Magazine Table of Contents
The 33rd GAIF conference returned this year as a live in-person event. Insurance practitioners flew in from all over the world to discuss how Arab insurance can navigate the challenges that have surfaced in the post-pandemic world.
Demand for cyber insurance in the MENA region is increasing as people become more aware of the risks. However, capacity is sorely lacking and this is likely to continue for the foreseeable future, with (re)insurers becoming even more cautious when it comes to taking on cyber risks and allocating capital.
Guidelines for surety insurance business in India came into effect on 1 April 2022, however, the new line of business has not been able to take off. To kickstart the process, the regulator will work on a sample product for the industry to help build it up. We look at the prospects for success.
Life & health
There are a number of positive indicators for the health insurance industry in MENA, including health cover being made mandatory and a high level of underinsurance. While more work is required to lower costs and overcome data accessibility issues, Allianz Partners MEA and Nextcare’s Mr Christian Gregorowicz is confident of the sector’s prospects in the near future.
Cancer, heart attack and stroke remain the usual culprits behind deaths in the Middle East. COVID-19 has now taken the second spot for the highest number of life claims for Zurich according to the company’s three-year report on benefits paid in the region.
Digital transformation has become a necessity for health insurance, particularly in competitive markets such as the UAE. Bayzat’s Mr Faisal Zeineddine addresses the need for insurers to find the right technology partner(s) and have a proper digital transformation programme.