There seems to be action everywhere with everyone seemingly hitting the innovation button fast and furiously. Maybe by GAIF in June in Tunisia, there will be a burst of apps and real innovation beyond talk, and gadgets to show that insurers are actually changing the way of doing business.

 

   But April’s centrepiece has always been takaful with the World Takaful Conference now in its 12th annual run, as old as Middle East Insurance Review is. Takaful has seen its heyday when most insurers big or small, local or international were getting into the act, buoyed by the greater attention paid to Islamic finance as well. Now takaful seems to have simmered and matured in its own way. Despite the growing caucus of naysayers and doubters, the existing operators are showing their resilience and looking ahead to a future of sustainable growth and profit. The big question still is the role of retakaful, a model which now seems to be not viable as seen by the number of retakaful players who have quietly exited. In each market, it is the presence of reinsurers with their big capital vying to be the partners of the direct players who add to the dramatic growth and stature of the primary industry. So retakaful players quietening down has also affected the public perception of dynamism in the takaful sector. So the knights in shining armor are still keenly awaited. But do read what our parade of takaful operators are doing in the UAE to make heads turn.

 

   Our Country Profile this month is on Dubai where, with the regulator raising the bar, standards have improved as has the quality of business written they say. But can this translate to a long-term sustainability? The reinsurers are also out there in full force.

 

   We have several features this month, on insuring new risks for green buildings and coping with extreme weather with better modelling. We zero in on the draw of triggering parametrics to close protection gap. But the challenge is to design that product which will speak to all.

 

   It is April and we take great pride and joy to launch our 5th Middle East Insurance Industry Awards (MIIA) to recognise and salute excellence in the market. This is our primary CSR to the industry to encourage players to embrace higher standards and promote greater professionalism. 

 

   This year, to get the industry to think of giving back, we have added the “Corporate Social Responsibility Award” for the company that does good for society. And in line with the digital buzz, we are also including an award for the “Digital Insurance Company of the Year”. 

 

   So do send in your entries as an Award such as this, with an open and transparent process and clearly defined criteria served by a panel of eminent leaders in the market, is real and prestigious. I salute excellence always. 

 

   I wish you the very best to fit in all the pieces of April to make this a great year for you.