Magazine

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

Aug 2022

Contents

August-Home
Editor's Letter
Magazine article aboutFood-glorious-food

Food glorious food

Insurance
Magazine article aboutDevelopment-of-event-cancellation-insurance-in-the-Middle-East

General

Development of event cancellation insurance in the Middle East

Decennial liability and inherent defects insurance in Saudi Arabia

Life & health

ESG guide for life and health insurers

Uncertainty over mandatory health insurance requirements

Becoming a long-term health partner

Can insurers help Indians plan for their retirement?

Market Profile
Magazine article aboutInsuring-FIFA-World-Cup-2022-Goals-and-highlights

Qatar

Insuring FIFA World Cup 2022: Goals and highlights

Insuring FIFA World Cup 2022: Costs and covers

Harmonising regulations

A good time for Qatar general insurers

Bright days ahead for Qatar's insurance industry

New law set to trigger growth and expansion

Disrupting health insurance through AI

Reinsurance
Magazine article aboutA-regional-reinsurance-hub-in-the-making

A regional reinsurance hub in the making

Registrations for SIRC 2022 take off

Lebanon: Consolidation crucial to overcoming challenges

Investment
Magazine article aboutDiversifying-investments-to-hedge-against-inflation

Diversifying investments to hedge against inflation

Takaful
Magazine article aboutSudan-Working-to-create-a-better-market

Sudan: Working to create a better market

Actuarial
Magazine article aboutBuilding-local-competencies-for-the-future

Building local competencies for the future

Education and training
Magazine article aboutBuilding-capacity-to-address-the-skills-gap

Building capacity to address the skills gap

News

MENA

MENA: Inflation aggravates business interruption risks

Bahrain: CBB launches survey to assess client satisfaction with minor motor accident processing

Egypt: Pricing cited as hurdle to purchase of mental health insurance coverage

Egypt: Lawmakers ask for study on insurers' capital requirements

Oman: Pricing practices improve among listed insurers

Tunisia: Insurance sector makes progress towards full digitalisation

Turkiye: Motor insurance premiums soar

Turkiye : Insurers seek to protect capital through inflation-indexed bond

UAE: Insurers to benefit from new value-based healthcare model

UAE: Motor insurance premium rates of many insurers fall to floor limits

UAE: Dubai Sports Council announces mandatory insurance for sports events

Global

Global: Global insurance premium volumes to reach new high in 2022

Personal accident and health insurance in North America to reach $1.5tn by 2026

Global: Cyber insurers are part of the solution to ransomware

Takaful

Oman: Takaful growth outperforms market's performance in 2021

UAE: DAT-Watania complete merger to form one of the UAE's leading national takaful operators

Pakistan: Motor business contributes over half of takaful volume

Global Risk Review

Major structural risks set to disrupt operations, investments and supply chains

Better road safety measures could save half a million lives annually

Overshooting 2°C would cause permanent damage to Earth's species

Arctic temperatures rising 4x faster than global warming

Digital wearables are vulnerable to cyber attacks

One in four have fallen victim to online fraud in Asia Pacific

Businesses' resilience to risks alters in 2022

Insurers can address the challenge of climate change

Almost every organisation experienced a cyber attack in 2021

Floods and droughts forecast to cost cities $194bn annually

Product Bites

Bahrain: Tripartite MoU signed to provide start-ups with insurance solutions

Malaysia: FWD Takaful introduces two new plans covering death, TPD and critical illness

Saudi Arabia: Bupa Arabia launches telehealth platform

UAE: SALAMA and Bayzat join forces to offer health takaful solution to SMEs

Diary
People on the move

People on the move

Insurance

General

Development of event cancellation insurance in the Middle East

COVID-19 has put a spotlight on the potential losses that stem from event cancellation. In the Middle East, this was particularly noticed when Expo 2020 had to be postponed for a year. Arab Loss Adjusters’ Mr Naeim Mosleh looks at the state of event cancellation insurance in the region.
 

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Decennial liability and inherent defects insurance in Saudi Arabia

Saudi Arabia is undergoing significant transformation in line with its Vision 2030 framework. HFW’s Messrs John Barlow and Justin Whelan look at how decennial liability and inherent defects insurance fits into all this.
 

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Life & health

ESG guide for life and health insurers

The UN’s Principles for Sustainable Insurance Initiative last year commenced work on understanding the risk management and insurance challenges and opportunities within the life and health industry. The focus was on a post-COVID world increasingly impacted by climate change, nature loss, pollution and growing social inequality. The result is the first ever ESG guide for the global life and health insurance industry and should be required reading for every life and health insurer in the MENA region.
 

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Uncertainty over mandatory health insurance requirements

Qatar has recently imposed a new law requiring mandatory health insurance for all residents and visitors to the country. However, details that set out the terms and conditions of the insurance policies and contractual arrangements under this law have not been released. Middle East Insurance Review spoke with Dentons’ Ms Joelle Salame about how the requirements might be implemented.
 

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Becoming a long-term health partner

With the acquisition of Aetna International’s health insurance portfolio, including in the Middle East and Africa, Allianz Partners’ goal is to become an even more attractive long-term health partner in line with the company’s plans to enlarge its footprint in the region, says Ms Paula Covey.

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Can insurers help Indians plan for their retirement?

Indians consider retirement planning a priority but it does not figure anywhere near the top of the list. Insurers need to give up their traditional one-size-fits-all approach and develop the retirement solutions they offer in line with their evolving consumers to make their offerings more complete and appealing.
 

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