This is a sober September with no Monte Carlo Rendezvous and the region still coming to grips with the horrors of the blast in Beirut, whose people we commiserate with.
There must be better days ahead despite all the bad news that is haranguing the region. The world which saw some $31bn in CAT losses just this first half of the year, not including the penetrating pervasive impact of COVID-19.
Though many are going back to the office to work, there are still many out there working from home, and the whole dynamics of making WFH work, aside from critical employee benefits issues. The WHO has forecast a full 24 months for the pandemic to be brought under control. Can business wait that long?
Elsewhere, COVID-19 claims are rising and with the big question on whether there can be a business interruption claim without physical damage, the friendly image of insurance is being affected. Then, there is also the straining of ties between insurers and healthcare providers in the pandemic era.
With digital being the new normal, insurers are stepping up. But cyber claims are also rising. Is the cyber security of insurers up to the mark? The mantra of turning crisis to opportunities works with the bad guys, too.
Our cover story is on reinsurance even as we come to terms with iconic ARIG going into run-off. The other regional reinsurers are trying their best to step up to the challenges and needs of the market.
The rates are set for a hardening market with a 30% rise expected even as the full impact of COVID-19 has yet to be reflected in the economy. The upcoming renewal season will be highly volatile for sure.
Our country profile is on Oman, which still remains resilient despite the unprecedented market uncertainties and low oil prices. So what is the secret? Is healthcare a reason?
We bring you a special report card showing the 5% growth of the MENA region in 2019 to $61.8bn, following a 3.3% contraction in 2018. But what will 2020 bring in the face of the pandemic?
We also add a feature on diversity and inclusion, beyond just ticking the boxes, as it seems to be becoming a key strategy to attract and retain top-notch talent.
In search of good news, we are looking forward to saluting the stars at the 7th Middle East Insurance Industry Awards. Despite the dark days, we received an outstanding number of entries for this year’s awards with many great narratives. The judges will meet online on 20 September to decide on the winners. This year’s winners, to be announced in November at the awards presentation ceremony, will have a bigger responsibility to make the insurance industry stand out. We can’t just let 2020 go to waste.
Let’s keep the spirits high and fly the flag for a great sustainable future for insurance. In that same spirit, Middle East Insurance Review, together with its sister publication Asia Insurance Review, has now become part of the global publishing group Beacon International, which also owns Business Insurance. This will enable us to enjoy unparalleled technology and distribution networks and support to serve the insurance industry globally. Our commitment to be the voice of the Middle East insurance market will always remain.
Sivam Subramaniam
Editor-in-chief
Middle East Insurance Review