With the buzz of October, there is positive optimism in the region despite the global uncertainties and political tensions everywhere. Middle East, home to the largest oil reserves in the world and several ultra-rich entities, is taking disruptive technology and diversity in its stride. Regulators are also determined to tune up the compliance and professionalism of the marketplace.
On the growth front, at the Monte Carlo Rendez-Vous last month, great stress was made on cyber risk as the next stretch for insurance, bearing in mind that everybody and everything is just so connected. Cyber risk is so pervasive and sits at every kind of business written, whether in spirit or in form.
This October is also the time for the high-profile Takaful Rendezvous in Kuala Lumpur, where Malaysia is still seen as one of the biggest success stories in takaful. Our market feature is on Malaysia, where there is yet another round of regulatory changes coming through. But the market is steady, and the players are confident as takaful is forging higher growth than traditional insurance.
Our focus at the Takaful Rendezvous, networking aside, is to get takaful leaders to share strategic tips and innovative ideas about getting back to basics. It is about rising above the noise of disruption that technology brings to stay with takaful’s compelling USP, be it in family or general business in Southeast Asia or the Middle East.
And as our service to the market, we this year at the Rendezvous will launch the Global Takaful Directory to give you an updated list of dedicated players in the market.
Then there is also the 15th Singapore International Reinsurance Conference to trot down to Singapore for, where networking aside, the more than 1,000 delegates debate the theme ‘Reinsurance Reloaded’. Closer to home, in Dubai, there is the Gulf Insurance Forum looking at the technical issues in pricing, and the role of supervisors in shaping the soundness of the industry.
Our cover story this month is a must-read on the now famous Belt & Road Initiative, which is gaining traction with the two-way trade and investments between China and the region booming. With the rise of each infrastructural development facilitating the road, rail and port links, there is plenty of business for local insurers, too.
Our country profile is on Egypt, which is on a rapid growth path with the focus on boosting insurance penetration within society and the economy. Both life insurance and takaful are showing double-digit growth.
We bring you a host of features on strategic risk management to have built-in resilience, optimising regulations in healthcare without limiting competition, the rise of the P&I market in the region, and serving the SME segment with special products to back their growth.
I end with my fondest farewell to Mr Ian Johnston who retired on 1 October as CEO of the DFSA, a friendly face with a ready quote. My favourite teaser of his is: “always communicate with the regulator and go to them before they find out and come to you”. A very warm welcome to the new CEO Mr Bryan Stirewalt who has been with the DFSA for 10 years now.
The very best to all for a busy October.
Sivam Subramaniam
Editor-in-chief
Middle East Insurance Review