We end the year with yet another bumper issue looking at the greater opportunities in the market as well as saluting the winners on the ground, the brave souls who add scope, depth, and verve to the insurance industry’s march to greater relevance to business and society.

 

   With the renewal fever on high alert in a region awash with fresh capacity and exciting old-newcomers, the first-ever Dubai Rendezvous to underpin Dubai’s hub status and get cedants and reinsurers to exploit the benefits of the hub was indeed a success. With about 140 serious delegates, the stress was on staying relevant and profitable with risk management disciplines integrated to embrace price and profitability – not just a pipe dream, but a dictate of reality.

 

   The Middle East Insurance Awards Gala Dinner, attended by 450 dignitaries and guests in the region, was “truly outstanding”, many said and I believe them with pride and joy. The shining stars of the night, the 16 winners, were urged to be more than just a “one-night glory” and to stand tall for a whole year as winners contributing to the market. The Lifetime Achievement Winner Mr Abdul Khaliq R Khalil, GAIF Secretary General, was hailed as a devoted insurance leader whose dedication to the Arab cause is legendary. What strikes me is that although the number of entries had risen by 28% to 280, there were five repeat winners at the Awards, with winners comprising a good mix of local and international players. There is consistency in the defined and transparent criteria and the way the 26 members of the eminent judging panel think. But it also means that the competition is fair and wide open, and will inspire players in the market to take up the challenge to win! 

 

   Going back to business: in these uncertain times with news headlines dominated by ISIS, the geo-political crisis and terror attacks, the risk game is getting riskier. And insurers and reinsurers are sometimes at sea. Hence, we bring a special emphasis this Christmas to the mantra of technical pricing especially in motor and health, the two biggies in the domestic markets in the region. 

 

   In that vein, our Cover Story looks at being social and keeping up with the evolving digital landscape and the secrets of success in distribution, without which insurance cannot survive. 

 

   Life is still seen as a low-demand item on the shopping list. Swiss Re’s sigma figures show that life insurance at US$6.3 billion only accounts for a low 16.2% of the total premium pie in 2014. We bring you a special upbeat roundtable with some of the life leaders in the region, where we unravel the secrets on how to get life buzzing and the real roots of life and what will nourish it. It’s about consciously making life vivacious to open sesame. Its time is coming. 

 

   Staying positive, our Country Profile is on the post-sanctions Iran where there is already a flurry of pre-activities to be right and ready to tap the rewards. But we warned that Iran has changed a lot during the past few years and one needs to get a better grip on the new market dynamics there. They are opening the doors to foreign players. Our Takaful market profile is on Nigeria whose huge potential touts for itself.

 

   In December, let’s get cracking to make sure we end the year with a Big Bang, especially in meeting the targets we have so joyously and conscientiously set for ourselves in business, work and in life. Do the ticks and add those un-ticked to next year’s list. You must never give up. You can only keep trying. But have that list and you will never be overwhelmed.

 

   Lastly, in December it is always nice to get ready for the Christmas spirit of sharing and giving. And I take this opportunity to wish all our Christian readers a very Merry Christmas. 

 

 

Editor-in-Chief,