The lack of insurance valuation knowledge and the concept of insuring assets at book value are the main reasons for ME oil & gas operators to insure their assets well below the current replacement value. Mr Steve Tanner of John Foord explores the possible solutions with a stress on accurate and regular valuations as vital tools in risk management.
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The Middle East, the prime source of the world's hydrocarbon resources, has promising plans for upgrading and expanding the oil & gas infrastructure. However, weak investment markets, low loss ratio and availability of capacity point to a flat oil & gas insurance market in 2013, says Mr Kamal H Tabaja of Trust Re.
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Political and country risk has become more important in selecting captive domiciles over recent years, says Mr Robin Ali in a review of the captive formation process and Middle East domiciles.
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Several banks have been offloading their insurance assets, creating buying opportunities for insurers in the Middle East. Will there be a scramble among insurers for these assets and could it provide a fillip for the sluggish M&A mood within the industry?
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Insurance is a key enabler of economic and societal progress and development. Therefore, policymakers should maintain an environment that is conducive to the industry's prospects rather than compromising them, says Dr Kai-Uwe Schanz of
Dr Schanz, Alms & Company AG, Zurich.
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Scrapping Jordan's Insurance Commission - once hailed as an exemplary model for the Arab world - could help cut public spending, but the costs of such a move may outweigh the savings.
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