April is abuzz with pieces to make a full bloom and everyone is turning in good reports on the prospects for the region. The euphoria of Lloyd’s announcement to come to Dubai has sent rippling waves of the region’s importance and heightened expectations. The overwhelming success of Multaqa Qatar is another huge boost for the region as well as Doha.
On our part, we bring you a bumper issue for the April bloom with resplendent colours, including the launch of the much-awaited Middle East Insurance Industry Awards to recognise and salute excellence in the MENA insurance markets. We have done the Asia Awards for 17 years, and we feel that now is time to bring this winning recipe to the Middle East – an independent, fully transparent Awards system backed by a panel of distinguished judges drawn from the local, regional and international insurance community. We have 22 leaders who have committed to this process as members of the distinguished Judging Panel in the Awards, co-branded with the DIFC to mark its 10th Anniversary. So make sure you take part in the Awards to be recognised as a winner. Self-nominations are welcome. Check out the Awards Nominations Booklet enclosed with the full details on the 15 categories and the detailed criteria involved as well as the full list of judges.
The April pieces include the Country Profile on Saudi Arabia which is at a critical juncture and taking a long hard look at itself with last year’s record losses, even as operators come to terms with the weaknesses and take corrective measures. The need for insurance is still booming in the market.
Our Cover Story is on the C&E market where despite the several infrastructure projects driving the demand for insurance, rates are still soft because of the plentiful capacity. Interestingly, the boom is fuelling a whole new demand for professional indemnity covers.
In a pro-active mode, we also bring you a special insight looking at the bends that need to be negotiated by both the DIFC and Lloyd’s to ensure that the match is suitable.
We also get ready for the annual World Takaful Conference by arming you with knowledge of takaful award winners as well as reminders from two conferences in February on the need to be Shariah compliant and to meet changing customer needs. We challenge takaful operators to become champions in takaful to step out of their comfort zones and explore rapid growth markets which will provide the best prospects.
We bring you a host of extras: a special feature on captives looking at Shariah compliance as well as the use of reinsurance captives as a pragmatic approach, a dynamic view of keeping motor losses under control through claims optimisation, and a strategic view on alternative capital.
It is April and there is tremendous optimism in the air. I wish you all the very best on the pieces of April.
Sivam Subramaniam
Editor-in-Chief, Middle East Insurance Review