Magazine

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

Sep 2006

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

All Stories

Cover Story

Profile On Mena - Mena: Sizzling With Potential - Time To Strike Now

The insurance industry in the Middle East and North African (Mena) region, which currently has one of the world's lowest penetration rates, is evolving and modernising. This cover story outlines the dynamic changes in the region, the growing pains, the challenges faced and the bold steps needed to reap the full potential of the young market.

Middle East Financial Hubs - DIFC: Insurance Oasis Between The Atlantic And The Indian Ocean

The region stretching from the western tip of North Africa to the eastern part of South Asia currently lacks a world-class financial centre. The DIFC, which opened in September 2004, aims to step into the void to be a financial hub for the region. This targeted market comprises 42 countries with a population of 2.1 billion people and a combined...

Interviews

Interview With A Regulator - Bahrain: Working With The Insurance Industry

Bahrain's philosophy in regulation is to be pro-business and embrace the International Association of Insurance Supervisors (IAIS) guidelines for best practices, says Mr Tawfiq Isa Shehab, Director of the Insurance Supervision directorate of the Bahrain Monetary Agency (BMA), in an interview with MiddleEast Insurance Review.

Interview With A Regulator - Lebanon: A Model New Insurance Legislation

The Insurance Control Commission (ICC), which is part of the Ministry of Economy & Trade, tells MiddleEast Insurance Review that it is in the midst of revamping insurance laws and is seizing the opportunity to enact a set of insurance legislation which will be a model not just for the region but also for any emerging market.

Company Profile - Arab Re: Get The Technicals Right Despite The Politicals

Though the political milieu, with the attendant points of tension and political friction and fighting, are major concerns for the entire business community in the Middle East, there are still many things that insurers should do to improve on the technical and professional side of the business, said Mr Tayseer Treky, Deputy General Manager of Arab...

Interview With CEO - Takaful Re: First to Lead

Takaful Re, the Mena region's first fully Shariah-compliant reinsurer, celebrates the first anniversary of its founding this month. The company's Chief Executive Officer, Chakib Abouzaid, looks ahead at what is on the horizon.

IT in Insurance

IT In Insurance - The Role Of IT In 21st Century Insurance

As competition intensifies, insurers have to bring products to market in a timely manner and also ensure that all data are captured in the processes involved. Mr David Piesse, Head of Insurance, Asia Pacifc, Sun Microsystems, explains how Service Oriented Architecture, in which IT functions are attached to business processes, helps insurance...

Takaful Feature

Takaful Cover Story - Takaful in Asean: Gaining Momentum With Malaysia Leading the Way

Takaful or Islamic insurance is still in its infancy in the 10 countries that form Asean (Association of South East Asian Nations). Malaysia, the first country to introduce takaful in 1985, is leading the way with the issue of four additional takaful licences early this year in a bid that was very heavily contested by several companies. This lead...

Takaful Feature - Takaful: Serving Different Niches

Mr Suheri, General Manager and Shariah Division Head of PT Asuransi Astra Buana, delves into the question as to whether Shariah insurance or takaful has to compete with conventional insurance.

People on the move

Risk Features

Risk Management - Risk Management In A Risk Industry

To kick off this column, we bring you the thoughts and insights of Mr Barry Griswell, Chairman and CEO of Principal Financial Group, on risk management, having seen and lived it for more than 30 years in his various roles as a life & health/benefits agent, a property/casualty underwriter, a life broker, a sales VP, in operations,...

Legal Page

Legal Page - Conflict in Israel and Lebanon: Are You Covered?

Ms Susan Dingwall, Partner, and Mr Robert Deeley, Trainee, in the Insurance Group of Norton Rose, the international law firm with offices in Bahrain and Dubai, discuss the extent of protection given by terrorism insurance policies in the Israeli-Hezbollah conflict in Lebanon.

Conference Reports

Conference Roundup - GAIF Calls For Modernisation

The General Arab Insurance Federation (GAIF) hosted its 26th General Industry Conference (GIC) in Damascus in May 2006, deliberating on the theme "Modernising and Developing the Arab Insurance Industry". Our editorial consultant, Hafiz Mohamed, was there to report on its proceedings.

Conference Roundup - A Vision For Islamic Finance From Beirut

Plugging more deeply into global financial services, achieving a greater degree of standardisation and being more innovative in product and service offerings, will be key challenges for Islamic finance, according to several speakers at the 3rd Islamic Financial Services Board (IFSB) Summit in Beirut in May. The conference was attended by some 200...

Takaful Conference Roundup - Takaful: Recipe For Growth

The global takaful market is on a roll and growing very strongly. Estimates of the size of the market vary from US$1.5 billion to US$2 billion, while those for the number of players range from 60 to 80, with more than 20 windows. MiddleEast Insurance Review presents this special article, reserved for this inaugural edition, that carries insights...

Technical Feature

Technical Feature - Health Insurance: A Need for a Closer Look at Medical Claims Inflation

With the introduction of compulsory health insurance in many of the GCC markets for expatriates, there are growth opportunities for insurers and third party administrators (TPAs). But if the experience in Asia is any guide, there are many pitfalls to be avoided while the industry in concert with healthcare providers, hospitals and TPAs should...

Rating

Ratings - Rating Issues In The Middle East

Mr Kevin Willis, Director, and Mr Nigel Bond, Associate Director, of Standard & Poor's Rating Services, which has been interacting with insurers in Mena since 2003 and having rated some 32 companies, describe the challenges the agency faces in assigning ratings to insurers in the Middle East and North African (Mena) region.

Regulation Feature

Accounting & Insurance - International Standards For Islamic Insurance Companies

The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) outlines some of the accounting standards it has formulated to ensure the harmonisation of accounting practices in Islamic insurance.

Personality Profile

Personality - A Trendsetter In Mideast Insurance

Mr Abdul Muttalib Mustafa, General Manager of Oman Insurance Company (OIC), sets trends in his company and positions it at the vanguard of the region's insurance industry.

Market Update

Investment - Third Party Asset Management: An Answer to Eroding Equity Portfolios?

With rapid growth and greater deregulation, the insurance industry in the Middle East and North Africa will see their premium revenues and assets balloon. This growth, as well as a dynamic investment environment, will create a need for more active asset management. Insurers may resort to contracting out the asset management function. This article...

Broking & Insurance - The Many Facets of the Insurance Intermediary

As the Middle East insurance market grows, intermediaries are gaining more prominence in the region. They offer advice, information and other services in connection with the solicitation, negotiation and sale of insurance. The World Federation of Insurance Intermediaries outlines the role of intermediaries in the insurance marketplace and the...

Others