Magazine

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

Aug 2023

Contents

August-Home
Editor's Letter
Magazine article aboutWelcome-to-the-party

Welcome to the party

Market Profile
Magazine article aboutChallenging-business-environment-for-non-life

Challenging business environment for non-life

Oman

Challenges exist for takaful

Favourable outlook for reinsurance despite global challenges

Insurers see drop in profitability

Oman's regulator is a hive of activity

Online channels boost insurance sales

Prudent outlook for life and health sector

The rising insurance industry

Market spotlight
Magazine article aboutHajj-insurers-prioritise-effective-underwriting-and-actuarial-revisions

Saudi Arabia

Hajj insurers prioritise effective underwriting and actuarial revisions

Insurance
Magazine article aboutCan-motor-insurance-be-profitable-

General

Can motor insurance be profitable?

Pet insurance gaining traction in the Middle East

UAE unemployment insurance scheme uncertainties

War products gain interest but underwriting challenges remain

Life & health

Health insurance in North Africa

Mandatory health insurance in the GCC

Technological advances in implementing mandatory health insurance

Healthcare expenditure in GCC predicted to see growth

Stark urban and rural divide

Takaful
Magazine article aboutMalaysia-Motor-takaful-stands-up-to-conventional-motor-insurance

Malaysia: Motor takaful stands up to conventional motor insurance

Risk
Magazine article aboutFailure-of-risk-management-in-Australia

Failure of risk management in Australia

News

MENA

Middle East: Accounting changes keep GCC insurers on their toes

Middle East: July reinsurance renewals shift to full quota share model

Algeria: Labour ministry considers broadening the membership base of mutual insurers

Egypt: FRA issues regulations on digital transformation of non-bank financial sector

Egypt: High inflation makes it difficult for insurers to sustain real growth

Jordan: Health insurers reject contract terms proposed by pharmacists

Lebanon: Life premiums plunge by 32% to $250m in 2022

Morocco: Insurance sector mulls solution to received premiums owed by intermediaries

Tunisia: Number of fatal road accidents up sharply

Turkiye: Insurers expected to increase coinsurance

UAE: DIFC Insurance Association joins international trade body

UAE: Insurance sector's solvency nearly twice the required minimum at end-2022

UAE: Price war in motor insurance market

Global

Global insurance premiums forecast to grow despite economic slowdown

Global Nat CAT insured losses reach estimated $52bn in 1H 2023

US: Reinsurance costs expected to increase

Takaful

Global sukuk shows pockets of opportunity

Nigeria: Brokers seek to expand retail business via takaful

Oman: Takaful controls 14% of overall insurance market in 2022

Tunisia: Al Baraka Bank makes mandatory offer for shares of El Amana Takaful

UAE: Methaq's general assembly refuses to release the BOD and the auditor from liability for 2021 and 2022

Global Risk Review

Mining needs to be stepped up to meet net-zero targets

Rush for nickel is ravaging the environment

Shrinking Arctic glaciers are unearthing a new source of methane

Financial institutions still underestimating climate risks

Risk of isolation increases with sea-level rise

Ecosystems are beyond 'tipping point' now

Conflict deaths at highest level this century

Minimising risk in AI-driven healthcare

Snow and ice disappearing in the Hindu Kush Himalayas

Transparency around cyberattacks is important

Product Bites

Middle East: Arma begins offering professional indemnity and D&O liability

Egypt: Contact Insurance Brokerage offers free insurance for 'phone customers

Saudi: Al Rajhi provides free coverage for flights under new partnership

UAE: Dubai Insurance Company launches employee protection insurance for Dubai South

Diary
People on the move

People on the move

Market Profile

Challenging business environment for non-life

General insurance businesses control the lion’s share of market premium income but suffer cutthroat competition which is hindering growth of operators and affecting profitability of the sector. The future looks promising with several mega projects in the pipeline and there are pockets of growth but players need to find means to avoid harmful competition.
 

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Oman

Challenges exist for takaful

Oman’s takaful insurance market is young and faces numerous challenges. However, it is progressing gradually. Middle East Insurance Review spoke with Takaful Oman Insurance’s Mr Neelmani Bhardwaj.
 

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Favourable outlook for reinsurance despite global challenges

Reinsurers face significant challenges this year, prioritising adequate pricing to maintain desirable solvency ratios. Oman’s rapid economic growth poses an opportunity for reinsurers to benefit from a thriving insurance market. Middle East Insurance Review spoke to Oman Re’s Mr Romel Tabaja to get his views on the reinsurance sector in the country.
 

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Insurers see drop in profitability

The insurance sector in Oman has faced a tough first half of the year, with stiff competition and unfavourable premium rates causing many to see a drop in profits. However, the outlook for the industry is still positive.
 

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Oman's regulator is a hive of activity

As the Oman market evolves at a fast pace, the insurance regulator, the Capital Market Authority (CMA), keeps up by introducing new rulings, tweaking old ones and monitoring all developments closely. We take a look at some of the highlights of the CMA’s work over the past year.
 

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Online channels boost insurance sales

The adoption of online channels to sell insurance products has helped boost business in Oman. We spoke to Bima’s Mr Said Al Rashdi about the digital revolution that is changing the insurance landscape.
 

 

 

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Prudent outlook for life and health sector

Oman’s insurance sector took a serious hit during the pandemic, with business interruptions displacing jobs and forcing expats to leave the country. As Oman’s economy starts to revive and its insurance sector booms, Middle East Insurance Review spoke to Oman United’s Mr Sanjay Jha to find out more.
 

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The rising insurance industry

Despite facing both headwinds and tailwinds after the pandemic, economic improvements in Oman are expected to have a positive impact on the insurance industry said DD Consulting’s Mr Husain Ali.
 

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