MiddleEast Insurance Review caught up with the new CEO of Abu Dhabi National Insurance Co (ADNIC), Mr Walid Sidani, at the International Insurance Society’s Annual Seminar in Jordan, to find out what makes this ex-AIG executive tick and his plans to raise the profile of one of UAE’s largest insurers into a regional player with an international impact.
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After obtaining the Royal patronage of King Abdullah II of Jordan, the General Arab Insurance Federation (GAIF) 28th General Conference is set to be held on the shores of the Dead Sea on 17-19 May next year. GAIF Secretary General Abdul Khaliq R Khalil, and President of Jordan Insurance Federation (JIF) Jamal N Al Abed Hussein, share with MiddleEast Insurance Review the plans and preparations for what is considered as the most important Arab insurance gathering.
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MENA has always been a primary market for Fenchurch Faris Ltd and the Greece-based insurance and reinsurance brokerage has been steadily increasing its presence in the region, says Mr Rafat B Faris, Marine, Aviation, Health & PA Manager.
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Hiscox brings to MENA its international experience in a local approach, and is keen to develop a better understanding of the variety of risk in the region, says Mr Vincent Grailhon, Head of Reinsurance, Southern Europe/ Middle East, Hiscox Global Risks.
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Ever since the Saudi Arabian Monetary Agency (SAMA) announced new regulations in 2003 to revamp its insurance industry, the Kingdom has often been fettered as an oasis of growth in the Middle East insurance market. We track the notable developments that have taken place since the first licences were issued in 2007, and ponder on the current state of the market.
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ACE Arabia has the necessary financial capacity and know-how to serve the Kingdom’s sophisticated corporate lines, says Mr Syed Umer Ali Shah, Managing Director.
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Real growth will come from personal lines and hence, there should be more focus on increasing awareness and seeking more innovative distribution methods, says Mr Basem Odeh, General Manager of Arabian Shield Insurance Co.
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Having achieved tremendous growth in 2008 on the back of its array of family takaful products, SABB Takaful opens up on its winning strategy.
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Expanding its reach throughout the Kingdom is Salama’s main strategy not only for growth but also to provide service at customers’ doorsteps, especially for personal lines business, says Mr Shahzad Hafeez, Acting General Manager.
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The market’s first Saudi-domiciled insurer has embraced the new competitive landscape well, and is making conscious attempts at strengthening its operations to maintain its leading role.
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Saudi Arabia’s only specialised health insurer discusses medical inflation in the Kingdom and how it has stood tall despite intense competition in the market.
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Mr Nouhad Taleb, CEO of Saudi Arabia’s sole reinsurer, discusses its unique position in the local insurance market with MiddleEast Insurance Review.
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Dr Jad Aoun, Chief Medical Officer and Mr Axel Tettenborn, Chief Operating Officer of National Health Insurance Company – Daman, examine how e-claims can be implemented successfully in an organisation.
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With a more proactive claims handling service than most other forms of insurance, P&I club procedures provide some good areas for learning and discussion. Mr Colin Williams, Head of Eastern Syndicate, Steamship Insurance Management Services examines these practices.
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With insurance-related fraud becoming more common in the recession, there should be concerted efforts by the industry to tackle fraudulent claims. MiddleEast Insurance Review looks at what the region has done so far, and further steps it could take to deal with the issue.
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Changing demographics and consumer expectations mean that conditions are ripe for insurance companies to evolve their distribution channels and products to suit the needs of their customers. It may also require them to find a balance between traditional and alternative distribution channels.
By Ms Cynthia Ang
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Despite being small and surrounded by a number of large MENA insurance markets, Bahrain continues to attract high-profile takaful operators and strengthen its role as a regional financial centre for international and regional companies. The strong and established financial regulatory regime is still the key factor in getting international brands to domicile in Bahrain and serve the region from there. Indeed, Bahrain enjoys the status of not only a regional hub, but also an emerging centre for takaful.
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Allianz Group is building its global takaful hub in Bahrain through Allianz Takaful, which looks forward to leveraging the strength of its brand name to serve the region’s needs, says Dr Abdul Rahman Tolefat, CEO.
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t’azur plans to expand through acquisitions or joint ventures in different MENA markets, starting with the GCC, says Dr Abdulaziz Bin Naif Al Orayer, Chairman of the Board.
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Mr Kazi Md Mortuza Ali, Managing Director of Prime Islami Life Insurance Limited, traces the history of the microinsurance and microtakaful in Bangladesh, the birthplace of microfinance, and looks into areas of improvement.
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Dr Mumtaz Hashmi, Insurance Advisor at the Securities and Exchange Commission of Pakistan, looks at the country’s takaful and microfinance sectors, and the conditions for microtakaful to take off.
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Mr David Piesse, Chairman of Yanada Technologies and CEO of UniRisx Asia Pacific, explores the use of traditional and alternative forms of distribution for microtakaful.
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With piracy making headlines in recent months, the 2nd International Conference on Insurance & Marine Transportation focused on finding the right solutions to protect the shipping industry from this problem.
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As takaful solutions gain ground, consensus has yet to emerge among Shariah scholars and technicians on a range of industry issues. Mr Safder Jaffer, Client Manager for Middle East and Turkey, Swiss Re, explores a range of differences which need to be addressed in the long-term interests of the takaful and retakaful market.
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Mr Yassir Albaharna of Arig and Mr George Kabban of UIB are also scheduled to speak at the biennial event.
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Companies and rating agencies which want to be covered are kindly requested to send their inputs to editor@meinsurancereview.com. The ratings page will dutifully cover announcements made between the 15th of the two preceding months.
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Insurance companies in the GCC should be wary of money launderers using life policies to bypass tough anti-money laundering mechanisms, an expert said at an industry event in Dubai.
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The outlook for the reinsurance sector in the GCC states remains positive despite the impact of the global financial crisis, said Mr Gail Norstrom, CEO of Gulf Re at a press briefing.
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Expatriates living in the UAE and Bahrain are becoming increasingly concerned about job security, according to research from Zurich International Life.
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Wolters Kluwer Financial Services, a provider of regulatory intelligence, policy management, and process management services to help financial services organisations address their compliance needs, has included the European Union (EU) and Middle East in its regulatory coverage.
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Arig recently held a seminar, titled “Lessons to be learned from the crisis”. The topics presented included sustainable strategies, differentiating and segmenting to win in difficult market conditions, risk management and corporate governance. Twenty-nine executives from 20 countries attended the three-day event.
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The Central Bank of Bahrain (CBB) said gross premium income for the insurance industry surged 34% y-o-y to register BHD183.3 million (US$486.5 million) last year.
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The American Institute for CPCU and Insurance Institute of America (the Institutes) have entered into an agreement with Bahrain-based JWZ Solutions.
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Gross insurance premiums in the Jordanian market increased by 10.7% to US$173.8 million by the end of April, compared to $157 million recorded in the same period last year, said the Insurance Commission of Jordan (IC).
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The Jordanian government is drafting a new regulation whereby private sector institutions will be obliged to provide their employees with medical insurance coverage.
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Jordan Ahli Bank has signed an agreement with General Arabia Insurance Co to introduce new banking insurance services which will be marketed by the bank.
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Gulf Insurance Co has bought an additional 13% stake in Amman-based Arab Orient Insurance Co, making it a major shareholder in Jordan’s largest insurer by market share.
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Kuwait Projects Co (Kipco), a leading Kuwaiti investment firm, is planning to launch an insurance company in Algeria this year and to resume plans to sell pension products worth up to US$500 million in the Middle East over the next five years.
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Oman Re has begun to write reinsurance business across both personal and business lines, according to a press statement.
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The Qatar Financial and Business Academy (QFBA) will launch internationally accredited courses in banking, insurance, asset management and capital markets as well as Islamic finance this October.
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The Qatar Financial Centre (QFC) Authority has announced that Qatar Insurance Services (QIS) will trade under the name of Qatarlyst.
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Doha Insurance Co said it has signed a Memorandum of Understanding (MoU) with a group of Yemeni investors to establish a Yemeni-Qatari insurance company with a capital of YER500 million (US$2.5 million).
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United Insurance Co has received preliminary approval from the Board of the Damascus Securities Exchange to have its shares listed in the market.
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The 23rd International Insurance Tennis Tournament, organised by Milli Re on 29-31 May, saw 64 contestants from 39 companies, including 16 foreign firms, competing before an audience of about 200.
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Dubai’s compulsory health funding scheme, which was due to be launched early this year, has been delayed till next year due to the requests of stakeholders involved, according to the head of Dubai Health Authority (DHA).
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Insure Direct, Dubai World’s captive insurance broker, has partnered with Axa Gulf Insurance to launch a comprehensive product for leisure craft and yacht owners, members of sailing clubs and associations as well as those participating in boat shows and exhibitions.
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The National Health Insurance Company, Daman, said it has found a number of fraudulent claims and malpractices after deploying a team of mystery shoppers to several healthcare providers, including pharmaceutical companies and physicians.
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PlaNet Finance Group, an international non-profit organisation, is planning to introduce microinsurance schemes in the MENA region to reduce the impact of the economic crisis on micro entrepreneurs who have outstanding loans.
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Consulting and actuarial firm Milliman has registered an office at the Dubai International Financial Centre (DIFC) to serve the Middle East, Africa and South Asia region.
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Dubai Insurance Co and insurance specialist William Russell have rolled out global life insurance plans for residents of GCC countries.
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Three brokers have been declared as members of the Dubai Hamburg Insurance Club, established in 2008 to deepen relations between Dubai and Hamburg and to provide a platform for exchanging ideas regarding expatriate insurance.
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United Insurance Co (UIC) has raised its paid-up capital from YER400 million (US$2 million) to YER1 billion to reflect an increase in the company’s risk retaining capacity, according to General Manager Tarek A Hayel.
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The global economic recession is likely to cause increasing geopolitical instability that may pose problems for international businesses, according to a report issued by Lloyd’s.
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Insurance executives are cautiously optimistic about the next 12 months, with many expecting growth, according to a recent survey by KPMG International and the Economist Intelligence Unit.
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CEOs of 40 leading insurance and reinsurance companies, including Allianz, AXA, Munich Re, Swiss Re, Lloyd’s and Prudential, surveyed by The Geneva Association are upbeat about the prospects for their companies in the economic downturn.
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Allianz Takaful has partnered with car sales company Tradex and the distributor of Mercedes Benz in Bahrain, Al Haddad Motors.
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The Central Bank of Bahrain’s (CBB) sukuk offering of US$500 million in June was oversubscribed by almost eight times, prompting the final value of the offering to be raised to $750 million.
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Creating a strong organisational framework capable of balancing insurance transactions with Shariah principles could be one of the greatest challenges facing the takaful industry in its efforts to grow, said Director General of the Insurance Commission of Jordan, Dr Bassel Hindawi, at the 6th General Conference of the Federation of the Islamic Insurance and Takaful Companies (FIITC).
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CIMB Aviva Assurance is on track to becoming Malaysia’s top bancassurance and takaful player by 2011, according CEO Keith Jones as reported in the local media.
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HSBC Amanah Takaful (Malaysia), the Islamic insurance unit of HSBC, saw its new regular contributions double to RM30 million (US$8.6 million) for the six months ended 30 April, after shifting to traditional insurance products from single premium investment-linked plans.
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Manulife will apply for a takaful licence before the end-October deadline, according to reports in the Malaysian press.
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Liquidity Management House, the sister company of Kuwait Finance House, will be issuing up to US$500 million worth of sukuks by the end of the year, Chairman and Managing Director Emad Al Monayea told media in Kuala Lumpur last month.
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Gross retakaful contributions in Labuan increased by 48.2% to US$162.3 million in 2008, driven by four full-fledged retakaful operators and nine retakaful windows, according to the Labuan Offshore Financial Services Authority (LOFSA).
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MAA Holdings expects to conclude the sale of general insurance business and a 4.9% stake in MAA Takaful to AMG Insurance by the fourth quarter, CEO Muhamad Umar Swift told local media.
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Oman and Albania have become members of the The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), bringing the total number of member countries to 39, including 17 Arab countries, 13 African countries and nine from Asia and Europe.
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RBS Islamic Banking, in collaboration with Dawood Family Takaful Limited (DFTL,) has successfully launched a family bancatakful product in Pakistan. Termed “Kafeel”, it offers RBS customers access to Shariah-compliant life insurance coverage along with a savings option.
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Members and employees of the Institute of Chartered Accountants of Pakistan (ICAP) now have the option of having Group Family Takaful protection, thanks to an agreement the organisation has inked with Pak-Qatar Family Takaful Ltd (PQFTL).
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Members and employees of the Institute of Chartered Accountants of Pakistan (ICAP) now have the option of having Group Family Takaful protection, thanks to an agreement the organisation has inked with Pak-Qatar Family Takaful Ltd (PQFTL).
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The Qatar-Bahrain Islamic insurance company (Jisra Tamin Al Takaful) looks set to be launched in the first quarter of next year, according to press reports.
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The stringent regulatory requirements set out by the Saudi Arabia Monetary Authority (SAMA) for insurers in the Kingdom have provided a buffer against the effects of the global financial crisis, said Dr Muhammad Al-Jasser, Governor of SAMA in his keynote address at the Saudi Insurance Summit in Riyadh in May.
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The Saudi stock market (Tadawul) has recently launched a new sukuk and bonds market, which will provide services such as listing, order submission, trade execution, clearing & settlement, and prices information dissemination.
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AXA has partnered with Salama Islamic Arab Insurance Company to offer group life solutions to AXA’s clients in the UAE.
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Dubai Islamic Bank (DIB) has launched the Al Islami Takaful Programme, its Shariah-compliant savings plan with takaful benefits, designed to meet the needs of customers looking for Islamic financial planning solutions.
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Noor Takaful has tied up with Mondial Assistance Group to launch Travel Takaful, comprising a wide spectrum of support services for contingencies arising during foreign travel.
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