From Editor-in-Chief

ACE looks to build on solid base in MENA

ACE remains confident about the region's growth prospects, and is keen to keep up its expansion plans despite some concern about a lack of underwriting discipline, says Mr Andrew Kendrick, Chairman of ACE European Group.

Review & Outlook: A region in transition

Amid the prevailing political unrest, low penetration and fragmented markets, the MENA insurance industry has witnessed interesting changes in the past year. We take stock of 2012.

Review & Outlook: Reasonable but not robust growth expected

Economic activity is expected to be moderately stronger and insurance pricing is projected to improve in 2013, according to a recent Swiss Re study, which provides a mildly optimistic view of the future of the global economy and insurance markets.

Review & Outlook: Anticipating 2013 with good reason

Mr Maroun Mourad of Zurich Insurance Company Ltd reflects on the highlights of 2012 and looks forward to 2013 with expectations of measured and sustainable growth.

Quest continues for long-term profits

Sustainability is a buzz word for insurers in Saudi Arabia as players look to improve their bottom line moving forward. With a positive forecast of 3.8% in 2013, the macro environment looks promising for insurers. But doing it profitably requires a...

Abu Dhabi: UAE's future power house

Thanks to its large-scale developments and strong economy, UAE's richest emirate continues to record satisfactory growth rates in GWP. However, insurers need to activate life and non-corporate lines to ensure sound and sustainable growth.

Thought Leadership Roundtable: Don't wait for the regulator

The industry has waited long enough for regulators to push it forward and it should now take the lead to get things moving, said 11 insurers and reinsurers at the Asia Insurance Review/Middle East Insurance Review Roundtable, hosted by the Qatar...

Market Update - Oil & Gas: Reducing under-insurance through valuation

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...

Market Update - Oil & Gas: Mixed opportunities for MENA oil & gas

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 &...

Takaful Market Update: Bermuda looks to attract Islamic finance

Adding to the list of "frontier" offshore centres for the industry is Bermuda, a leading reinsurance centre which writes more than one third of global premiums. We look at the possibilities.

New standards on risk management for takaful operators

The Islamic Financial Services Board (IFSB) has established a set of minimum standards in risk management and suggested ways in such strategies should be implemented in a takaful undertaking. Ms Susan Dingwall and Mr Martin Schneider of Norton Rose...

1st MENA Rendezvous: A hard look at a tough market

Strategies for success in a region yet to reach its full potential were very much the focus of the 1st MENA Rendezvous, held in Dubai last November. Ratings, risk management, regulations and regulators were key areas of concern in the endeavour to...

MENA & GCC: Sovereign default and expropriation risks worry investors in MENA

Sovereign default risk and expropriation - among other political risks - are dominant issues for foreign investors deciding their investment plans in developing countries including MENA, said the Multilateral Investment Guarantee Agency (MIGA) in a...

MENA: Egypt, Saudi Arabia among most under-insured countries - Lloyd's

Egypt and Saudi Arabia are among 17 countries that are significantly under-insured by an annualised sum of US$168 billion, said a new research commissioned by Lloyd's of London.

Middle East: AIG launches cover to combat cyber risk

American International Group (AIG) has launched a bespoke product to offer business risk and insurance cover to negate the threat of cyber attacks in the Middle East region.

Azerbaijan: Current legislation not suitable for takaful - regulator

Azerbaijan's insurance regulator says that current prudential standards do not support the workings of a takaful company though specific legislation may be introduced should relevant parties present a strong case for it.

Takaful Malaysia posts 55% in profits for 3Q12

Takaful Malaysia has reported a 55% growth in profits after taxation and zakat to close its third quarter ending September 2012, with MYR67.4 million (US$22.1 mln) compared to MYR43.6 for the same period in 2011.

Malaysia: Golden Agri raises US$490 mln in sukuk sale

Golden Agri-Resources (GAR), the world's second-largest largest palm oil company, has announced that it raised MYR1.5 billion (US$490 million) from the sale of five-year medium-term sukuk.

ICIEC signs co-operation agreement with European insurer

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed an agreement with European insurer Garant Versicherungs-AG to insure and reinsure trade and investment flows to and from ICIEC member countries.

Bigger strides for Islamic finance in coming decade - S'pore DPM

Islamic finance is poised to expand over the next 10 to 15 years after surpassing the trillion-dollar mark in 2012, said Singapore's Deputy Prime Minister Tharman Shanmugaratnam at the opening of the World Islamic Economic Forum held in Malaysia...

Sukuk demand to double to US$421 bln by 2016 - report

Global sukuk demand is expected to double from US$240 billion in 2012 to reach $421 billion by 2016, according to a recent study by Thomson Reuters.

ADB helps four Muslim countries grow Islamic finance

The Asian Development Bank (ADB) has offered technical assistance (TA) to four countries to help them grow access to Islamic finance. The TA grant, worth US$750,000, will help Afghanistan, Bangladesh, Indonesia, and Pakistan implement prudential...

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