Money won't solve this
General
A path into the future we want
Sustainable mixed agriculture will need new (re)insurance solutions
Digital insurance: Challenges for Middle East regulators
Life & health
Life insurance potential not yet unlocked
Allons-y
Insurers should leverage technology and ERP to meet client expectations
GCC
GCC-listed insurers prove their mettle amid the pandemic
Bahrain must consolidate and look outside for growth
Kuwait's insurance sector continues expansion
Health holds promise for Oman's insurance growth
Qatar rebounds on buoyant underwriting and reduced losses
Saudi market strengthens as mergers and new rules kick in
UAE insurance sector could be marginalised under central bank
Takaful operators should prioritise ceding risks to retakaful companies
View from India
Insurance more attractive for the young
Actuaries bridging the technical gap
UAE business should monitor BEC threats
MENA
MENA: Insurance sector overcomes pandemic woes
MENA: 33rd GAIF General Conference further postponed to 2022
Algeria: Microcredit agency says insurance to be made mandatory for borrowers
Bahrain: Insurance industry joins national eKYC platform
Egypt: Implementation of the first actuarial life table to begin in July 2022
Kuwait: GIG to increase revenue by $1bn following deal with AXA
Lebanon: Insurers tussle with hospitals over medical claim settlements
Oman: Regulator grants four TPA licences
Tunisia: Formal regulatory framework needed for IFRS implementation
Turkey: Objections to draft motor insurance payout formula raised
UAE: Loss ratio expected to rise in 2H as claims experience normalises
UAE: Lloyd's broker Tysers expands office
Global
More risk and opportunities in P&C insurance over the next 20 years
Global reinsurers grappling to incorporate climate change risks
Improved outlook for global reinsurance sector in 2022
Takaful
Egypt: Drop in takaful contributions, claims hike in 2Q
GCC: Takaful operators face rising claims amid stiff competition, declining 1H profits
Qatar: Takaful operators register $41m surplus in 2020
UAE: Watania joins Souqalmal to take the lead in financial literacy
Indonesia: Slow progress in spin-off of takaful firms
Southeast Asian farmers find climate change a major challenge
Poor security controls could lead to cyber insurance refusals
Australia: Agriculture profits will continue to fall
Significant workforce privacy gap still exists
Young impacted by climate anxiety but no power to limit its impact
France: Majority concerned about growing Nat CAT risks
Cautious support for building recladding
German Chamber of Commerce supports risk-based approach to flood risk
Weather-related disasters cause more damage but fewer deaths
Product Bites
People on the move
ACTUARIAL
INSURANCE - General
Modern farming methods have increased food output but they have also led to higher risks of fire. There is a call for mixed farming and (re)insurers must be ready for this evolution, says SCOR’s Mr Michael Rüegger.
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MARKET PROFILE - GCC
It is a big year for the UAE with the Expo 2020 Dubai finally taking place after pandemic driven delays. But the insurance sector has stresses of its own to deal with, so the road ahead may be more challenging than forecast.
The pandemic has increased the importance of a corporate ESG framework. This can benefit (re)insurers who may generate more underwriting and investment income while reducing costs such as legal expenses from stringent regulations. Deutsche...
INSURTECH
Insurers need to go digital to compete successfully. Utilising technology, data analytics and an effective ERP workflow can provide an opportunity for insurers to increase earnings, says Acess Meditech’s Mr Syed Aijazuddin.
Historians looking back to find the tipping point at which the insurance industry finally accepted the cruel realities of climate change may well point to 2021 as the year that leading players woke up to the part they must play.
There has been an exponential rise in new regulation covering digital insurance and increased use of digital technology is likely to accelerate this trend. Clyde & Co’s Mr Peter Hodgins highlights how continued dialogue between regulators...
From an industry perspective, one of the bitterest blows of the pandemic has been the migration of real-life reinsurance industry get-togethers to the virtual realm. The Rendez-Vous de Septembre, the industry annual knees-up in Monte Carlo, is...
GCC-listed insurers stay on a strong growth path in the first half of 2021, recording a double-digit gain in net profit and a healthy increase in GWP. The performance is a testament to the resilience and strength of the industry despite the...
With COVID-19 creating opportunities for insurers to define business models and capabilities and more consolidation amid a crowded market, Bahrain’s insurance sector is set for continued growth.
GWP has been on the rise this year for listed insurers. The sector has had a sterling stock market track record, with companies growing in size and value.
The permissibility of using conventional reinsurance based on the precept of necessity could be a factor that is restraining the growth of retakaful business, says takaful specialist Dr Ahmad Alshammari.
The insurance industry has remained financially resilient throughout the pandemic which highlights its stability, but has the pandemic made a positive impact on the career choices of youngsters for insurance? Middle East Insurance Review solicited...
The actuarial profession has gained prominence rapidly in the MENA insurance industry over the past few years. We spoke to Badri Management Consultancy’s Mr Hatim Maskawala about the future of the profession in the region.
In a 2021 survey of over 1,400 CISOs conducted by Proofpoint, 70% of UAE CISOs believe human error was their organisation’s biggest cyber security vulnerability. This makes sense because globally, CISOs believe business email compromise will...
Insurance and reinsurance companies have struggled to find a variety of solutions to combat the economic repercussions caused by the COVID-19 pandemic during this past year, said the Federation of Afro Asian Insurers and Reinsurers (FAIR) president...
The General Arab Insurance Federation (GAIF) has announced that its next general conference will be postponed to 2022 due to the COVID-19 situation and the need to take precautionary measures.
Insurance will be made compulsory for those who take out microloans, according to National Microcredit Management Agency director-general Abdel Fateh Djebnoune.
A significant number of farmers (68%) in Southeast Asia’s largest agricultural-producing countries are concerned with the impact of climate change according to new research released in August 2021.
Most cyber insurance buyers have been hit by complex and time-consuming renewals and many buyers have been left with ‘less coverage at a higher cost’ in the first half of 2021 according to insurance broker Arthur J Gallagher (Gallagher).
Agricultural profits in Australia have fallen by 23%over the last two decades (2000-2020) and the trendis likely to continue due to significant impacts of climatechange according to the Australian Bureau of Agriculturaland Resource Economics and...
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