Magazine

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

Jul 2022

Contents

July-Home
Editor's Letter
Magazine article aboutSome-bright-spots-and-some-bleak-spots

Some bright spots and some bleak spots

Insurance
Magazine article aboutPreparing-Arab-insurers-for-the-post-COVID-era

General

Preparing Arab insurers for the post-COVID era

Not enough cyber capacity to meet demand

View from India - Surety insurance and the regulator

Life & health

MENA health on the up-and-up

COVID-19 takes significant share of life claims

Digitalisation is sink-or-swim for insurance players

Market Profile
Magazine article aboutLebanon-s-insurers-face-unfavourable-environment

Lebanon

Lebanon's insurers face unfavourable environment

Lebanese general insurers face multiple crises

Reinsurance
Magazine article aboutSIRC-2022-open-for-registrations

SIRC 2022 open for registrations

Long haul to becoming a reinsurance hub

Risk
Magazine article aboutPandemic-A-look-under-the-hood

Pandemic: A look under the hood

Rising inflation leads to more risk

Fearful cyber insurers steer clear of Middle East

Strong cyber security for a smart, green future

Insurers have a unique opportunity to help combat cyber crime

Cyber resilience in the Middle East and Africa

Risk management in a recovering market

The evolution of energy risk

Actuarial
Magazine article aboutThe-need-to-develop-actuarial-talent

The need to develop actuarial talent

Notebook
Magazine article aboutJordan-Industry-tackles-thorny-issues

Jordan: Industry tackles thorny issues

News

MENA

Middle East: Europ Assistance acquires MAPFRE Asistencia's operations in the region

GCC: Region's listed insurers post lower profits but higher GWP in 1Q

Bahrain: Health authority and broker sign deal on medical insurance scheme for expats

Egypt: FRA drafts rules governing digital insurers and online financial entities

Kuwait: Insurers hope to see the last of decades-old motor TPL tariff

Morocco: New rules for online insurance sales take effect on 1 July

Saudi Arabia: Motor losses render 1Q2022 extremely challenging for insurers

Tunisia: Insurers raise awareness of fire risk

Türkiye: Motor insurers say 1 June tariff increase is inadequate to cover losses

UAE: Motor insurance premiums fall back to levels seen before 2017

Global: MGA, MGU and cover-holder revenue up 21% in 2021

Global

Global: Businesses need to prepare for a rise in social unrest

Global: Work required before IFRS17 goes live

Global: Renewal rates continue its upward trend

Takaful

Egypt: Earned contributions register 153% increase by April 2022

Oman: Rights issue of takaful operator fully subscribed

Morocco: Qatari and local investors to establish takaful operator

Morocco: Licensing 6 participating banks to offer takaful products

UAE: Merger to create UAE's largest takaful provider

Global Risk Review

Insurance protection gap could rise to $1.86tn by 2025

Australia: Court ruling will impact cyber security for financial services licensees

Canada: New guidelines on climate risk management

Financial fraud leads the pack in cyber crimes

Mental health support to be part of climate action plans

Businesses need to prepare for rising social unrest

US to modernise its building codes

Thawing permafrost and construction high on emerging risk radar

Only a quarter of insurers have 'truly digitalised the value chain'

Utilities struggle to insure new coal power

Product Bites

Pakistan: MoU signed for takaful cover for car financing

UAE: IFZA Dubai launches bespoke medical insurance solutions for businesses

UAE: RSA Middle East enters a five-year strategic partnership with Emirates NBD

UAE: Policybazaar.ae and GuideMeDoc join hands

Diary
People on the move

People on the move

Insurance

General

Preparing Arab insurers for the post-COVID era

The 33rd GAIF conference returned this year as a live in-person event. Insurance practitioners flew in from all over the world to discuss how Arab insurance can navigate the challenges that have surfaced in the post-pandemic world.
 

Not enough cyber capacity to meet demand

Demand for cyber insurance in the MENA region is increasing as people become more aware of the risks. However, capacity is sorely lacking and this is likely to continue for the foreseeable future, with (re)insurers becoming even more cautious when it comes to taking on cyber risks and allocating capital.
 

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View from India - Surety insurance and the regulator

Guidelines for surety insurance business in India came into effect on 1 April 2022, however, the new line of business has not been able to take off. To kickstart the process, the regulator will work on a sample product for the industry to help build it up. We look at the prospects for success.
 

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Life & health

MENA health on the up-and-up

There are a number of positive indicators for the health insurance industry in MENA, including health cover being made mandatory and a high level of underinsurance. While more work is required to lower costs and overcome data accessibility issues, Allianz Partners MEA and Nextcare’s Mr Christian Gregorowicz is confident of the sector’s prospects in the near future.
 

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COVID-19 takes significant share of life claims

Cancer, heart attack and stroke remain the usual culprits behind deaths in the Middle East. COVID-19 has now taken the second spot for the highest number of life claims for Zurich according to the company’s three-year report on benefits paid in the region.
 

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Digitalisation is sink-or-swim for insurance players

Digital transformation has become a necessity for health insurance, particularly in competitive markets such as the UAE. Bayzat’s Mr Faisal Zeineddine addresses the need for insurers to find the right technology partner(s) and have a proper digital transformation programme.
 

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