The terrorism insurance market in the Middle East has seen a sustained period of softening in line with the global trend despite an increasingly complicated socio-political environment. With more capacity coming on board regionally and internationally, the market is now reaching a tipping point after 10 years of pressure on margins.

Say it in certain terms

INSIGHTS - Cyber

When it comes to claims settlement in cyber risk insurance, ambiguity in wordings and exclusions often result in rejections and disputes. Mr Amar Shah of Risk Exchange says insurers should use the same words to define risks and good practices which...

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Map and realign before VAT goes live

INSIGHTS - VAT on insurance

Insurance companies in the GCC need to be VAT-ready and will need to map and realign their business transactions, supply chains and IT systems to make them effective on introduction of 5% tax from January 2018.

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Editor's Message

Editor's Message
What a difference this March is without the Multaqa Qatar. Suddenly, after a faithful decade of being a star draw in getting the internationals to come to the region, there is no Rendezvous in Doha this March. The scene seems to have shifted to...

Interviews

Orient Insurance: Sustaining leadership position
Orient Insurance is retaining its leadership position in the UAE and achieving promising results in other markets. Introducing new services the market needs, adopting a diversified strategy, and the new takaful venture have all contributed to...
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Union Insurance: Moving up the ranks
Union Insurance Co has been able to grow impressively in the past year despite the competitive market conditions and will continue to roll out products and digital initiatives that match customers’ needs, says Mr Abdul Muttaleb Al Jaedi, MD...
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Dubai Health Authority: A perfect prescription for tourism, healthcare and coverage
Insurers from outside the UAE will have an opportunity to play a role and benefit as the Dubai Health Authority (DHA) is promoting Dubai as a hub for medical tourism on the regional and international levels, says Dr Layla Mohamed Al Marzouqi,...
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Cover Story

Political Risk & Terrorism

Reaching a tipping point
The terrorism insurance market in the Middle East has seen a sustained period of softening in line with the global trend despite an increasingly complicated socio-political environment. With more capacity coming on board regionally and...
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Country Profile

Qatar

New windows of opportunities
Public spending and infrastructure projects have always fuelled growth in Qatar’s insurance industry. But today with the stressed oil prices and the overall challenging economic trends, insurers are urged to think out of the box to stay ahead...
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Feature

Employee Benefits

Growth opportunities galore
New regulations, increasing medical costs and shifting consumer preferences mean that growth opportunities are plentiful for companies that can adapt to the many changes in employee benefits, says Mr George Dimitriou of MetLife.
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The valuable talent retention tool
The Gulf region’s transient and fiercely competitive job market makes both identifying and retaining skilled employees quite a challenge, particularly in industries that face a shortage of qualified professionals. And employee benefits can act...
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Insights

Legal & Technology

Navigating the pitfalls of Big Data mining
The insurance industry’s appetite to see how Big Data might be mined to price products more accurately attuned to individual consumer behaviour is growing. Messrs Dino Wilkinson and Tyler Dillard of Norton Rose Fulbright caution insurers to...

Cyber

Say it in certain terms
When it comes to claims settlement in cyber risk insurance, ambiguity in wordings and exclusions often result in rejections and disputes. Mr Amar Shah of Risk Exchange says insurers should use the same words to define risks and good practices which...
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VAT on insurance

Map and realign before VAT goes live
Insurance companies in the GCC need to be VAT-ready and will need to map and realign their business transactions, supply chains and IT systems to make them effective on introduction of 5% tax from January 2018.

Special Feature

Oil & Energy

Riding the oil-price roller coaster
With much of its growth stemming from energy-related projects, the Middle East insurance market needs to work harder to maintain past levels of revenue and identify new growth opportunities to ride out the prolonged downturn and the expected...
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Takaful Feature

Distribution

Balancing innovation and distribution
The large grey area between product innovation and distribution is where the problem of dysfunctional growth lies in family takaful industry, though product proposition and distribution channels remain the key drivers to increase penetration. Mr...
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News

MENA

MENA: Oil & Energy Insurance Syndicate becomes the first FAIR pool to be rated
A.M. Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of “bb+” to Bahrain-based FAIR Oil & Energy Insurance Syndicate (FOEIS), one of the four reinsurance vehicles formed by the...
Middle East: A.M. Best assigns stable ICR outlook to 81% of insurers
Insurers and reinsurers operating in the Middle East are well-capitalised, although fiscal budget pressures and political instability overshadow strong balance sheets, according to a recent report from A.M. Best.
GCC: Economic growth to pick up for most states
Growth is expected to improve this year across the GCC states, except in Oman and Bahrain, according to a global and regional economic outlook and sector analysis of Coface, a provider of trade credit management solutions and risk information...