Magazine

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

Jun 2022

Contents

June-Home
Editor's Letter
Magazine article aboutReversing-into-stagflation

Reversing into stagflation

Insurance
Magazine article aboutOpportunities-in-energy-tech-entertainment-and-construction

General

Opportunities in energy, tech, entertainment and construction

Defining a strategy for carbon neutrality

Impact of price inflation on construction materials and labour

Marine insurance: An end to pessimism

Life & health

The perfect digital storm (and beware dinosaurs)

View from India - Life insurers can enable 'insurance for all Indians'

Celebrating GAIF 33
Magazine article aboutMajor-changes-in-Arab-insurance

Major changes in Arab insurance

Future days

Right time

Takaful in Algeria

Some markets are volatile - others stable

'Stagflation' making a comeback

Market Profile
Magazine article aboutRegulating-insurance-one-line-at-a-time

Algeria

Regulating insurance, one line at a time

Personal lines: Huge gap, promising future

General insurance growth forecast

Improving the timid growth of Nat CAT coverage

Market rebounds firmly following pandemic slump

Reinsurance
Magazine article aboutSIRC-2022-delegate-fee-structure-unveiled

SIRC 2022 delegate fee structure unveiled

Risk
Magazine article aboutWhat-does-climate-change-mean-for-the-Middle-East-insurance-sector-

What does climate change mean for the Middle East insurance sector?

Transition to net zero: Risks and opportunities for insurers

Takaful
Magazine article aboutCan-parametrics-unlock-takaful-s-full-potential-

Can parametrics unlock takaful's full potential?

Diversity & Inclusion
Magazine article aboutTake-the-lead-to-break-the-bias

Take the lead to break the bias

Notebook
Magazine article aboutLeveraging-data-and-tech-to-modernise-insurance

Leveraging data and tech to modernise insurance

Five business challenges SaaS resolves for insurance firms

News

MENA

9th Middle East Insurance Industry Awards now open for nominations

GCC: QIC aims to grow bigger through likely merger of its Omani subsidiary with local insurer

Egypt: Financial regulator urges insurers to take sustainability into account in their investments

Egypt: High inflation prompts insurance clients to revalue assets

Jordan: Insurance sector affected on multiple fronts by COVID-19 pandemic

Kuwait: DHAMAN and GlobeMed Kuwait sign a collaboration agreement

Qatar: Compulsory health insurance law is in effect

Turkey: Insurance association to implement Vision 2024 project to increase penetration

UAE: DNIR signs exclusive partnership with cycling federation

Global

Global: Dealing with long-term inflation risks

Global: Cyber premiums reach almost $9bn in 2021

Google poses the greatest threat to UK insurers

Takaful

Bahrain: Takaful International net profit up by 10%

Egypt: New regulations for surplus distribution

Morocco: Supreme Council of Ulemas approves seven types of takaful contracts

Qatar: Surplus-generating ability sustains takaful model

Saudi Arabia: Al Rajhi Takaful net profit reaches $11m in 1Q

Global Risk Review

New strategy to overcome work-related stress for insurers

Cyber risks biggest threat to directors

World could face 1.5 disasters a day by 2030

Google poses threat for home insurers

Climate change increases cross-species viral transmission risk

Fraud attempts decreased by 22% from 1Q2021 to 1Q2022

Australia: One in 25 homes could be uninsurable by 2030

Impact of climate change on offshore energy and shipping industry

Competition for sea, space and soil will exacerbate future geopolitical risk

Product Bites

Bahrain: Bahrain National Insurance partners with National Bank of Bahrain

Saudi Arabia: Kingdom launches camel transport insurance policy

UAE: SALAMA partners with ADRO to provide digital takaful healthcare services

Diary
People on the move

People on the move

Insurance

General

Opportunities in energy, tech, entertainment and construction

The current unstable macroeconomic environment could be a challenge for many global financial services firms – in part because it makes forecasting and budgeting much harder. To glean some insights into how a global insurer is tackling these issues, we spoke to Allianz Global Corporate & Specialty’s Mr Joachim Mueller to find out how his thinking is developing and what has been achieved to date.
 

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Defining a strategy for carbon neutrality

The transition to carbon neutrality is expected be a slow process for economies in the MENA region and requires significant investment. The region is also heavily dependent on fossil fuels and carbon-emitting industries. Middle East Insurance Review spoke with EY’s Mr Jonathan Matchett to find out what it takes to be a carbon-neutral insurer.
 

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Impact of price inflation on construction materials and labour

With demand for construction materials and labour surging, insurers need to be alive to the effects that price inflation will have on claims and risk valuation, says Charles Taylor Adjusting’s Mr Niall Metcalfe.
 

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Marine insurance: An end to pessimism

Recent indicators seem to suggest that the marine insurance sector is finally about to soften. Howden Insurance Brokers’ Mr Bozidar Ljubisavljevic looks at some of the trends that led to the hard market in the first place and provides insight into whether the signs of recovery are just a flash in the pan or if they might hint at more long-term improvement.
 

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Life & health

The perfect digital storm (and beware dinosaurs)

The pandemic may have played a major role in forcing life insurers and advisory firms to step up their digital transformation but is hardly the sole reason for it. Friends Provident International’s Mr Simon Barwell looks at some of the other factors in play and suggests that providers that fail to keep up could face extinction.
 

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View from India - Life insurers can enable 'insurance for all Indians'

The Indian insurance regulator, Insurance Regulatory and Development Authority of India, wants to achieve ‘insurance for all Indians’ by 2047 when the nation celebrates 100 years of independence. ICICI Prudential Life Insurance’s Mr Deepak Kinger says thanks to the digital ecosystem that the pandemic helped create, life insurers can contribute substantially in this effort.
 

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