It’s April – the month that you see all the pieces fitting into a nice, clear picture for the year. But this time the buzzword seems to be on global warming where everything seems to be out of season. So will the pieces of April fit?
We just saw the exciting Saudi Symposium, which drew big numbers and this time going beyond looking at just the fit of the insurance industry into the overall economic development of Saudi Arabia but also touching on the wider issues of protection and sustainability.
There is hope yet that insurers are waking up to the truth of what they really sell and how they make their money beyond just repeat business and paying out the odd and even claims.
Our cover story this month is on climate risk, with mercury rising as insurers are being shoved to the front line. Can insurers have an impact or a say on how the world copes with global warming? What risks in climate change are insurable? Is it a bottomless pit? Is parametric good enough? And to top it all, is ESG a boon or bane? There are questions aplenty, but we do strive to look at the angles of the problem from afar and up close.
Our market profile this month is on Dubai, where the verdict is on consolidation being inevitable. The ‘how’ and ‘when’ are the mysteries of the day that draw many investors eyeing the market in its third straight year of profitability.
On takaful, we focus on the UAE, where the operators from a small base saw a high growth future than their conventional peers. The World Takaful Conference this year came with a ‘tech-twist’, focusing on customer engagement and operational agility through digital transformation.
Our special is on bancassurance where we shout out for tech alignment as critical for banks and insurers to get better results and for regulators to help the partnership to spread their wings to reach the masses.
On healthcare, we are already talking beyond compulsion on the lure of a private voluntary health insurance market. And the buzzwords are: “Sustainability, quality, availability and cost-efficiency of health services in a multi-pillar system”. Any takers?
On the talent hunt, we call on millennials/digital natives to give insurance a chance. The industry needs to nurture talent furiously. Somehow the hype has hit home that they know more than any of us? The reality is every company needs to invest in fresh talent, be they millennials or the 40-somethings to make sure they have a culture that is driving them to be the best.
And with that, we launch the 6th Middle East Insurance Industry Awards (MIIA) to dare the stars to come ready to shine. The Awards, which embrace self-nominations, is seen as the most coveted insurance awards of the region. And for the first-time ever, we are introducing the Woman Leader of the Year award – a long time coming – to celebrate the achievements of women in insurance. Nominations close on 12 June for third-party nominations and 30 June for self-nominations. So be sure to pick your best even if the best you know is your company.
All the best. The stars must shine.
Sivam Subramaniam
Editor-in-chief
Middle East Insurance Review