The regulatory reforms launched in the past four years have been paying off with GWP growing and profitability improving in the last 18 months for the UAE, the largest insurance market in MENA. Despite the large number of players and intense competition, the introduction of mandatory healthcare insurance and increasing motor insurance tariffs have helped insurers grow and thrive. Nonetheless, going forward, providers need to seek new growth trajectories, take advantage of technology in growing their client base and be prepared for the next wave of regulatory reforms.

The rise of drone risks

COVER STORY - Aviation

As the market for drones takes off, there is a need for underwriters to start looking at all elements of emerging risks related to the technology that might not be covered under traditional aviation insurance policies.

The future of claims

FEATURE - Claims

Emerging technologies will continue to have a huge impact on the insurance industry and its claims processes in particular. These advances are increasingly requiring well-thought-out responses from insurers to transform the claims function to keep...

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All Stories

Editor's Message

Editor's Message
There is a hype of the region both in terms of good and bad news. World equity markets are in yo-yo mode again, global trade tensions are rising and geopolitics are dominating business. Hence, these are challenging times. Insurers have to muster...

MIIA Special

Here's looking at past winners
The stage is set for the fifth instalment of the Middle East Insurance Industry Awards on 26 November at the Conrad Dubai. Middle East Insurance Review caught up with last year’s industry rock stars, some of whom are in the running again this...
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Interview

Hugely bullish on the Middle East
The financial services arena is in constant flux – because of regulatory change, shifting demand and the cost of capital. It seems to be the reinsurance industry’s turn to come under the microscope. Middle East Insurance Review spoke to...
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Cover Story

Aviation

The rise of drone risks
As the market for drones takes off, there is a need for underwriters to start looking at all elements of emerging risks related to the technology that might not be covered under traditional aviation insurance policies.
Cost of claims soaring
As aircraft technology evolves, one trend that is gathering pace in the region is the rising cost of insurance claims, says Ms Lalitya Dhavala of McLarens Aviation, UAE.
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Country Profile

United Arab Emirates

Industry heading in the right direction
The regulatory reforms launched in the past four years have been paying off with GWP growing and profitability improving in the last 18 months for the UAE, the largest insurance market in MENA. Despite the large number of players and intense...
The best is yet to come: Association
The positive indicators of growth for life and non-life insurance businesses suggest that the UAE market is on track to reach a developed stage, says Emirates Insurance Association (EIA) secretary general Fareed Lutfi.
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Keeping up with the tech shift
Digital innovations will continue to change the face of the insurance industry. Insurers need to invest in the right systems as the industry will be fully automated in the next five years, predicts Mr Shadi Sa’adeh of ESKADENIA Software, UAE.
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Feature

Claims

The future of claims
Emerging technologies will continue to have a huge impact on the insurance industry and its claims processes in particular. These advances are increasingly requiring well-thought-out responses from insurers to transform the claims function to keep...
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Broking

A holistic cyber defence culture
Cyber brokers are on the front line of the digital transformation as organisations look for solutions to combat against new challenges that come with every technological step forward, says Ms Nesrine Abdili of Howden Insurance Brokers LLC.
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Life

Bright prospects for life with right focus
Consumers’ lack of awareness has often been cited for the UAE’s under-penetration in the life market, but the sector has a bright future if insurers start to focus more on creating a higher value for their clients in terms of product and...
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Insights

Marine

The Middle East sails ahead in the yacht market
The region’s yacht market is witnessing a huge growth. Messrs John Macaulay, Matt Halpin and Alex Becker ofMS Amlin discuss the insurance and risk management challenges in this sector where, despite the use of sophisticated technology,...

Accounting standards

IFRS 17: How simple is the simplified approach?
IFRS 17 marks a fundamental shift in accounting principles. With this comes opportunities but also implementation challenges. Messrs Safder Jaffer and Asad Irshad of Milliman present five key challenges that insurers will need to address when using...
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Takaful Feature

The dream of the 'techaful' revolution
To make a meaningful impact on the protection gaps across the Islamic world, takaful operators should march towards the digital revolution, says Mr Lukas Mueller of Swiss Re.

Conference Report

Oman's mandatory healthcare insurance to spur investments in related sectors
The proposed compulsory healthcare insurance scheme in Oman is going to be applied in stages to ensure the best results and benefits to all stakeholders. Considering its wide coverage of about 2m people, the scheme is expected to boost investments...
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Rebooting takaful
Despite having to grapple with challenges such as slow growth and low penetration rates, takaful operators are still optimistic about boosting the fledgling industry. Participants at the Takaful Rendezvous 2018 discussed if the way forward is...
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Regional reinsurers should step out of their comfort zones: FAIR Forum
Regional reinsurers need to keep pace with developments in the global reinsurance industry to respond to market needs and ensure sustainability, said speakers at the 2nd FAIR Reinsurance Forum in Beirut in September.
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News

MENA

MENA: Reinsurance market pressured by overcapacity & huge losses
The MENA reinsurance industry is characterised by its challenging market conditions, borne out of unabating pressure on pricing, overcapacity, and a higher-than-expected number of large losses in recent years, according to a new report by A.M. Best.
CII opens Middle East and Africa office in response to growing demand
The Chartered Insurance Institute (CII) is opening a new office to cover the Middle East and Africa (MEA) in response to growing demand from the region for the raising of professional standards and has appointed Ms Gaenor Jones as regional director,...
MENA: Over 90% of professionals say employers are responsible for health and well-being at work
A great majority (93.2%) of respondents believe that it is the employer’s responsibility to promote health and well-being at work, according to a new survey by regional job site Bayt.com. In addition, nearly seven in 10 respondents place...