Magazine

Jul 2017

Read the latest edition of AIR and MEIR as an Interactive e-book

Underestimated perils

COVER STORY - Nat CATs

Nat CATs including earthquakes and floods are less well modelled for the region. The perils have largely been underestimated by insurers and there is a protection gap. But things are changing for the better with new active models coming out.
 

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Checking cyber risks

FEATURE - Cyber Security

As cyber attacks increase in both number and intensity, it is imperative for organisations to understand the evolving nature of the threats they now face and formulate a coherent defence plan to keep these risks in check.

A new model for the Middle East

COVER STORY - Nat CATs

For insurance to play its full potential in mitigating and transferring earthquake risk in the Middle East, insurers need better earthquake models. Mr Trevor Maynard of Lloyd’s and Dr Mohammad R Zolfaghari of CATRisk Solutions draw a bespoke...

Featured Articles


All Stories

Cover Story

Nat CATs

  • Magazine article aboutUnderestimated-perils

    Underestimated perils

    Nat CATs including earthquakes and floods are less well modelled for the region. The perils have largely been underestimated by insurers and there is a protection gap. But things are changing for the better with new active models coming out.

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  • When CAT floodgates open

    Nat CATs have the potential to significantly deplete (re)insurers’ capital positions. GCC insurers cover a relatively benign earthquake zone but are exposed to flood risk. Floods events can result in losses to insurers both through their...

  • A new model for the Middle East

    For insurance to play its full potential in mitigating and transferring earthquake risk in the Middle East, insurers need better earthquake models. Mr Trevor Maynard of Lloyd’s and Dr Mohammad R Zolfaghari of CATRisk Solutions draw a bespoke...

Life & Health

  • Magazine article aboutManaging-unstructured-data

    Managing unstructured data

    One day, Big Data will truly allow medical insurance providers to move from being sickness claims payers to wellness providers. Mr Jamie Marshall of Generali Global Health discusses how Big Data will help the international private medical insurance...

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  • Healthy doses in digital age

    It is time for health insurance providers to change the once time-tested and successful approaches which have become obsolete. Dr Sven Rohte of Daman prescribes new buzzwords – engagement, personalisation and user empowerment – for the...

  • DHA pricing rules: An antidote to premium price wars

    The Dubai Health Authority’s expected rules on premium pricing will provide more stability to the Dubai healthcare insurance market and control the increase of the cost of healthcare services. Ms Salma Achour Khouaja of Holman Fenwick Willan...

Country Profile

Lebanon

  • Magazine article aboutOn-the-hard-path-of-consolidation

    On the hard path of consolidation

    Lebanon’s oversaturated marketplace is in dire need for consolidation in the face of consistent tardy growth in the past five years due to tough economic and sociopolitical conditions. The government has offered insurers incentives to consider...

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  • Interview with the regulator: Right steps for right track

    The Insurance Control Commission (ICC) of Lebanon is taking serious measures to put the sector on the right track and launching bold initiatives in line with the best international standards for the insurance industry to grow healthily, says Mrs...

  • Association: Accelerating growth to capture potential

    The market has started seeing some promising signs of consolidation. With greater move towards M&A, insurers need to adopt best practices and corporate governance policies to overcome the challenges and grow, says Mr Max Zaccar, President of the...

Insights

InsurTech

  • Magazine article aboutThe-existential-threat

    The existential threat

    Investment in InsurTech is catching up with FinTech in the banking sector. Pressure from new and traditional competitors is driving incumbent operators to change their attitude towards investment in technology. Insurers are now recognising that,...

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Accounting standards

  • Beyond books and balance sheets

    New accounting standard IFRS 17 will trigger a landmark shift in the financial reporting of insurers, and represents a major departure from current accounting practices in many jurisdictions which will fundamentally change both how and what insurers...

News

MENA

People on the move

Diary

Conference Reports

AqabaConf

  • Magazine article aboutRevving-up-to-face-new-challenges

    Revving up to face new challenges

    The new socio-political setting in the MENA region is posing numerous new challenges, adding the burden on the insurance industry and prompting to swiftly adopt novel methods with technological advancement to be able to survive. Cyber and terrorism...

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Personality Profile

  • Magazine article aboutCharting-a-journey-to-insurance

    Charting a journey to insurance

    From a captain at the helm of several ships to becoming one of the prominent industry figures in the reinsurance market in MENA, Captain Richard Chalhoub, Chairman & Founder of Zaris Insurance & Reinsurance Brokers, says it was an...

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Feature

Cyber Security

  • Magazine article aboutChecking-cyber-risks

    Checking cyber risks

    As cyber attacks increase in both number and intensity, it is imperative for organisations to understand the evolving nature of the threats they now face and formulate a coherent defence plan to keep these risks in check.

  • Cyber risk insurance: No longer a luxury purchase

    The recent WannaCry ransomware attack has created greater demand in the Middle East for insurance cover to mitigate the risk. Mr Russell Heaton of ArgoGlobal advises that such covers must reflect the needs of the insured and clear and well-written...

FAIR Curtain Raiser

  • Magazine article aboutBahrain-getting-FAIR-ready

    Bahrain getting FAIR-ready

    The Federation of Afro-Asian Insurers & Reinsurers (FAIR) will hold its 25th Conference in Bahrain from 9 to 11 October, the first time the biennial event will be held in the Gulf region in the organisation’s 53-year history. With...

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Takaful in London

  • Magazine article aboutA-discretionary-route-to-success

    A discretionary route to success

    Although takaful has not fully taken off in the UK, there is no reason for long-term pessimism. There are ideas in the market and the willingness to make it grow. Mr Marcel Papp of Swiss Re and Mr Rajeev Sharan of Swiss Re Institute say takaful can...

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  • Strong competitive advantage

    The takaful industry in the UK has the potential to leapfrog conventional counterparts but it needs to manage change more effectively and transform itself in the fast-evolving shared economy, says Mr Sohail Jaffer of FWU Takaful GmbH.