes the rules of the game at a time of economic stress.
 

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Pursuing the gold standard in employee benefits

With a mission to make world-class employee experiences accessible to every SME, Bayzat CEO Talal Bayaa says the company will continue to invest in its two-step value proposition by helping HR teams save time on administrative tasks across the employee benefits space, while giving employees a better experience.
 

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