It’s February. Sanctions on Iran have been lifted, though the geopolitical tensions remain with IS seemingly entrenched. The world is in a turmoil, too, with pockets of economic, social and political disturbances everywhere. The global village once touted as a panacea is now being questioned. As for businesses, many are already revisiting their 2016 plans.
We trudge on, determined to make an impact as 2016 is our 10th anniversary of serving the MENA region. Over the decade, we have been closely monitoring and covering developments in a market which has more than doubled from US$20 billion in 2006 to $50 billion last year, although the one recurrent moan has been the need to realise underwriting profits which seem a mirage. With the low reinsurance rates, the rush of reinsurers to the region in the bid to have geographical spread, and the dependence on reinsurance commissions and investment income, underwriting profits seems mystical. Hence the theme for our 10th Anniversary celebrations to culminate in a Summit is: ‘’Underwriting for Profit: Myth or Reality in Today’s World”. So do join us to check out the reality of the industry you work in.
You must have noticed that we have changed our format to make it more reader-friendly and to guide our readers, especially since we are fully present online and are ranked as the top English-language Middle East insurance magazine, a claim verified with Google stats. I invite comments and suggestions on how we can better serve you.
With activities in full swing, we bring you a Country Profile on Bahrain and the hectic efforts to catalyse growth. The focus at the 12th MEIF in Bahrain this year is on the new insurance landscape of the GCC and the new directions for growth. Then in March, there is the Multaqa Qatar in Doha where there will be a special session on the strategic outlook on the MENA markets within the global context.
As the Secretariat of the MENA Insurance CEO Club (MICC), we are also happy to bring you the full report of a survey of members on the future of the industry, where the stress is still very much seen as a fight for market share. On the good news front, there will be a plentiful supply of reinsurance, though cedants are expecting a very stretched and challenging year in 2016.
Our Cover Story is on the life market and how the tide is changing and life is seen as having huge untapped potential and no longer the underdog. There are new products, new distribution channels and just new space for the life boys who are ramping up both on the traditional and family takaful fronts.
In our special spread, we also bring you an interview with the Syrian Federation head on how insurers are remaining active despite the ongoing war, a focus on how governments can take the lead in promoting risk management, how corporates need to rethink the strategic role of insurance in managing risks, the risk management imperatives needed to cope with fire, understanding the full import of lifting sanctions, the recent guidelines in Malaysia to strengthen Islamic finance and lastly, the tough outlook for the reinsurance industry this year.
Keep reading.
Happy February.
Sivam Subramaniam
Editor-in-Chief
Middle East Insurance Review