There is a buzz in the air. Everyone is busy with meetings and conference all over. The renewals do set the pace for the hive of activities especially in Dubai.
This November, we return with a renewed and refreshed CEO platform – ME Insurance CEO Agenda. There is hope that when CEOs get together to set their priorities some home truths will surface and they can look at strategic issues rather than operational haggling. Is the industry on the right track? Will the transition lead to a sustainable development or are they just buying time? Price and rates are just inconvenient distractions though they play to the gallery.
Hopefully the ME Insurance CEO Agenda can boldly tackle the real problems facing the industry and spell out a bold new resolve for CEOs to be the change-makers. Can CEOs lead the market rather than merely respond to what’s happening? Insurance often gets palled by banking and other bigger economic developments. So insurance CEOs beat on boats against currents borne back ceaselessly into picking up the pieces when a disaster strikes or accidents happen. The CEO Agenda must make a difference to energise the CEOs into leadership action, and to make governments sit up and think insurance too.
The FAIR Conference in Bahrain, the first in the GCC, last month, so actively organised by Arig and Trust Re to bring that transformation in FAIR-land did go a long mile though delegates fell short, distracted by the networking and the other delights of the host country. But it was a good FAIR with many important takeaways and challenges to insurers to own the customer; for insurers not to be so infatuated with their own products but to engage groups and communities to buy into the benefits of insurance; and to make insurance customer-centric rather than product-centric. Insurers were exhorted to invest in the magic of digital and technology which was miles ahead in already understanding insurance. Insurers needed to be ready to know and accept what technology could do for them. This is the gap that needed to be bridged urgently.
Coming to business at hand, our Cover Story this month is on life insurance where the region is still lagging behind despite the projected needs of the market. There is a call for localised products with a regional slant. Life has much hope in the region. Its time is coming even for the local companies if they can get in sync with the changing demographics.
On takaful, through revisiting the Takaful Rendezvous in KL in September we unravel the untapped potential in takaful including the click-happy Millennials.
Our Country Profile is on the UAE where we look at the positive impact of regulation in a market where competition increases even in classes like fire where claims are on the rise. In life it is about regulations adding finesse to bring market to UK standards. A big leap that.
In November, we get the chance to salute excellence in the industry not just among the insurers, brokers, and reinsurers but also those service providers to the industry who actually are pushing insurers harder. This is the 4th Middle East Insurance Industry Awards (MIIA) and the quality of the discerning discussions on judging does augur well for the industry. I see leaders ready to stand up for what they believe is right and good for the industry. Always a good sign.
There is much cheer in the air. Let’s see the industry rise with that cheer!
Sivam Subramaniam
Editor-in-Chief
Middle East Insurance Review