February is upon us, and there is a definite degree of change in the air. The biggest change is that this is the first February in the entire 12-year history of Middle East Insurance Review that there is no MEIF. But that is not to say that there isn’t anything happening in the region fraught with activities despite the intra-regional and geopolitical tensions. In fact, even Bahrain’s insurance industry is projected to grow by an average 7% per annum to hit US$1-billion mark in three years by 2021.
Over the years, the regulatory environment has evolved and is on the right track though still behind the world of risk-based capital. But the overall verdict is that the changes are in the right direction and set to provide a more supportive growth environment for the insurance sector. Check out our Cover Story on regulations in the Middle East moving at different paces, but in the right direction.
With the great uncertainties in the geo-political environment, the business sentiment is weak and the industry is all the more dependent on the CEOs to lead the way. What does an effective CEO need to power ahead with the industry buffeted by changes from within and without? Then there is InsurTech and disruptive innovation to add to the mix. The business needs leaders with a vision and might to power on despite the challenges. Can the real leaders stand up and be counted? This is the $64-billion dollar question of the day even as the price of oil rises.
This month, our Country Profile is on Palestine. With all the global attention on Jerusalem, we look at the steady growth of the Palestinian insurance market, quietly beavering away to achieve stability and sustainability despite the challenges. It is a positive success story.
On takaful, we revisit the question of having sufficient Islamic avenues to invest the capital to grow the pot as the sukuk market takes a slide from its 2017 highs. Can a new ecosystem be built to give depth for business development and expansion?
Though February is a short month, we bring you a good spread of stories to read on political risks insurance, the winning streak of LIC in the region, the FinTech deals in the region, the various regulatory changes on motor, bancassurance, takaful, health in the different markets, the basics of the medical malpractice market; and InsurTech in the region where the adoption is still slow and worse not steady yet.
As for MEIR, we urge the winners of the 4th Middle East Insurance Industry Awards 2017 to step up to the podium to show themselves as worthy winners. Come forward to do something memorable for the industry as true and worthy winners. We are looking out for you:
- Orient Insurance PJSC
- Oman Insurance Company
- NEXtCARE
- Abu Dhabi National Takaful Company
- Oman Insurance Academy
- Now Health International
- Milliman LLC
- Mr Adnan Abu Alhaija’a, Arab Orient Insurance Company | gig
- Clyde & Co
- Nexus Insurance Brokers
- Chedid Re
- Hannover ReTakaful BSC
- Zurich Insurance Company Ltd
- Mr Alaa El- Zoheiry, Arab Misr Insurance Group | gig
Sivam Subramaniam
Editor-in-Chief
Middle East Insurance Review