The road ahead
Creating synergies
CEO Roundtable
Market braced for late and "extremely tough" renewal season
Aviation
Turbulent times in a hard market
COVID-19 and aviation claims
How COVID-19 paralysed global aviation
United Arab Emirates
Sailing in rough waters
Life to achieve deeper penetration
COVID-19 and health insurers
Finding opportunities in a time of crisis
Market remains resilient despite headwinds
In a state of regulatory flux
The test of leadership
Brokerage
Stronger relationships crucial to securing the future of health insurance
Staying relevant in the age of disruption
Claims
Claims fraud, abuse and leakage prevalent in certain product lines
Regulation
Financial crime compliance is key to MENA's participation on the world stage
The matrix: Interconnectedness and regulatory risk
Corporate Governance
Rewriting the rules of corporate governance
GCC: Takaful sector resilient so far, but there are challenges on the horizon
Towards a fruitful public-private partnership
MENA
Middle East: Dive In reveals sector's views on cross generational working
MEA: Chedid Capital acquires 80% of ASCOMA, creates broking leader in the region
Africa: Allianz and Jubilee Insurance forge strategic partnership
Bahrain: COVID-19 strains solvency levels of insurers
Egypt: Insurers directed to set up reserve for risks related to new accounting standard
Kuwait: P&C and health sectors carry intermediate risk
Lebanon: Insurers see huge support from reinsurers
Morocco: Insurance market weakens in August
Oman: Listed insurers report 56% increase in combined profit in 1H
Saudi Arabia: 2 more insurers hold talks on possible merger
Saudi Arabia: Insurers face headwinds as drop in claims from lockdown seen as temporary
Tunisia: Ageing population highlights need for supplementary pension plans
UAE: Govt launches post office system to enhance online health insurance management
UAE: Bayzat and Sehteq among MENA's 50 most-funded startups
UAE: Africa Re sets up office in DIFC for Middle East expansion
Takaful
Global: IFSB disseminates first set of country-level takaful data
Nigeria: Capital hike underway for microinsurers and takaful operators
Saudi Arabia: ICIEC signs MoU with Spanish state export credit agency
Saudi Arabia: Gulf Union Cooperative and Al Ahlia Insurance to merge under new brand
UAE: Abu Dhabi National Takaful expected to enhance position in domestic market
Global
Number of insurer-MGA relationships will hold steady or increase in 2020
IFRS 17 a major challenge for reinsurers
Future pandemic risk should be tackled via public-private partnership
Pandemic-related BI case reduces trust in insurers
Product Bites
People on the move
COUNTRY PROFILE - United Arab Emirates
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COVER STORY - Aviation
The aviation sector is in for another rough ride as insurers are forced to push for significant rate increases at the 1/1 renewals to mitigate against new risk exposures and COVID-19-adjusted reduction in premium base.
TAKAFUL FEATURE
The takaful sector has benefited from strong earnings in 1H2020 driven by fewer motor and medical claims but earnings could drop in 2H2020 and 2021. Some insurers will therefore need to revisit their business models and significantly strengthen...
COVID-19 rages on with more bad news a-coming for the winter in the North. Many are already in the third wave of the lockdown, too, with more than 40m infected though many have recovered speedily almost scratch-free. The world is also afflicted by...
Lloyd’s regional representative for Middle East and Turkey Andrew Woodward shares his views on the current state of the Middle East insurance industry, the implications of COVID-19 and where he sees opportunities in an increasingly challenging...
Tysers Insurance Brokers Ltd, DIFC branch senior executive officer Anthony Harris outlines the group’s priorities following the full integration of RFIB Group into the Tysers brand in October.
With the unfavourable prevailing economic conditions and impact of COVID-19 on the insurance sector still evolving, there is a risk of significant disruption leading up to the 1 January 2021 renewals. Click to view the video
Mr David Bickerton of McLarens Aviation explains how the pandemic has not only reduced aviation claims but also affected the way insurance losses are being handled.
Insurance and reinsurance consultant Amer Daya looks at how airlines are fighting their way through the worst crisis to have hit the sector since the dawn of aviation.
The UAE insurance sector is expected to weather the COVID-19 storm this year despite the economic contraction, which is creating a deeper impact than earlier projected. Insurers need to brace themselves for possible complications in the coming year.
The pandemic, along with new market regulations introduced this year, is expected to put a strain on the growth of life insurance business in the UAE, but there remains great potential in the long run.
The importance of health insurance is growing significantly on the back of the pandemic, but rates and terms are subject to profound changes as players need to reassess their strategies.
While the current environment may be challenging, having the right insurance partnership can determine long-term benefits for all, says Ms Leah Cotterill of Cigna.
Brokers need to enhance their business models by expanding their services and using technology to enable and support their core processes, says Mr Marco Bannerman of Aetna International.
Mr Rahul Gupta and Ms Leigh Allen of RGA discuss the findings of a recent survey on fraud and abuse risks and recommend what insurers can do to mitigate these risks.
The MENA region has taken steps to strengthen its anti-money laundering and counter terrorism financing regulations with insurers and takaful operators required to take a risk-based approach to compliance, says Ms Aneta Klosek of Accuity.
Mr Peter Hodgins of Clyde & Co looks at why there is a lack of understanding of the regulator’s expectations in the UAE market and how greater regulatory certainty can be achieved.
Board of directors should use this time to review their organisation’s objectives and understand how the organisation and its people will cope with significant change, says Mr John Crawley of GCC Board Directors Institute.
The growing importance of health insurance in the region should prompt better cooperation between public and private stakeholders to expand coverage, said speakers at the 6th Regional Forum for Medical Insurance & Healthcare in Cairo, Egypt.
The Middle East edition of the Dive In festival, with its theme ‘The future of the insurance sector: Is age just a number?’, ran an online poll for all attendees seeking opinions about cross generational working.
Chedid Capital Holding has acquired an 80% stake in ASCOMA’s (Ascoma Assureurs Conseils) insurance brokerage business in Africa comprising a network of 21 subsidiaries across 21 African countries, with an office for international affairs in...
East Africa’s leading insurance group Jubilee Holdings Limited (JHL or Jubilee Insurance) and Allianz have signed an agreement to establish a strategic partnership in the five African countries where Jubilee Insurance currently operates. The...