Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Nov 2024

Contents

November-Home
Editor's Letter
Magazine article aboutThe-battle-for-talent-part-two

The battle for talent - part two

Reinsurance
Magazine article aboutMain-business-imperative-of-reinsurance-is-investing-in-people

Main business imperative of reinsurance is investing in people

Ensuring SIRC remains future-ready

Is global warming shifting the diversification paradigm?

Managing risks amid price corrections and political uncertainty

MENA reinsurers' blueprint for tomorrow's risk

Egypt: Reinsurance expected to regain momentum in 2025

Algerian reinsurer eyes pricing and ESG support

Acing your medical treaty renewal

India is a growing global reinsurance hub

Takaful
Magazine article aboutTakaful-is-a-growing-force-in-the-UAE

Takaful is a growing force in the UAE

Sudan takaful provides hope despite war

Market Profile
Magazine article aboutTakaful-growth-opportunities-amidst-challenges

Abu Dhabi and Dubai

Takaful growth opportunities amidst challenges

UAE takaful market set to progress

UAE life insurance shows great potential

Critical illness covers are essential

UAE brokers face rising costs and InsurTech competition

Abu Dhabi and Dubai

Insuring construction risks in the UAE

New UAE insurance broker regulations

Insurance maintains momentum in growth and profitability

Saudi Arabia
Magazine article aboutSaudi-regulatory-reforms-and-insurance-innovation

Saudi regulatory reforms and insurance innovation

Insuring the Saudi sports sector

Insurance
Magazine article aboutThe-re-insurance-response-to-war-in-MENA

General

The (re)insurance response to war in MENA

New insurance products for new risks

Shielding ports from business interruption risk

AI
Magazine article aboutAI-driving-trust-and-efficiency-in-MENA-insurance

AI driving trust and efficiency in MENA insurance

Notebook
Magazine article aboutAIRDC-in-Thailand-amid-global-uncertainty

AIRDC in Thailand amid global uncertainty

Global platform to boost microinsurance in Africa

Türkiye's new (re)insurance future

Collective effort needed for climate-related risks

News

MENA

Algeria: Proposed insurance law must address digital distribution and other issues

Bahrain: Strategic partnership to develop innovative consumer lending and insurance marketplace

Egypt: AXA and Egypt Post agree to form microinsurance joint venture

Egypt: New Egyptian Accounting Standard for insurance contracts in 2025

Kuwait: Health ministry guidance on suspended medical insurance scheme awaited

Morocco: Competition Council gap analysis on insurance sector

Morocco: Specialty MGA Africa & Middle East launches with new Casablanca office

Oman: Authority issues regulation on health co-insurance

Saudi Arabia: Insurers adjust capital situation

Tunisia: Direct insurers' net premiums increased by nearly 10% in 1H2024

Tunisia: Insurers mobilise for decarbonisation

UAE: DNI & UAE Cycling Federation celebrate 3 years' collaboration of working together

UAE: New insurance brokerage regulation will take effect on 15 Feb 2025

UAE: Fitch assigns Union Insurance 'BBB' IFS rating

UAE: Watania signs deal to develop centralised AI and ML business intelligence platform

UAE: Orient Insurance to expand into 3 other countries

MENA: Africa Specialty Risks operates as a Lloyd's service company

MENA: Reinsurers gain from pricing environment

Global

Global: Reinsurers' losses should stay within 2024 catastrophe budgets despite Milton

Global: Geopolitical conflict could expose global economy to $14.5tn loss

Takaful

Global Takaful Alliance to be launched in Riyadh in December

Algeria: Conventional insurers could open takaful windows to tap growth

Egypt: Takaful contributions up by 23% in first half

Product Bites

UAE's Al Fujairah National Insurance launches storm coverage for third-party motor policyholders

Marsh and Tokio Marine Kiln launch port disruption insurance

Liva Insurance partners with the Zubair Corporation to offer exclusive employee benefits

KSA's Tree launches the kingdom's first pet insurance

DIC and OneDegree introduce digital assets custodial risk insurance product

HAYAH and Shory launch health protection product in UAE

Diary
People on the move

People on the move

Market Profile

Abu Dhabi and Dubai

Takaful growth opportunities amidst challenges

A population composed mainly of expatriates, tough competition from conventional insurers, a limited product range and missing clarity on regulations put takaful on shaky ground in the UAE. Middle East Insurance Review spoke to Gallagher Re’s Mr Samer Nahhas to understand the challenges and opportunities.
 

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UAE takaful market set to progress

The insurance market in the UAE has been making notable strides, both in terms of size of premiums and other factors that support transformation. Takaful, an integral market component, has been showing healthy vital signs. Islamic Arab Insurance’s (SALAMA’s) Mr Walter Jopp provides some insights on the UAE takaful and insurance market.
 

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UAE life insurance shows great potential

Low life insurance penetration notwithstanding, the UAE life insurance market has immense potential. Pragmatic support by the regulator, increasing awareness of financial protection and technical innovations are all expected to catalyse growth. InsuranceMarket.ae’s Mr Hitesh Motwani spoke to Middle East Insurance Review about how the insurance industry is on the cusp of positive transformation.
 

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Critical illness covers are essential

Critical illnesses continue to be the major focus of healthcare efforts in the UAE. The region’s healthcare infrastructure has served both Emiratis and expatriates well so far. But the increasing cost of critical illnesses’ treatment could leave the majority out in the cold. It is now up to the emirates’ health insurance industry to create awareness of critical illness insurance covers to redress the imbalance.
 

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UAE brokers face rising costs and InsurTech competition

Lockton Insurance Brokers Dubai’s Mr Shadi Al Mahameed highlighted increased consumer awareness and digital transformation as positive trends for the industry. But challenges from rising costs, InsurTech competition and regulatory pressures in the insurance sector need to be watched. Middle East Insurance Review spoke to him to learn more.
 

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Abu Dhabi and Dubai

Insuring construction risks in the UAE

The UAE’s ambitious development agenda has found outsized expression in multiple infrastructure and private sector builds. Al Tamimi & Co’s Mr Euan Lloyd spoke to Middle East Insurance Review about the complex risks associated with such large undertakings and what insurers can do to secure them.
 

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New UAE insurance broker regulations

The Central Bank of the UAE has issued a new insurance brokerage regulation that will have several new provisions to improve governance in areas like claims settlements, brokers’ remuneration and the collection of premiums.
 

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Insurance maintains momentum in growth and profitability

The UAE’s insurance industry saw a significant uptick in growth and profitability in the first six months of 2024 and looks well set to retain this pace into the second half of the year.
 

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