Magazine

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

Sep 2022

Contents

September-Home
Editor's Message
Magazine article aboutUncertain-times-ahead-for-MENA-insurance

Uncertain times ahead for MENA insurance

Market Profile
Magazine article aboutLife-business-is-the-bright-spot-for-Egypt

Egypt

Life business is the bright spot for Egypt

Regulating sustainability, InsurTech, takaful and price cutting

Outstanding growth in life in Egypt

Steady growth of non-life despite challenges

Where has Egypt's reinsurance capacity gone?

Technology an enabler for Egyptian insurers

Market spotlight
Magazine article aboutOil-windfall-to-benefit-Saudi-insurance-industry

Saudi Arabia

Oil windfall to benefit Saudi insurance industry

Fund raising and consolidation driven by capital requirements

Bringing health insurance into the future

The road to motor insurance for Vision 2030

Türkiye

Negative headlines? The truth paints a different picture

Insurance sector ripe for growth

Coping with rampant inflation

Battling inflation

Insurance
Magazine article aboutGrowth-through-acquisition

General

Growth through acquisition

View from India - Are insurers ready for electric vehicles?

The effects of inflation on insurance claims

Lessons from Southeast Asia drive Middle East success story

Bancassurance and future distribution channels

The focus for bancassurance

Life & health

Preventing fraud and abuse in medical insurance

Reinsurance
Magazine article aboutSIRC-Inflation-implications-for-reinsurance

SIRC: Inflation implications for reinsurance

Broking
Magazine article aboutThe-strength-of-traditional-broking

The strength of traditional broking

Takaful
Magazine article aboutBancatakaful-gaining-traction

Bancatakaful gaining traction

Training and development
Magazine article aboutStaying-relevant-through-innovation

Staying relevant through innovation

News

MENA

Middle East: JENOA adopts flood risk in the region

GCC: UAE and Saudi insurance markets forecast to grow by at least 5% this year

Egypt: Motor insurers eyeing 10% increase in premium income

Lebanon: Insurance regulatory reform in limbo because of political deadlock

Morocco: Insurers' counterparty risk remains under control

Qatar: QIC Group net profit rises 14% to $110m in 1H2022

Saudi Arabia: Insurers required to pay small motor third-party liability claims within 5 working days

Saudi Arabia: CMA greenlights Walaa's capital increase for merger with SABB Takaful

Turkiye: Regulator seeks structural solution for motor third-party insurance branch

UAE: DIFC Insurance Association enters new era with leadership changes

UAE: Goverenment launches website for owners of vehicles damaged in floods

Global

Global: Reinsurance M&A stalls amid macroeconomic risks, volatile claims

Global: Poor claims experiences could put up to $170bn of global insurance premiums at risk by 2027

Global: Commercial insurance industry under growing pressure from economic uncertainty, ESG activism and deglobalisation

Takaful

GCC: Takaful operators continue to suffer from intense competition

Egypt: Contributions leap by 108% in 1H2022

Saudi Arabia: SAMA approves merger between SABB Takaful and Walaa

Turkiye: Takaful contributions soar by 109% in 1H2022

UAE: Dar Al Takaful announces 1H2022 results

Global Risk Review

Top causes of insurance claims

South Korea: Largest general insurers stick with coal

Landfills could soon be inundated with wind turbine blades

Cyber security and data privacy top people-related risk in Asia

Semiconductor industry supply chain risks

Disconnect between finance and operations teams exposes new risks

Climate change risk blindspots

Climate catastrophes are being ignored

Risks that worry mid-sized companies

Product Bites

Malaysia: KTMB offers takaful plan for passengers

Saudi Arabia: Bupa Arabia gets SAMA's final nod on insurance product

UAE: Daman rolls out exclusive packages for Golden Visa holders

UAE: SALAMA works with wellness-centric health insurance platform

UAE: Online third-party motor insurance solution launches at competitive rates

Diary
People on the move

People on the move

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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Türkiye

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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