A boost in capital and a BBB+ rating have helped Zurich-based Echo Re to penetrate its target markets and exceed premium expectations, says CEO Jürgen E Gerhardt.
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It is becoming more common to see takaful companies being managed by non-Muslims. What extra value-add do they bring to the table in the development of Islamic insurance, and what motivates them to champion and represent the takaful cause? We find out.
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In tandem with healthy economic growth, the Lebanese insurance sector has enjoyed a steady expansion in recent years. Opportunities still abound even as insurers keep an eye on the unrest in the region with its potential indirect impact on the local economy.
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For a sector whose past supervision was in the form of a small insurance unit within the Ministry of Economy & Trade, the change to a largely autonomous and robust regulatory outfit has naturally needed some getting used to. However, Mr Walid Genadry, Head of Lebanon’s Insurance Control Commission (ICC), is confident that he has the resources to ensure that robust supervisory standards are in place.
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General Manager Fateh Bekdache says the situation in neighbouring countries might have an impact on the economic sectors, but remains confident that AROPE Insurance’s growth target will remain on track.
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Having trimmed the weightage of motor in its portfolio, Assurex is on its way to a bigger presence in life and property & casualty lines of business.
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As a leading regional reinsurer, Beirut-based Arab Re hopes to continue playing an effective role in raising insurance standards in the region.
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As a reinsurance broker, Chedid Re is well-placed to capture the perspectives of both insurers and reinsurers operating in the region. And Managing Director Jihad Ghanem feels that the July renewals this time round will not be as uneventful as years past.
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The outlook for energy construction insurance in the Middle East is promising, but proper risk assessment, expediting the claims process and talent retention are vital for success, says Capt Terry Robinson of Global Marine & Energy Loss Adjusters.
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Mr Mahomed Akoob of Hannover ReTakaful examines the legal basis for decennial liability, the relevance of such insurance in the Middle East, and how this is suited to takaful structures.
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With construction and engineering (C&E) projects mushrooming across the MENA region, Ms Auditee Dutt of Lockton’s Dubai office looks at the pitfalls and considerations for risk managers looking to purchase insurance for such projects.
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The most common cause of construction delay in the MENA region is the failure to pay contractors and suppliers for completed work says Dr Jay Palmos who offers solutions.
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Mr Zaki Zahran shares findings from Towers Watson’s recent D&O Liability Survey, and why demand for this line of business in MENA will remain stable in the foreseeable future.
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Insurers have been climbing onto the social media bandwagon with varying success. But even as they reach out to the Facebook generation, the question remains: what must be done to turn their followers into loyal customers?
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As we draw closer to the upcoming International Takaful Awards in London, we look at how some of last year’s winners fared in the past year, the value the Award brought them, and their plans going forward.
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Bermuda is well-positioned to play a key role in the growing takaful industry. In addition to its status as a leading risk capital and its sophisticated legal system rooted in English law, Bermuda’s public and private sectors are actively involved in promoting the development of takaful and the Islamic capital markets. Ms Claire McConway and Ms Kerri Lefebvre of legal firm Conyers Dill & Pearman provide an overview of how takaful and retakaful operations might be structured in Bermuda.
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Shariah compliance is the bedrock of Islamic finance. We bring you insights of three eminent Shariah advisors to wrap up our series on ideas that will impact the future development of retakaful.
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Over the last few months, regulators have made it clear that they will use their enforcement powers to ensure compliance with anti-money laundering regulations and reporting requirements. Ms Susan Dingwall and Ms Ffion Flockhart of Norton Rose give an overview of these regulations and what these have resulted in.
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The Third International Conference on Insurance & Marine Transportation in Aqaba, Jordan in May discussed the legal developments in the maritime industry and urged insurers to comply with the new regulations which come amidst challenging times in the MENA region. Held under the theme of “Surfing in a Turbulent Legal Environment”, the conference attracted over 400 professionals from the insurance, legal and maritime sectors.
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As the General Manager of several major companies for over 30 years, “management of change” is perhaps what best describes his career, says Mr Mahmood Al Soufi. Currently the CEO of Bahrain National Holding (BNH) – the parent company of Bahrain National Insurance and Bahrain National Life Assurance – the self-described “engineer at heart” shares his aspirations for the company and the region.
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Standard & Poor’s Ratings Services (S&P) said enterprise risk management (ERM) in the 176 life, health, and non-life insurers and reinsurers it rates across EMEA has improved considerably and is likely to continue improving this year.
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The number of Middle East companies that provide end-of-service benefits (ESBs) has risen from eight in 2009-2010 to 24 in 2010-2011, an increase of 200%, according to a survey by Towers Watson. It added that Gulf organisations are increasingly funding their ESB liabilities as these are projected to rise in the next 10 years.
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World Bank Group has announced up to US$6 billion in its support over the next two years for Egypt and Tunisia linked to progress by the two post-revolutionary countries to modernise their economies.
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High net worth individuals (HNWIs) in the Middle East, led by Qatar, have a high tendency of delegating financial decisions to others, said the latest report in the Barclays Wealth Insights series.
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The value of initial public offerings (IPO) in the Middle East plunged 94.8% this first quarter of 2011 to US$21.7 million, the lowest in five years as regional unrest and underperforming stock markets affected investor appetite for fresh offerings, said Ernst & Young in a report.
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Despite the unfolding political events in many countries, around 67% of the chief financial officers (CFOs) in the Middle East region remain optimistic about the financial prospects of their company in the first half of the 2011, compared to the previous six months, according to a study by Deloitte.
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French insurance group AXA has signed a partnership agreement to operate in Algeria with two public entities – Banque Exterieure d’Algerie (BEA) and the National Investment Fund (NIF), said media reports.
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Bahrain’s labour fund Tamkeen has set aside BHD10 million (US$26.5 million) as part of a support fund to help small and medium-sized enterprises (SMEs) hit by the recent political uprising.
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Bahrain-based Arab War Insurance Syndicate (AWRIS) has elected Solidarity Group CEO Ashraf Bseisu and Al Ain Ahlia Insurance General Manager Mohammed Mazhar Hamadeh as Chairman and Vice Chairman of its technical committee, respectively, said media reports.
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Bahrain Development Bank (BDB) and Coface have signed an agreement, whereby the consultancy firm will train a group of BDB employees on export credit insurance, in addition to providing technical services for the bank.
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Bahrain National Insurance (bni), a wholly-owned subsidiary of Bahrain National Holding Co (BNH), has launched its e-cargo service allowing users to buy cargo covers via bni’s web portal.
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Bahrain Kuwait Insurance Co (BKIC) has teamed up with India’s ICICI Lombard General Insurance to offer a new medical insurance policy for Indian expatriates in the Kingdom, said media reports.
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Gross premiums in Jordan increased 7.3% y-o-y to US$212.1 million by the end of April, compared to $197.7 million recorded in the same period last year, said the Insurance Commission of Jordan (IC).
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The net profit of the two listed insurance companies in Oman stood at OMR1.69 million (US$4.4 million) during the first quarter of 2011, down 56.4% y-o-y, as regional unrest and domestic political and economic instability took a heavy toll on the market, said Kuwait-based Global Investment House in a report.
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The Qatar Financial Centre (QFC) Authority said the local captive insurance market is expected to grow rapidly during the next few years, spurred by the expectation of over US$140 billion on infrastructure spending in the country through to 2015.
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Qatar General Insurance & Reinsurance Co (QGIRCO) has introduced motor insurance cards for policyholders, containing information required by the traffic department such as vehicle type, insured sum and validity period of the cover.
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Qatarlyst stepped up client engagement activities in May, mainly in Qatar and the UAE, with the latter showing the highest usage on the insurance platform.
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Only 2% of the UAE residents rely on the state pension – the lowest in the world – compared with the global average of 16%, according to a survey conducted by HSBC.
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A web portal managed by various parties, including the Insurance Authority, will be launched by the end of this year to allow drivers to process their accident claims, said media reports.
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Heart disease made up 27% of all deaths last year in Abu Dhabi, an increase of 2% over the previous year, said the Health Statistics 2010 report released by the Health Authority-Abu Dhabi (HAAD).
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The lack of transparency in international regulatory processes was the foremost concern expressed by more than 80 of the world’s top insurance CEOs, a survey conducted by The Geneva Association has showed.
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A supervisory forum has been set up by the International Association of Insurance Supervisors (IAIS) to strengthen the effectiveness of insurance supervision and work towards a convergence of supervisory practices.
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ACE Group has identified the potential impact of the European Union’s Solvency II regulatory requirements on captive insurance companies and offered an alternative insurance structure for risk managers of multinational companies to consider.
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Swiss Re is set to reinsure a five-year project that will provide drought insurance for crops in Ethiopia. The microinsurance programme is developed by the World Food Programme and Oxfam America.
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Kane has successfully completed its acquisition of the insurance management operations of HSBC for US$27.5 million, after receiving approval from all relevant regulatory bodies.
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The latest M6 earthquake to strike Christchurch, New Zealand on 13 June is expected to cause an additional US$3 to $5 billion in insured losses to the region, said international catastrophe modelling firm EQECAT. A M5.2 aftershock at a depth of just one kilometre rattled shortly following the initial quake.
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The series of tornados that swept through the US in late May are expected to result in insured losses of US$4 billion to $7 billion, according to modelling firm AIR Worldwide.
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Egypt will issue its first Islamic debt guidelines and amend its capital market law in a drive to spur investments from the neighbouring Arab region as well as Southeast Asia.
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Singapore-based Great Eastern Holdings plans to tap into Indonesia’s emerging middle class segment through Shariah-compliant products, said Group CEO Christopher Wei.
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Kenya Reinsurance plans to operate a retakaful window to grow its income and tap into the expanding Islamic finance sector as part of the company’s five-year plan of product diversification.
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Pak-Qatar Family Takaful (PQFTL) has declared a surplus of 48% of takaful contributions for the financial year ending 2010, to be shared with individual takaful participants on the basis of their contributions to the Waqf Fund, said CEO P Ahmed in a statement.
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Malaysia plans to appoint Maybank Investment Bank, CIMB Investment Bank and HSBC Amanah Malaysia to advise on a global sukuk raising more than US$1 billion, according to news sources.
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Takaful Ikhlas expects its agency network to generate RM500 million (US$166 million) in new business contributions within five years from only RM64 million presently, said Executive Vice President and Chief Operating Officer Wan Mohd Fadzlullah Wan Abdullah, according to media reports.
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Prudential BSN Takaful (PruBSN) posted sales of RM49.2 million (US$16.2 million) across all its business channels for the first quarter of 2011, up 54% from the first quarter of 2010.
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ING Public Takaful Ehsan has launched an investment-linked health plan, Takaful Salam.
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The Central Bank of Oman (CBO) has allowed commercial banks operating in the country to open windows offering Islamic banking products, in a major decision announced in late May. It follows the recent move to allow the setting up of the country’s first-ever Islamic bank.
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Singapore is in the process of issuing new income tax regulations for Islamic finance products, said Deputy Chairman of the Monetary Authority of Singapore Lim Hng Kiang at the 2nd World Islamic Banking Conference Asia Summit held in the city-state in early June.
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Amana Takaful has launched an investment-linked plan, “Amana Takaful Prosper”, media reports said.
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Russian borrowers are pitching plans to sell the nation’s first Islamic bonds even as regulators lag behind in customising laws for the industry, reports the Moscow Times.
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Abu Dhabi-based National Takaful Co (Watania) plans to start operations in the third quarter and will open five branches within the next two years, said a top official.
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Noor Takaful has partnered with Dubai SME, the agency of the Department of Economic Development mandated to develop the small- and medium-sized enterprises sector to attract more UAE national entrepreneurs into the insurance industry.
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The Islamic Development Bank (IDB) plans to increase its US$3.5 billion sukuk programme to as much as $8 billion, while looking to issue a sukuk worth $600 million by year-end, said Vice President Abdul Aziz Al-Hinai, according to media reports.
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HSBC Amanah expects to manage a record number of sukuk issuance mandates this year, senior executives of the bank said.
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Prime Islami Life Insurance Ltd (PILIL) celebrated its 10th anniversary on 31 May 2011.
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