MEIR’s 10th Anniversary Summit celebrations saw a resounding endorsement from the market of the constructive role that we have been playing in the region. With that inspiration, we shall persevere with greater determination. As a first step, we have appointed as an Editor for the magazine, Ridwan Abbas who wants to take the magazine to new heights. And with Osama Noor as our Chief Representative in the MENA region, we will get there standing by you through thick and thin no matter how hard the year gets. MEIR is more than a magazine and is your information partner in this risk business.
As we shift gears and look at May, all eyes and thoughts are on the 31st GAIF Conference, the single biggest biennial event in the region in Beirut. This GAIF Conference has been quite a cliff hanger, yet we are here believing that the show must go on. The GAIF Conference is a huge affair and people plan months, if not years ahead, and everyone is coming to the party in spirit if not in flesh. And the Lebanese contingent will know how to throw a real party, bearing in mind that the last GAIF Conference in Beirut was a good 12 years ago.
So go to Beirut in the spirit of business and regional commitment to the cause of the Arab insurance industry. At press time, the number of delegates registered was a startling 1,200 despite the various whispers about the conference having to be postponed or moved to another venue.
But we are all set to meet there to take stock of the future challenges of Arab insurers and reinsurers, bearing in mind the current tough economic, social and political climate of the region. There is also a greater sense of seriousness and urgency this time round, with topics addressing oil and gas, digitisation, reconstruction of the region and transformation of the insurance markets.
As part of the preparations, our Cover Story is on GAIF and its attempts to forge an Arab insurance society, as well as tracing its General Conferences over the past six years.
And to salute the host, our Country Profile is on Lebanon where the insurance sector is still resilient despite the dark clouds and where the regulator is making best efforts to better organise the sector. Opportunities abound with the life sector becoming more important, holding almost a third of the insurance pie.
Our news and coverage for the month show that there is a growing greater sense of seriousness in the region. At the Anniversary Summit, keynote speaker Omer Elamin of Orient Group challenged insurers to review their strategies and decide if they want to be risk carriers or be just risk traders. There was also recurrent soul-searching to get to the bottom of underwriting for technical results, with no reprieve from the investment markets, and stress on risk management to cope with the known and unknown dangers. More serious players are entering the market, though the fear of excess capacity forcing rates down and exacerbating competition remains real. But in such hard times, seeking the holy grail of profit must continue relentlessly.
In that same vein to get the most, I invite you to take part in the 3rd Middle East Insurance Industry Awards to recognise and salute excellence. Send in your nominations now. In hard times, the stars must shine brighter.
I wish you the very best for May and GAIF, knowing that things will get better.
Sivam Subramaniam
Editor-in-Chief
Middle East Insurance Review