This year marks the fifth anniversary of the MENA Insurance CEO Club (MICC), launched in 2010 with the vision to become the mouthpiece and think tank for the regional insurance industry. We trace the highlights of its journey, and preview what lies ahead for this exclusive Club.
The MICC was set up by pro-active leaders in October 2010 with the vision to become the mouthpiece and serve as the premier think tank for the MENA insurance industry.
Milestones
The exclusive, by-invitation-only club, with 18 members at present (see box), has already scored several achievements in the five years since its establishment:
Conference on Political Risks and Terrorism in the MENA Region
It was the first to proactively organise a special Conference on Political Risks and Terrorism in the MENA Region in Dubai in 2011, in response to the social unrest and tensions and Arab Spring then. The event was a success, with some 120 delegates attending, including leading political risk experts from around the world. The Conference’s assessments on the challenges facing insurers in responding to the increasing need and demands for cover still remain true.
Survey on the “Future of MENA Insurance”
In 2012, the MICC conducted an extensive survey on the “Future of MENA Insurance” from its members in partnership with Oliver Wyman and shared the results with the industry openly.
Survey on “MENA Insurance Markets: The Way Forward”
In late 2014, the MICC conducted another survey of its members, “MENA Insurance Markets: The Way Forward”, to collate the collective wisdom of members on the various challenges and prospects facing the industry in 2015.
Essay competitions
To boost research in the industry, the MICC held two essay competitions on “Energise Insurance in MENA”, in 2012 and 2013. Responses from active professionals in the market were overwhelming and the winners were publicly recognised. Some 50 essays were added to the pool of research material in the market and are available on the MICC website.
Strategic Seminars
The MICC has held five Strategic Seminars for its members:
• November 2010 – Chartered Insurance Institute in London (theme: “Lessons from London for MENA”);
• November 2011 – Beirut (theme: “A Dashboard for CEOs”);
• October 2012 – Abu Dhabi (theme: “From CEO Dashboard to Strategic Implementation”);
• October 2013 – Istanbul (theme: “Strategic Leadership and its Impact on Business”); and
• October 2014 – Dubai (theme: “Dealing with Regulators”)
Study on the drivers behind risk retention strategies
The MICC commissioned A.M. Best to conduct a statistical study on the drivers behind risk retention strategies employed by insurance companies in the MENA region and their impact on their capitalisation and underwriting profitability. The study also identified different strategies employed by the better performing companies in the region.
Survey among international bodies on training fire services
The MICC has also proactively conducted a survey among international bodies on training fire services to ensure minimum damage to property during firefighting.
Conference on Social Media
To help the insurance industry learn about trends in social media, the MICC hosted the first-ever Social Media for Insurance Industry Conference in Dubai in April 2012, inviting all insurers in the MENA region as guests.
Looking ahead
The MICC is not resting on its laurels. As part of its fifth anniversary celebrations this year, the Club is planning to host a public forum on the value of insurance. With the theme, “Making a Real Difference – Promoting the Good of Insurance”, the forum is aimed at helping all stakeholders, including insurance professionals, buyers and public officials, understand the role of insurance in the lives of individuals, in society and in the economy. The event will be held in Dubai on 8 October. Look out for more details.