Amidst the global tensions with ISIS, terrorism, the migrant waves, the economic uncertainties, oil price slumps and investment volatilities, the insurance industry is still plodding along.
As the industry thrives on managing risks, it is perhaps in better shape than most other sectors to face the brewing storm. Some insurers are taking it in their “business as usual” stride, while some are strengthening the core. And the bolder ones are expanding and capitalising on the opportunities. There is still a hive of activities in the region and with the renewals in full swing, everyone is just so busy.
This November, we see the first-ever Dubai Rendezvous pay tribute to the DIFC emerging as the reinsurance hub of the region with its critical mass of players, including Lloyd’s of London with its nine service companies, the set-up of the DIFC Insurance Association and almost US$2 billion in business being placed out of the Centre. Supporting services in the hub are also getting into place for a salute.
With the modest theme of “A brave new world of reinsurance”, the Dubai Rendezvous will bring out the critical essence of doing business through a hub, with the conference being structured like a “Lloyd’s café-like” bilateral networking room. Our fingers are crossed that it will get the market’s vote as the spot for 1 January renewals to complement Multaqa’s July renewals edge.
Rounding off the Rendezvous is the Middle East Insurance Industry Awards, held to recognise and salute excellence. In its second year, the Awards – with its clearly defined and transparent process, co-branding with the DIFC, a panel of 27 distinguished judges and audited by EY – has picked up momentum.
Our Cover Story, on doing business in the DIFC, based on an MEIR roundtable with market leaders, looks at their determination to fight the beast of the persistent soft market to make a difference by walking the talk.
The Country Profile is on the UAE, where much hope is being pinned on the new regulations as a panacea for all ills. There are several brave leaders ready to take action to put the sector on the right track. But the big boys must lead by example to create a healthy and profitable business environment.
In Takaful, the word is that while the regulatory changes are likely to increase the pressure on UAE operators, those which can adapt will have an open sesame season.
Our takaful feature is on healthcare, looking at the various ways to overcome the challenges embedded in the business. On the traditional front, with healthcare growing rapidly due to compulsory insurance, the emphasis is now on aligning business strategies, innovation and technology to the needs of market place, said experts at our 8th Middle East Healthcare Insurance Conference in Dubai.
With October having been a hectic month with several thought leadership events in the region, we bring you a quick wrap on MICC’s 5th anniversary celebrations at the Public Forum, saluting the value of insurance and stressing the need to overcome the key threats to the region; FAIR’s Golden Jubilee and role in reviving inter-regional and international co-operation; Takaful Rendezvous 2015, where the importance of self-checks to get ready for the wonder years of adolescence was heralded; and lastly, the World Risk 2015 Conference in Dubai which zero-ed in on ERM and threats unique to the region.
In November, it is good to remember the very basics that keep the business humming – underwriting for profit – while investment income is just cream on the pie. So stand up and be counted as making profits in your own rights.
I take this opportunity to congratulate the finalists of the 2nd Middle East Insurance Industry Awards for having come this far amid the strong competition. Everyone is a winner in his own right.
Watch this space for the winners, to be announced on 17 November at the Gala Dinner at the Conrad Dubai. Get your seats now to be part of the party saluting excellence.
Sivam Subramaniam
Editor-in-Chief,
Middle East Insurance Review