As business winds down this month with the onset of Ramadan, it is time to reflect internally on how to ride on the crest of the challenge facing the market as well as look at new directions for growth and sustainability. Competition is getting intense and some say uneconomic, while profitability is a big ‘if’ for many companies. The role of brokers is getting more creative and all-embracing even in the digital age, while there are calls for greater independence of regulators. The cycle goes on.
But this is May, one must herald good tidings in good faith. In that spirit, we are proud to launch the 6th Middle East Insurance Industry Awards (MIIA), hailed as the most coveted insurance awards of the region because of its clearly defined criteria, transparent process, independent audit and served by a panel of leading experts in the market. And this year, we are introducing a new category – the Woman Leader of the Year Award – to salute the important role that women play in the industry.
In the month of May, with the fresh blooms in full colour, one also gets the chance to start afresh. In that spirit we bring you a special on the power of rebranding with all the science and tech attached to it to start a brand new lease of life and revive rapport with customers.
May is also the time to look at the world around you and the damage we cause the environment. And we bring you a highlight on the key element that runs through any business, big or small: a proper strategy to mitigate environmental risk as insurers are stepping up their desire for more oil-and-gas deals.
Our country profile is on Lebanon where the news is not as positive with tough macro and micro economic conditions placing a greater burden on insurers, who saw a decent growth last year.
We also bring you the full coverage of the three big events in the region as noted by our journalists in tow at the events as media partners at the Saudi Insurance Symposium in Riyadh, World Takaful & InsurTech Conference in Dubai and Aqaba Conference in Jordan.
On the takaful front, we look at the greater prospects and greener pastures as more people pledge a greater readiness to buy takaful cover if given. Takaful operators are also urged to plug into the sizeable Islamic funds floating around.
We also pay tribute to Mr Abdul Khaliq R Khalil as he steps down from his position as secretary general of GAIF in June, a position he has held for as long as this magazine has been around since 2006. He leaves behind a rich and memorable legacy.
I take this opportunity to wish all our readers the very best for Ramadan and may your self-reflections lead to a better future for all.
Sivam Subramaniam
Editor-in-chief
Middle East Insurance Review