October is going to be a month of celebration and high-profile events for the region. It will be busy but interesting times ahead as our recent roundtables in Dubai revealed that the region’s leaders are taking their roles seriously and lead by example. Watch this space.
Even though the Monte Carlo Rendez-vous is over, with the verdict that there will be more resistance from reinsurers to rate reduction, insurers in the region will continue to enjoy greater attention from global reinsurers seeking diversification, and from regional reinsurers on their home turf. As one player candidly puts it, “in this tough investment and highly volatile market, reinsurance commissions are proving to be the most important class for many”.
And then there is FAIR, celebrating its Golden Jubilee with more than 700 delegates. The FAIR Conference is the only forum where insurers and reinsurers from Asia, Middle East and Africa come together with a focus on increasing business deals, whether through pools or bilateral deals. It is working and there is momentum to keep it going and making it bigger. Everyone who comes to the party must chip in to strengthen FAIR.
As Cairo is host to FAIR, our Country Profile is on Egypt which, despite all the fears and anxieties of change and revolution, is still strong and resilient. The life market is finding its feet ready for a take-off, while takaful is seeing heady growth too.
October is also fifth anniversary of the MENA Insurance CEO Club, launched as the think tank of the region’s insurance market. In its brief five years, the Club has added much thought leadership with its two essay competitions and two surveys on the Future of the MENA Insurance, as well as hosting regional-first events, including political risks and social media conferences, with free invites given. This month, the 5th Anniversary Public Forum, targeted at insurance buyers and risk managers, is aimed at helping them understand the role of insurance in managing risks from A to Z.
October also has our now-entrenched Middle East Healthcare Insurance Conference, where the stress is on innovation for sustainability. Our Health Market Update this month looks at cost control and business development through analytics and investing in good HR managers. October also has the Gulf Insurance Forum on “Insurance and the Future Challenges in the GCC”, zooming in on the role of government in insurance, fraud, takaful, and the rise of civil liability and malpractices.
Takaful is making great strides around the region, with latecomer Oman already reporting a 5% share of market and Egypt, 17%. Our Takaful Market profile is on Malaysia – the pride and joy of the takaful world which is leading the way with double-digit growth expectations, challenges notwithstanding.
This is also the month when the distinguished judges of the 2nd Middle East Insurance Awards come together to select the winners among the 240 contestants in the 15 categories in the bid to recognise and salute excellence. The Awards, supported by the DIFC, is a badge of success given its clearly defined criteria and transparency, with results audited by independent consultants EY. The results will remain a secret until announced at a gala dinner, held in conjunction with the Dubai Rendezvous on 17 November.
As we strive to salute excellence, please accept my wishes to all of you to give of your best to make the market a better place than when you entered it. Be the best you can be, turmoil notwithstanding.
Sivam Subramaniam
Editor-in-Chief,
Middle East Insurance Review