CATEGORIES

General Insurance Company of the Year

“For demonstrating market leadership during the qualifying period via innovation in products, services or practices, responsiveness to end-users and intermediaries, initiatives in boosting the image of insurance in society, narrowing the protection gap, and/or exceptional business growth through professionalism and sound management.”

Criteria:

• Sets leading professional standards that other insurers are measured against
• Offers an extensive range of products and services catering to the needs of both corporate and individual clients
• A partner and adviser to corporate clients in adapting to the changing risk landscape
• Narrows the protection gap of the society
• Demonstrates in-depth knowledge and understanding of the region through its strategy
• Responsive to the needs of both end-users and intermediaries
• Industry leadership as shown through:
  • Innovation in products and procedures
  • Pro-actively embracing digital and social media
  • Transparency in the selling process
  • Customer-centric service
  • Outstanding risk management and claims management experience
  • Sound management and financial results
  • Business growth
• Enhancing the image of insurance in the society

Sponsor:

EchoRe

ECHO RE obtained a composite reinsurance license in November 2008 in Zurich/Switzerland.

It is licensed and regulated by FINMA, the SWISS Financial Market Supervisory Authority, and its office is in the heart of Zurich.

ECHO RE is a wholly owned subsidiary of DEVK, a very large German mutual insurance group headquartered in Cologne. DEVK is 130 years old and A+ rated (Outlook Stable) by both Fitch Ratings and Standard & Poor’s (S&P).

ECHO RE itself holds A- Ratings (Stable Outlook) issued by both Fitch Ratings and S&P.

The Zurich-based reinsurer writes proportional and nonproportional treaty reinsurance in all major lines of business. In 2016 it started to write life reinsurance business as well. The company serves its clients through a team of dedicated and highly experienced reinsurance professionals who bring along vast experience and solid local market knowledge of the markets from which they write business.

In April 2016, ECHO RE’s paid-up capital was increased to CHF 103 million and its solvency ratio stands at 183%. The company expects to earn approximately CHF 105 million of premiums in 2017. Its portfolio is well-balanced between Asia (31%), Europe (34%) and the Middle East and North Africa (MENA) with 21%, along with a young African and Latin American book representing 3% and 11% of ECHO RE’s portfolio.

78% of ECHO RE’s portfolio is proportional business and 22% is non-proportional. The largest LOB is Property (37%), followed by Motor, Engineering and Marine.

www.echore.com

Corporate Risk Manager of the Year

“For the individual who has shown leadership, creativity and effectiveness in enhancing his/her organisation’s risk management and/ or contributed to the promotion of risk management in Asia for the period under review.”

Criteria:

• Setting or enhancing risk management standards/framework in the organisation or industry
• Use of risk management in resolving a key challenge/loss containment for his/her organisation, with proven results
• Promotion of risk management as a philosophy and business discipline
• Innovation in the area of risk management/loss control or containment
• In-depth knowledge and understanding of his/her entity’s risks on the operational or technical level
• Advancing his/her risk management career through professional activities such as certifications, risk association involvement, etc

Sponsor:

AIG

AIG is the world’s leading insurance organisation, with more than 90 million customers worldwide -- a multinational footprint serving clients in over 200 countries and jurisdictions. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, AIG enables its personal and business insurance clients alike to manage risk with confidence. We have been insuring some of the world’s most complex risks for more than 95 years and today, some of the world’s largest companies and more than 20 million people have trusted us to help respond to some of the world’s biggest data breaches.

We participate on more than 70% of the world’s airline placements and are the underwriting and claims lead on roughly 30%.

Learning from the insights provided from our significant investments in technology and engineering, we’ve increased our Commercial Property per-risk capacity to $2.5 billion worldwide.

We’ve built a multinational footprint that spans 200 countries and jurisdictions.

We want to build partnerships, not just make relationships with clients. We will continue to learn, work, and innovate together with each other, and our clients, to solve emerging challenges and deliver solutions that work. We will continue to arm clients with best-in-class knowledge, training, consultative solutions, and claims assistance to solve their unique challenges, through partnerships with leading legal firms, mediators, investigators, forensic specialists, crisis communications practitioners, and industry experts.

www.aig.com

Personality of the Year Award

“For the person who has made the most outstanding individual contribution to the MENA insurance or reinsurance industry for the period under review with passion and commitment to business beyond just the corporate motif.”

Criteria:

• Demonstrating outstanding leadership qualities.
• Demonstrated superior social and communication skills.
• Promoted the image and enhanced the reputation of the insurance industry to the wider community including lobbying the government.
• Shown in-depth knowledge and understanding of the market.
• Influenced the development of insurance/reinsurance practices to enhance stability and growth in the market.
• Embraced professional standards and actively worked towards boosting greater professionalism in the market.
• Nurtured the next generation of leaders

Sponsor:

ARIG

Arab Insurance Group (Arig) is a regional reinsurance company registered in the Kingdom of Bahrain and regulated by the Central Bank of Bahrain. It has an authorised capital of US$500 million and an issued and paid-up capital of US$220 million. 55.8% of its paid-up capital is held by government bodies in the MENA region and the remainder is held by private investors. Arig’s shares are listed on the stock exchanges of Bahrain and Dubai.

In 2016, A.M. Best upgraded Arig’s Financial Strength Rating to ‘A- (Excellent)’ and its Long-Term Issuer Credit Rating to ‘a-’. The outlook for both ratings is stable.

Arig has grown to be a regional reinsurance company with a global footprint. In 2016, the Company wrote 35% of its business from the Middle East, 11% from Asia, 9% from Africa and 45% from global markets through Lloyd’s of London.

Offering a broad range of products and services, Arig is a reinsurer that has built its reputation on stability, expertise and focus on customers’ needs. Arig offers treaty and facultative reinsurance capacity for Property & Casualty, Specialty as well as Life and Medical lines. These contributed a consolidated premium of US$245.4 million for the financial year 2016.

Arig’s head office in Bahrain is testament to its firm commitment to the regional markets. It is complemented by its Representative Office in Mauritius, ready to stand by customers in Sub-Sahara Africa. For global business, the Company is working with its partners at Lloyd’s. Through Arig Capital Limited, a wholly owned subsidiary domiciled in London, it participates in the London market as a Corporate Member at Lloyd’s. Arig has recently received licence from Dubai Financial Services Authority to operate its wholly owned new reinsurance subsidiary “Arig Insurance Management (DIFC) Limited” which is mainly involved in facultative business.

www.arig.net/

Health Insurance Company of the Year

“For demonstrating market leadership through innovation in products and services which facilitate an improvement in both the curative and preventative aspects of healthcare management for the population, during the qualifying period and boosting the image of insurance in society through professionalism and sound management.”

Criteria:

• Setting leading professional standards against which other health insurers should be measured;
• Demonstrating in-depth knowledge and understanding of the healthcare funding environment in the markets in which it operates;
• Give instances and evidence of what company is doing to serve the local markets it operates in;
• Show proof of how global corporate practices have been localised; and
• Industry leadership as shown through:
  • Strong underwriting discipline;
  • Innovation in products;
  • Incorporating wellness and preventative schemes within product design;
  • Demonstrating exemplary customer service;
  • Showing evidence of sustainable business growth and profitability in its health insurance portfolio;
  • Showing evidence of active promotion of the importance of health insurance as a means of protecting the population against ill health;
  • Supporting wellness and disease management programmes through external corporate social initiatives;
  • Providing access to healthcare provider networks that meet the diverse requirements of insured members in terms of affordability and accessibility;
  • Harnessing technology to benefit health outcomes of insured members and achieve financial and operational efficiencies for the insurer; and
  • Demonstrating a commitment to engage with regulators to both develop and comply with market regulations.

Family Takaful Company of the Year

“For demonstrating market leadership through innovative, Shariah-compliant family takaful products or practices, responsiveness to customers and intermediaries, and initiatives to boost the image of takaful in the MENA region, during the qualifying period.”

Criteria:

• Setting leading professional standards for other family takaful providers to be measured against;
• Demonstrating in-depth knowledge and understanding of the MENA markets it operates in, through its strategies and operations;
• Responsiveness to the needs of both customers and intermediaries including in digital arena;
• Give instances and evidence of what company is doing to serve the local markets it operates in;
• Show proof of how company has contributed to the cause of Takaful;
• Strict Shariah compliance and Shariah governance;
• Demonstrating activeness in microtakaful and reaching out to the needy; and
• Industry leadership as shown through:
  • Innovation in products;
  • Exemplary customer service;
  • Strong underwriting discipline;
  • Solid claims management;
  • Sustainable business growth through professionalism and sound management; and
  • Boosting the image of takaful.

TPA of the Year

“For demonstrating leadership in providing efficient and effective third-party administration services to help health insurers improve the health outcomes of their insured members whilst at the same time controlling claims costs for the insurers they represent, during the qualifying period.”

Criteria:

• Providing efficient and cost-effective services which respond to the needs of the market, with clear and measurable results;
• Clear evidence of harnessing technology and software solutions to create efficiencies in service levels;
• Clear evidence of using software to improve patient safety in relation to drug safety checks and similar patient safety initiatives;
• Capacity to handle business volumes without prejudice to service levels;
• Evidence of specific programmes to detect and combat fraud, waste and abuse;
• Facilitating wellness and preventative schemes within service offerings to insurers; and
• Demonstrating a commitment to engage with regulators to both develop and comply with market regulations.

General Takaful Company of the Year

“For demonstrating market leadership through innovative, Shariah-compliant general takaful products or practices, responsiveness to end-users and intermediaries, and initiatives to boost the image of takaful in the MENA region and narrow the protection gap, during the qualifying period.”

Criteria:

• Setting leading professional standards for other general takaful providers to be measured against;
• Demonstrating in-depth knowledge and understanding of the MENA markets it operates in through its strategies and operations;
• Responsiveness to the needs of both customers and intermediaries including in digital arena;
• Give instances and evidence of what company is doing to serve the local markets it operates in;
• Show proof of how global corporate practices have been localised;
• Strict Shariah compliance and Shariah governance;
• Demonstrating activeness in microtakaful and reaching out to the needy; and
• Industry leadership as shown through:
  • Strong underwriting discipline;
  • Innovation in products;
  • Exemplary customer service;
  • Solid claims management;
  • Sustainable business growth through professionalism and sound financial management; and
  • Boosting the image of takaful in society

Educational & Training Initiative of the Year

“For the education/ training initiative during the qualifying period by a training institute, insurer, reinsurer, broking company or insurance advisory service which is original and demonstrates a deep understanding of the market and its needs, while enhancing the standards and professionalism of insurance executives.”

Criteria:

• Responsiveness to the market’s needs;
• Responsiveness to the market’s needs in developing educational/ training services including in facing disruptive innovation;
• Embracing technology to produce a great learning experience
• Providing leadership to the market in anticipating and providing educational needs;
• Ease of access to the service offered;
• Quality and originality of the initiative; and
• Contributing to enhancing the professionalism and educational standards of executives in the industry

Service Provider of the Year

“For demonstrating leadership during the qualifying period in helping insurers to transform or improve its operations with clear and measurable results, and/or for helping MENA’s insurance industry enhance its stability and growth.”

Criteria:

• Breadth of services provided in responding to needs of the market.
• Innovation in services that resulted in the broadening of the market.
• Creating a benchmark of quality in service provision.
• Service flexibility and efficiency that differentiates it from the pack.
• Proof of performance in the market in terms of increased market share, productivity, revenue and/or profit.
• Application and/or potential of application region-wide.

Innovation of the Year

“For the most innovative product or service introduced during the qualifying period which has demonstrated responsiveness to customers’ needs, made a clear impact on business and contributed towards insurance growth in the MENA markets.”

Criteria:

• Extent of innovation and originality of product or service offered.
• Real proof of significant and measurable impact on the industry in the region or possible region-wide application.
• Proof of responsiveness to customers’ needs and wants, and disruption which leads the industry’s push to the next level.
• Quality and effectiveness of innovation with the “X” factor highlighted.
• Ease of implementation of the product/service and potential of application region-wide.
• Measured proof of success of the product/service in the market and its impact on the region.

Sponsor:

Lloyd's

Lloyd’s is the world’s specialist insurance and reinsurance market offering a unique concentration of expertise and talent. Lloyd’s is often the first to insure new, unusual or complex risks, providing innovative insurance and reinsurance solutions in more than 60 lines of business.

Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world.

For more than six decades, Lloyd’s has worked to strengthen the dynamic  insurance and reinsurance market across the Middle East. In 2015, Lloyd’s opened an underwriting hub in the Dubai International Financial Centre to better support the local insurance market with valuable capacity and expertise.

Having established itself as the leading platform for specialist underwriting across the Middle East, Lloyd’s Dubai works with local cedants and brokers to provide critical protection in a region that continues to evolve and present exciting opportunities.

With its powerful global reach and deep local insights, Lloyd’s is proud to offer its world-class risk cover to businesses and governments in the Gulf Cooperation Council and beyond.

www.lloyds.com/

Law Firm of the Year

“For providing outstanding legal services to the MENA insurance industry during the qualifying period.”

Criteria:

• In-depth knowledge and understanding of the insurance market through conducting research and publishing industry papers;
• Commitment to education and professional development of the market;
• Participation in industry committees and councils;
• Service flexibility and efficiency;
• Use of process and technology to ensure cost-efficient and quality service delivery to clients; and
• Evidence of pro-bono work for industry

Broker of the Year

“For demonstrating leadership through innovation in services rendered to clients including in the digital space and risk management while adding significant value to the insurance process in the course of generating new business for the period under review.”

Criteria:

• In-depth knowledge and understanding of the market and responsiveness to clients’ needs.
• Outstanding Innovation in services rendered to clients, including risk management and value-adds.
• Professionalism and transparency in dealing with clients;
• Embracing technology to offer value-added service;
• Industry leadership in broking and customer services;
• Boosting the image of the broking profession.
• Sound financial management with proven track record of business growth and retention.

Sponsor:

MEDGULF Group

The Mediterranean and Gulf Insurance and Reinsurance Group (MEDGULF) is a leading regional insurance group providing the retail and institutional markets with comprehensive insurance coverage for the past 30 years, through its operations in Lebanon, Saudi Arabia, Bahrain, Jordan, Qatar, Egypt, the UK and most recently the UAE. MEDGULF Group takes pride in having more than 2,000,000 insured members and has been regionally recognised for offering high caliber, flexible and cost-effective Health Insurance solutions demonstrated through the numerous awards and recognitions the group has received to date.

MEDGULF UAE has been established to provide its members with bespoke Health Insurance plans through its paramount operational services and client relationships. They guarantee a range of programmes that represent their commitment to servicing the health and well-being of their members. Cardholders will enjoy premium level service, with access to the largest healthcare networks in the UAE whilst assuring members exceptional quality services throughout their partnership with MEDGULF UAE.

Vision

At MEDGULF UAE, we believe in sustaining a legacy of partnership with our valued brokers and members. We provide coverage that is tailor-made to give members an extensive customised range of benefits that fits their lifestyles, offers the highest quality medical services available in the UAE and overall satisfies an array of health insurance needs. We take pride in nurturing our broker-based relationships and maintain the stature of a dedicated, expert insurance company that is continuously growing and maintaining a competitive edge.

www.medgulf.ae

Retakaful Company of the Year

“For demonstrating leadership in MENA’s (re)takaful industry through enhancing the stability and security of the industry, innovation in product offerings, thought leadership, boosting the image of the profession, exceptional growth and clear expertise in niche areas, and/ or promoting end-to-end Shariah compliance where possible, during the qualifying period.”

Criteria:

• In-depth knowledge and understanding of the market with published research and other value-added offerings to insurers;
• Give instances and evidence of what company is doing to serve the local markets it operates in;
• Show proof of how global corporate practices have been localised;
• Responsiveness to cedants’ needs and providing assistance in product development, service enhancement and tapping into new markets;
• Ability to adapt to changing needs and demands;
• Offering superior service and security to clients and working with insurers and other stakeholders;
• Sound corporate governance and disclosure;
• Strict Shariah compliance and Shariah governance; and
• Industry leadership as shown through:
  • Strong underwriting discipline;
  • Innovation in products;
  • Provision of best quality service;
  • Solid claims management;
  • Sustainable business growth through professionalism and sound financial management; and
  • Boosting the image of takaful in society.

Reinsurance Broker of the Year

“For demonstrating leadership through innovation in services rendered to insurers and reinsurers including in the digital arena while adding significant value to the reinsurance process in the course of generating new business for the period under review.”

Criteria:

• In-depth knowledge and understanding of the market and responsiveness to clients’ needs.
• Outstanding innovation in services rendered, including market research, risk management and adding value;
• Professionalism and transparency in dealing with clients;
• Industry leadership in offering services to insurers;
• Boosting the image of the profession.
• Sound financial management with proven track record of business growth and retention.

Reinsurance Company of the Year

“For demonstrating leadership in MENA’s general (re) insurance industry through innovation in product offerings, thought leadership, enhancing the stability and security of the industry while boosting the image of the profession during the qualifying period.”

Criteria:

• In-depth knowledge and understanding of the market valueadded offerings to insurers.
• Setting leadership standards that others are measured against.
• Responsiveness to cedants’ needs and providing assistance to product development, service enhancement and tapping new markets.
• Leadership with ability to adapt to, and lead the industry to meet changing needs and demands.
• Offering superior service and security to clients and working with insurers and other stakeholders.
• Industry leadership as shown through:
  • Innovation in products;
  • Strong underwriting discipline;
  • Efficient claims management;
  • Embracing technology and digital
  • Business growth; and
  • Boosting the image of insurance in society.
• Sound financial management, corporate governance and disclosure.

Sponsor:

Chedid Re

Since its inception in 1998, Chedid Re has grown from a humble office in Cyprus to a reinsurance broking power house that ranks 2nd in the MENA region with business emanating from more than 45 countries across Europe, the Middle East and Africa.

Through its offices in Limassol, Beirut, London, Casablanca, Riyadh and Dubai, the iconic insurance solutions provider has forged fruitful partnerships with some of the most trusted reinsurance groups in the world; including Chedid Re’s outstanding track record as an appointed Lloyd’s broker.

A company of Chedid Capital Holding, which operates through a vast network of offices that span Beirut, Dubai, London, Cyprus, Istanbul, Doha, Mauritius Islands, Morocco and KSA, Chedid Re capitalises on its resources, experience and relationships to produce above-average returns for its shareholders and deliver outstanding results to clients, including more than 400 top insurance companies in the world.

With nearly two decades of excellence under its belt, Chedid Re’s perfect synergy of customer-centricity, solid management expertise, powerful partnerships and innovative products, continues to power the Company’s expansion plan that aims to reach all thriving and strategic markets the world over.

Chedid Re’s market-leading status was further cemented by claiming “The Reinsurance Broker of the Year” title at the Gulf Insurance Awards 2010, the “MENA Insurance Awards” in 2011, the INSUREX Awards 2010, 2011 and 2013 and the Middle East Insurance Industry Award 2015 (MIIA).

Led by Farid Chedid, Chairman and CEO of Chedid Capital Holding and its subsidiary, Chedid Re is hailed today as one of the top 20 reinsurance brokers in the world (GR magazine in collaboration with Swiss Re).

www.chedidre.com