It’s March and everyone seems Doha-bound. Multaqa Qatar, now in its eighth year, has proven itself to be an important rendez-vous for the mid-year renewal. Everyone is talking about it as a must-attend event and raving about the system that allows them to make appointments online. This is world-class service at the meeting organised by the Qatar Central Bank, Qatar Financial Centre Authority and Global Re to showcase the best in the market. And even after rejecting applicants, Multaqa has more than 450 delegates. So don’t miss out on being there. It is not just for the big companies or the regional boys but for everyone looking to make business contacts at what is billed as a leading insurance and reinsurance forum in MENA.
In March, spring in the region’s gait is bien évident. The good times have come again and there is still a critical shortage of talent, with poaching through well-heeled head hunters the norm, though some firms are also letting staff go by restructuring their businesses.
But the region is abuzz with activity. The DIFC recorded a 14% growth in companies in 2013, and is reeling with the news of the Lloyd’s decision to set up in the Centre within the next 12 months. Catlin is also planning for its office in the DIFC to be operationally ready by end-April.
And in Bahrain, the race to be a regional centre continues with the CBB’s pledge at 10th MEIF to continuously enhance and improve regulatory structures to make Bahrain the jurisdiction of choice. At MEIF, the focus was on “overcoming competitive pressures” and going for “profitable growth”, with many a sermon against price wars and competing on customer service.
But will the price ever be right with so many suitors at the door? Though some have started seriously walking away from partners of yore, others are going for volumes, banking on the law of averages and apparently even a dose of sheer good luck.
Though some $2 trillion was shaved off the equity markets in January, our Cover Story is still on the excitement of redefining investment portfolios to drive profitability despite the moans of low interest rates, challenging insurance markets and tightening regulation. Not a pipe dream, but there are alternative methods for the brave heart. This is a must-read.
As a curtain raiser to Multaqa, we bring you a close up of the strategic plans to rev up the Qatar market under the guidance of a single regulatory body, and the infrastructure and construction risks drivers there, as well as an update of the roll out of the National Health Insurance Scheme. We also explore new frontiers in energy risks and look at the creative ways that large commercial risks are placed in the region.
In takaful, we look at the dilemma from the actuarial perspective of whether there is a Shariah-compliant form of risk transfer, since takaful and retakaful are based on risk-sharing principles.
With March being the month of International Women’s Day, we bring you a piece looking how Arab women are gradually marching ahead despite cultural barriers to become more visible in the male-dominated business sphere.
In that same vein, we have once again invited Cindi Betzina, whose article last year emerged as one of the top 10 reads of the year, to share her travels and insights as the travelling spouse of an insurance man interacting with the global insurance fraternity. Enjoy the read.
By March, you must be all geared and fully immersed into the business to ensure that you are on track for the year. All the best as sheer diligence is its own reward at so many levels.
Sivam Subramaniam
Editor-in-Chief, Middle East Insurance Review