Despite improvements in profitability, with competition from within and outside, takaful operators face fierce challenges. The cost of complying with new reporting requirements and governance and risk management rules add further pressure. But proving naysayers wrong, the industry is upbeat about clocking growth, though moderately, and remains relevant in the global insurance ecosystem.

Raising the bar

COUNTRY PROFILE - Focus on Dubai

With Dubai’s growth over the past couple of years, insurance is on track to improve its standards and enhance the quality of business written. The regulatory intervention in several areas has actually led to a surge in both top line and...

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New risks for green buildings

FEATURE - Construction & Engineering

Green buildings using new materials, systems and technology present new risks, challenging insurers to respond with appropriate wordings and products, says Mr Ricardo Arroyo of AXA Insurance (Gulf).

All Stories

Editor's Message

Editor's Message
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...

Interviews

Al Ain Ahlia Insurance Co: Capital considerations to be the driver
Both shareholders and policyholders stand to lose in an overcrowded market. Mr Mohammed Mazhar Hamadeh, General Manager of Al Ain Ahlia Insurance Co advocates consolidation for operators to achieve reasonable return on capital.
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Aon Benfield Middle East: Modelling a growth strategy
Aon Benfield Middle East believes in investing in local talent and its growth strategy is based on acting as a local player bringing in multinational skills, says Mr Amr Sartawi, CEO, MENA.
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Interview

HDFC International: Innovation torchbearer
HDFC International Life and Re Company Ltd (HDFC International) prefers to be known as the innovation torchbearer rather than yet another life reinsurer at DIFC. Mr Sameer Yogishwar, CEO, says he wants to go deep into the process of the insurers and...
Cigna scripts a success story
Cigna has come a long way since its acquisition of the Zurich Insurance Middle East general insurer licence. Today, it’s better positioned to leverage the numerous opportunities presented by the healthcare sector in the region, which is...
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Anniversary

Celebrations

Howden celebrates 10 years in the UAE; Big expansion after huge success
Howden, the world’s largest international independent retail broker, continues its major expansion in the Middle East after consolidating its position in a highly competitive market, with its unique offerings and services.
Aon Benfield marks 5th year in DIFC
Aon Benfield Middle East celebrated its fifth anniversary last February at the DIFC with friends and partners from the regional and international insurance industry. A cocktail reception was held at DIFC’s Four Seasons Hotel in Dubai to...

Cover Story

Takaful

Takaful ranks relevant and resilient
Despite improvements in profitability, with competition from within and outside, takaful operators face fierce challenges. The cost of complying with new reporting requirements and governance and risk management rules add further pressure. But...
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Country Profile

Focus on Dubai

Raising the bar
With Dubai’s growth over the past couple of years, insurance is on track to improve its standards and enhance the quality of business written. The regulatory intervention in several areas has actually led to a surge in both top line and...
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Orient Insurance Co: In continued growth mode
The continued success Orient Insurance Co achieved in the previous years consolidates the company’s position as the clear market leader, both in top and bottom lines, leaving other players in the UAE far behind. “We are working hard to...
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Feature

Construction & Engineering

New risks for green buildings
Green buildings using new materials, systems and technology present new risks, challenging insurers to respond with appropriate wordings and products, says Mr Ricardo Arroyo of AXA Insurance (Gulf).

CAT Risks

Modelling weather risks in the Middle East
The Middle East region is prone to flooding from storm surges and heavy rainfall within a short period of time. Having new high-resolution flood modelling solutions coupled with more accurate exposure data will help insurers better manage risks and...
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Triggering parametrics to close protection gap
With its speed and certainty of payout, parametric insurance can cover traditionally uninsurable risks. The main challenge is to design a product that will appeal and be understood by all stakeholders, says Mr Nigel Brook of Clyde & Co.
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Legal Page

New UK Act gives policyholder rights
A new UK Act will give policyholders the right to claim damages in the event of late claims payment. This will have implications for the region as many policies written in the UAE are reinsured in London, says Mr John Barlow of HFW.

Takaful Market Profile

UAE

A good return to profitability
UAE takaful operators ended 2017 on a high note with growth in both top and bottom lines. The regulatory reforms introduced over the past three years, including increasing motor insurance prices and expanding range of mandatory medial insurance,...
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Orient UNB Takaful: Successful first steps
Orient UNB Takaful successfully kicks off activities supported by the strength of its founders’ branding and prudent underwriting strategy, says CEO Syed M Asim from the company’s head office in Dubai.
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Takaful Emarat: Gambit of a MENA game plan
Takaful Emarat’s acquisition of Al Hilal Takaful last year is only a stepping stone towards further expansion in MENA to create a larger regional player within the next three to five years, says Mr Mohammad Al Hawari, Executive Board Member...
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Takaful Feature

Sukuk

Malaysia: Going green with sukuk
Malaysia is wooing investors to finance green sukuk, a Shariah-compliant bond backed by assets and whose proceeds are used to fund environmentally sustainable infrastructure and other “green” projects, says Ms Siti Rohaya Mat Rahim of...
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Personality Profile

Quintessential insurance honcho
Outgoing CEO of Oman Insurance Company (OIC) Christos Adamantiadis, leaves behind a legacy of astute management with customer centricity. He would like to be remembered for bringing more stability, predictability and a better level of...
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News

MENA

Already 300 have signed up for GAIF Biennial Conference in June
BI losses to rise in oil & gas sector
Business-interruption (BI) losses in the oil-and-gas industry are likely to increase over the next decade unless greater attention is paid to how an event could affect supply chains that are more integrated, interdependent, and streamlined, said...
MetLife launches global innovation platform for entrepreneurs and InsurTechs
MetLife has launched “collab 3.0 EMEA”, a global open innovation platform inviting entrepreneurs and InsurTechs to scale their business with MetLife, while solving some of the insurer’s biggest innovation challenges across its...