Things have changed in the Middle East. Lloyd’s Dubai is now officially active with nine managing agents writing business and a few more actively exploring their entrance too. As Lloyd’s CEO Inga Beale said, it’s not a “nice to do” but a “must do” option to get closer to the market and restate Lloyd’s leading role. Many see this as a game changer for a region fraught with rising political risks and falling oil prices. Yet the 3rd Annual MENA Insurance Barometer shows that insurance is growing fast and is now standing in excess of US$50 billion – another good sign that the industry is on the right track.
The 9th Multaqa ended with a resounding success, with its 750 delegates wowed and giving the thumbs up for networking prospects in a region where business is still actively transacted and intensely negotiated. There was an art as well as a science to the numerous opportunities offered in Doha at the event now heralded as a leading rendez-vous, with the timely reminder by ACE Regional President Giles Ward to do a reality check to ensure that the excess capital is not “masking unprofitable business”.
April is the month of the entrenched World Takaful Conference and we zero in on the winners of the Takaful Awards given out in London, as well as a Guest Editorial from London arguing that collaboration is the only way forward for takaful. And to mark the event, we do a market profile of Malaysia, still seen as the takaful champion of the world with its two-tiered regime of conventional regulations as well as Shariah supervisory boards. The market has turned 30 and is looking at new directions.
Our Country Profile is on the second-largest Islamic insurance market of Saudi Arabia where the harsh measures leading to a plunge in technical results earlier have been hailed as a much-needed impetus, making the market vibrant and headed for a better tomorrow.
We rush to the high-profile, minimal-damage fire episodes to take stock of the market’s response in the UAE where residents are still not queuing to buy fire insurance.
Our Cover Story is on motor insurance where we lay bare the blind spots including the fine print, and the need for underwriters to look at usage-based motor insurance and differentiate pricing between big and smaller cars. Motor can be profitable, it just needs management attention to details.
April is also the month where we launch our 2nd Middle East Insurance Industry Awards to recognise and salute insurance. The first was a great success and is still being hailed as the most transparent and professional awards in the region, contributing to the industry’s march towards higher standards. We are inspired to go the extra mile to make the second Awards even better, which once again is supported by the DIFC, independently audited by EY and boasts a panel of eminent judges including CEOs, heads of associations and regulators from the region and internationally. Take the first step to be recognised by nominating yourself if you have done something to be proud of during the qualifying period from 1 April 2014 to 31 March 2015. Don’t wait for your competitor or supplier to nominate you.
Stand up and be ready to stand tall.
With best wishes,
Sivam Subramaniam
Editor-in-Chief, Middle East Insurance Review