Read the latest edition of AIR and MEIR as an Interactive e-book

Sep 2022

Market spotlight

Saudi Arabia

Oil windfall to benefit Saudi insurance industry

Rising energy prices caused by Russia president Vladimir Putin’s invasion of Ukraine is proving to be a huge benefit to several countries in the Middle East, which are in the position to take advantage of the windfall in order to increase domestic infrastructure and foreign investment.

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Fund raising and consolidation driven by capital requirements

Saudi insurers are raising funds following requirements to increase their minimum capital. A few have signed M&A deals leading to further consolidation of the market. Middle East Insurance Review spoke to Badri Management Consultancy’s Mr Hasham Piperdy about the implications for the market.

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Bringing health insurance into the future

The Kingdom of Saudi Arabia has been focused on enhancing several public services as part of its Vision 2030 plan, with healthcare and health insurance at the forefront. Billions of dollars are being invested into bringing the kingdom’s healthcare system into the digital age, to unify and integrate its various parts. We take a look the future of Saudi Arabia’s health insurance.

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The road to motor insurance for Vision 2030

Najm for Insurance services was established by the Saudi Central Bank and the General Department of Traffic to promote vehicle insurance in the kingdom. We spoke to Dr Muhammad Hamad Al Sulaiman to get a clearer picture of what the company has done recently to improve the motor insurance sector and how it plans to contribute to the objectives of the national vision.

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Negative headlines? The truth paints a different picture

Türkiye might be getting a bad reputation in mainstream media these days, but there are several factors that underpin the long-term growth prospects for the international investor, according to Huntington Partners’ Mr Gerard Pennefather.

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Insurance sector ripe for growth

The Turkish insurance market is still underpenetrated compared to its peers and will provide significant potential as new insurers set up shop and acquire a share of the relatively untapped market. While the insurance premium/GDP ratio is 7% globally, the rate is only 1.3% in Türkiye. This shows the potential of the market and that it is open to development, says the investment office of the presidency of the Republic of Türkiye’s Mr Burak Daglioglu.

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Coping with rampant inflation

Economic headwinds, particularly soaring inflation rates, currently pose a number of challenges to Turkiye’s (re)insurance industry and have affected technical performance across multiple lines. However, there are still several positive indicators, thanks to the efforts of industry players. Milli Re’s Ms Günes Karakoyunlu provides a detailed breakdown.

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Battling inflation

The Turkish insurance industry is currently facing challenges driven by record inflation. However, it still holds much potential for growth. Willis Towers Watson’s Mses Ozay Yarkin and Ayse Can Okyay look at some of the factors working in the market’s favour.

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