MENA is again different with higher growth expectations even as the rest of the world is bracing for lower growth than last year. What is the X factor that gives impetus to the region at a time where globalisation is taking a back seat? Is it the dynamism of the CEOs, protectionism in the market, the push from steadier oil prices or growing healthcare markets?
There is also greater optimism with close to $1bn having gone into startups in the region. In the UAE, a market leader of the region, premiums were said to have broken through the AED50bn-mark in 2018. Regionally, the property reinsurance capacity of regional players has been in the spotlight at a time when renewals saw prices rising in certain quarters. Then, there is also the pall of some insurers exiting the market such as in Jordan. There is increasing analyses of takaful not rising to meet its earlier expectations with it still being a small slice of the overall insurance pie. Having said that, there are still several moves to stretch the reach of takaful now, even in trade credit and beyond.
Our cover story this month, ahead of the International Women’s Day in March, is on women as champions of change in the market. In a resounding ‘yes’ to the rising role of women in the industry, a significant number of capable women are already leading the charge. Equality and inclusivity are high on the Middle East agenda these days.
Our country profile is on Tunisia, where the fight to grow is still vigorous with regulatory reforms in the offing, and the life segment is rising more rapidly than general business.
With the intense pressures on companies in the era of disruption and rapidly shifting market conditions, we zero in on what CEOs should be doing and can do to emerge as leaders. Though the answer is simple, its implementation is a long story: an effective strategy that is artfully executed. This is almost a non-news, yet it is the only way forward. Also, the answer to whether CEOs are further burdened or guided by the stricter insistence on corporate governance depends on which side of the fence you are. And the higher you are, the tighter must be the control.
We also parade a series of interviews with market leaders touting the need to invest in the right leadership or to follow the Buffett’s rule for success even in Dubai or just to build on the existing standing of the firm to beat competition, and the from-the-heart message to run a company on the bedrock of the values learnt in the cradle.
It is only February, but the year seems old already with the spate of disasters and problems hitting the world. The insurance industry has been totting up claims all over and cyber is already taking centre stage. And the Middle East with its tech-savvy people will be a ripe stage for the launch of personal cyber protection products. Any takers?
The connected world is getting even more risky not just for businesses but for individuals, too. This is your chance to see the opportunities in more protection products to get people to see insurance as a solid friend in a riskier world.
Sivam Subramaniam
Editor-in-chief
Middle East Insurance Review