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Mar 2024

Editor's Message

Source: Middle East Insurance Review | Nov 2020

COVID-19 rages on with more bad news a-coming for the winter in the North. Many are already in the third wave of the lockdown, too, with more than 40m infected though many have recovered speedily almost scratch-free. The world is also afflicted by geopolitics and in dire need of responsible global leadership.
 
In our cover story, we fly high to take a deep dive into the sector most affected by the pandemic – the aviation sector, with most planes just grounded like never before making the 9/11 travel panic seemed like a minor hiccup. This is the worst of times in the history of aviation and the recovery if at all is going to be slow and painful. Where stand the aviation insurers? Are claims really down or are they coming back in bigger multitudes with risk exposures expanded exponentially? Is the premium base on a downward spiral? Will insurers dare push for significant rate increases? 
 
 In our country profile, we soar with the UAE, the largest market in the region, where the real test in the current pandemic is on the quality of the leadership to face the berserk disruption in business. Can leaders put together a good raft to lead their teams through these tumultuous times? Have they assessed the full-scale impact of COVID-19 on their own business? How are they keeping pace with the new spray of regulations? Exciting times indeed.
 
As our November special, we rise with a reflective roundtable on the state of the market, which is bracing itself for a tough renewal season in the face of the unfavourable prevailing market conditions. Can the insurers pass on the expected rate rises to their direct clients already reeling from the challenges of COVID-19? Can the renewals be done on time or will it be a cliffhanger beyond 1 January 2021?
 
Among our specials, in takaful we take a spin on how resilient the sector is. On regulations we urge regulators to rise to the world stage with more extensive compliance on financial crimes. For brokers, their flight is to be relevant in the digital era.
 
The world has seen how indomitable the human spirit can be in the face of the most unpredictable adversity, where we are ‘strong in mind’ and ‘never to yield’.
 
In that spirit we are all set for the 7th Middle East Insurance Industry Awards presentation ceremony. With all restrictions on travel, social distancing and masking, we will bring you an entertaining ceremony online to salute excellence this year. The COVID-19 era has shown how creative the industry has been in taking to working from home and going as digital as allowed by law. It will be an event not to be missed on 22 November at 7pm, Dubai time.
 
Stay safe, stay strong and show your defining difference in the market not just to sell another policy but one that uniquely and personally meets the needs of the client that no other can. If only you can find that formula!
 
All the best for a great November and start thinking ahead for 2021 even if the basics are uncertain.
 
Sivam Subramaniam
Editor-in-chief 
Middle East Insurance Review
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