Magazine

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

Sep 2021

Magazine Table of Contents

MEIR 15th anniversary

15 leadership insights

ADGM: Insurance growth requires dialogue on potential developments

Generally speaking, the insurance sector in the MENA region has been ‘developing’ for a long time and many would question whether it will ever fulfil its potential. Changing market and social-economic dynamics across the region present opportunities, if the sector is able to take them, says Abu Dhabi Global Market’s Mr Juma Al Hameli.

ADNIC: Continued evolution of general insurance

Customers’ evolving expectations will continue to stimulate innovations in products, pricing and end-to-end delivery in the non-life insurance sector, says ADNIC’s Mr Jugal Madaan.

Badri: Love, actuary

The MENA insurance industry has traditionally been quite profitable although most insurers bemoaned price competition even during periods when the average combined ratio hovered between 90% to 95%. Such performance would have been considered spectacular in comparison to more developed markets. More recently, however, competition has encroached and changed these past trends and this has been a tipping point of sorts for the industry, says Badri Management Consultancy’s Mr Hatim Maskawala.

BSA: Regulatory and legal frameworks in flux

Changing regulations will offer ease of reinsurance capacity and better long-term underwriting. Implementing regulatory frameworks in local MENA jurisdictions will encourage more reinsurance capacity from overseas reinsurers, says BSA’s Mr Simon Isgar.

Chedid Re: Insurers likely to ditch legacy systems for the cloud

Challenges and opportunities abound in MENA for (re)insurers and the solution may lie in innovation and digitalisation, says Chedid Re’s Mr Joe Asmar.

CII: Global qualifications vital as regulations increase

Increasing regulation across MENA has created a demand for professionals with internationally-recognised qualifications, says Chartered Insurance Institute’s Ms Gaenor Jones.

Cigna: Future-proofing the GCC's health insurance sector

Innovation and technology will help the healthcare industry meet changing consumer needs, says Cigna’s Mr Jerome Droesch. He explains how streamlined health services that leverage technology have widened the industry’s reach.

ESKADENIA: Pandemic both boon and bane for InsurTech

Mass lockdowns resulted in a rapid shift to remote working. This accelerated change and digitalisation in traditional companies. For InsurTech, this has meant both opportunities and challenges, says ESKADENIA’s Mr Lotfi Al-Sarori.

HDFC: Balance life between prudence and aggression

Post-pandemic, life insurers must operate a model that can absorb unexpected future shocks and prepare for the ‘inevitable unexpected’, says HDFC’s Mr Sameer Yogishwar.

Lloyd's: Pandemic offers insurers an opportunity to build back better

The insurance industry must be more proactive in the way it anticipates and meets the evolving expectations of customers, such as embracing technological advancements and the associated benefits. It must start to lead in a changing landscape which includes greater sustainability and inclusion, says Lloyd’s Mr Andrew Woodward.

Marsh: Digital adoption crucial for reach and efficiency

For traditional insurers, adopting digital solutions means more than better client service. They need to digitalise because start-ups and non-insurance players have a unique opportunity to disrupt the marketplace with their state-of-the-art solutions, says Marsh’s Mr Christos Adamantiadis.

Trust Re: Achieving reinsurance growth in the region

Reinsurance will become more capital-intensive, which will require equipping MENA reinsurers with better tools for economic capital modelling and capital management. The role of traditional regional reinsurers should evolve gradually into risk adviser, says Trust Re’s Mr Yassir Albaharna.

Watania: Social media and digital tools are a game changer for takaful

The takaful market was disrupted by the pandemic, forcing it to adopt a digital strategy to attract and serve customers. Watania’s Mr Gautam Datta shares some lessons that have permanently shaped the business.

Women's World Banking: Insurance growth may lie with low-income women

Insurance providers are missing out on a major untapped market - one that not only makes good business sense, but also presents an opportunity to build broader economic resilience and support women’s economic empowerment, says Women’s World Banking’s Ms Mary Ellen Iskenderian.

Zurich: Responsiveness and digitalisation to grow life

Digitalisation and a shift in consumer behaviour have Ieft an indelible mark on the life market. Zurich’s Mr Simon Price considers the future of the industry and how it will be different from its pre-pandemic past.

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