Nat CATs
Underestimated perils
When CAT floodgates open
A new model for the Middle East
Lebanon
On the hard path of consolidation
Interview with the regulator: Right steps for right track
Association: Accelerating growth to capture potential
Cyber Security
Checking cyber risks
Cyber risk insurance: No longer a luxury purchase
Managing unstructured data
Healthy doses in digital age
DHA pricing rules: An antidote to premium price wars
InsurTech
The existential threat
Accounting standards
Beyond books and balance sheets
AqabaConf
Revving up to face new challenges
Bahrain getting FAIR-ready
A discretionary route to success
Strong competitive advantage
Charting a journey to insurance
MENA
Middle East: Exciting prospects seen for life market despite slow GCC economy
Middle East: Reinsurers push back in 1 July renewals
MENA: Food and water shortages caused by climate change may lead to more conflict
GCC: VAT implementation poses significant challenges for insurers
Now Health International merges Asia and Middle East operations
Algeria: Industry body to take action against price undercutting
Algeria: Auto insurers lose annual premiums of US$55 mln in price war
Bahrain: Digital strategies for the future of insurance to be hot topic at FAIR 2017
Bahrain: Trust Re's 1Q GWP up 33%
Egypt: Life insurers decry low returns from bancassurance
Egypt: Insurers waiting to see impact of major diplomatic rift with Qatar
Egypt: Insurers want more compulsory lines adopted
Egypt: Mortgage insurance for low-income sector launched
Iran: Corporate governance bylaw for insurers adopted
Iran: Number of road accidents, casualties still high
Iran: Private insurers command more than 60% of insurance market
Kuwait: Insurance market set to expand by 30% this year
Kuwait: Insurers to set health premiums for relatives of expats
Lebanon: Premiums grew 5% to $433.5 mln in 1Q
Lebanon: Insurance & capital market regulators in cooperation pact
Morocco: Mutual insurers MAMDA and MCMA increase stake in bank
Morocco: Insurance brokers want revamped commission scheme
Morocco: Health insurance to be made mandatory for self-employed
Oman: Insurers post 3% increase in 1Q premiums to $350 mln
Most Qatar-based insurers' ratings unaffected by political rift: S&P
Qatar: Insurers' equity & property exposures are a concern in current diplomatic rift
Tunisia: Insurers set up private school to offer insurance courses
Turkey: Non-life insurers' 1Q profits down 45% to $138 mln
Turkey: Auto insurers wary of heavy losses due to premium cap
Turkey: Insurers act against accident-prone drivers
UAE: Insurance Authority launches 2017-2021 strategic plan
UAE: New insurance regulations on the drawing board
UAE: Dubai launches cyber security strategy
UAE: Pilot scheme to rate auto repairs shops launched
UAE: 27 people die from tobacco-related diseases each week
UAE: Cigna starts operations as Zurich Insurance Middle East
Global
Top emerging risks for re/insurance sector identified
Angola's Launda now most expensive cities for expats; Asian cities dominate the list
World Bank launches first-ever pandemic bonds to combat major outbreaks
Takaful
Global takaful contributions to remain flat in 2017-2018
Bahrain: BKIC completes acquisition of 36.31% stake in Takaful International
Indonesia: Takaful contributions grew by 11% in 1Q
Morocco: Finance body highlights constraints in launching takaful
Saudi Arabia: Weqaya Insurance delisted from stock exchange
Saudi Arabia: Some insurers struggle to meet localisation deadline
Saudi Arabia: AXA Insurance allocates $33 mln to boost investments
Saudi Arabia: ICIEC registers steady business growth in 2016
Sudan: Insurance market sees $599 mln in premiums last year
Tunisia: Zitouna Takaful targets to double market share to 4% by 2020
Turkey: Government to introduce takaful legislation
UAE: Orient UNB Takaful now listed on Dubai Financial Market
People on the move
COVER STORY - Nat CATs
Buy Now
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.
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
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...
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.
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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.
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...
The overall outlook for the life sector in the Middle East and Pakistan region remains positive, although projected economic slowdown in the GCC will drag on life insurance premium growth in the short to medium term, said Swiss Re Institute in its...
Property reinsurance pricing in the 1 July renewal season in the Middle East appears to be at the bottom of the cycle, according to the latest 1st View renewals report from Willis Re.
Food and water shortages in the MENA region, exacerbated by climate change, may trigger more conflict and mass migration with serious security implications for the wider world, said a draft report submitted to lawmakers from NATO’s...