Hwang Soo Jin
Chairman, Singapore Reinsurance Corporation Limited; Life President, Asia Insurance Review
It is, indeed, a proud moment for the Group to see our publishing subsidiary (established 16 years ago to serve the information needs of the insurance practitioners in Asia) launching a second dedicated insurance magazine, MiddleEast Insurance Review, this time to meet the information needs of the fast-growing insurance markets of West Asia.
Just as Asia Insurance Review had very quickly established itself as the voice of the insurance industry of Asia and become the official organ for most if not all the leading insurance events in the region, I am sure MiddleEast Insurance Review (MIR) will rapidly establish itself as a MUST READ for anyone interested in doing insurance business in the Middle East, and provide yet another invaluable platform for dialogue and exchange of ideas and learning within the insurance industry worldwide.
I expect MIR will expand to cover issues of critical importance to the region and contribute to its march towards greater professionalism by organising technical insurance conferences for the practitioners in the market to enable the transfer of insurance technology from one centre to another and to promote better understanding between markets.
There is room for co-operation and collaboration between Southeast Asia and the Middle East insurance markets.
I take this opportunity to convey our very best wishes to the region as it continues to take great strides forward in all spheres of human endeavours.
Singapore Re is the only indigenous reinsurer in Singapore and is publicly listed on the Singapore Exchange Limited (SGX) mainboard.
Low Kwok Mun
Executive Director, Insurance Supervision Department, Monetary Authority of Singapore
The Middle East and Asia are two of the most dynamic regions in the world today. Trade and investments are set to grow. This represents opportunities for Islamic financial services.
The takaful industry is presently a small but growing one, riding on the growth of Islamic financial services globally. The main market source is from Middle Eastern countries, which provide about 60% of the global takaful business, with Asia Pacific contributing over 30%.
Given Singapore’s position as an established reinsurance centre in Asia, we believe Singapore can also play a role in supporting the efforts currently undertaken in Asia and the Middle East to build the takaful industry.
The Monetary Authority of Singapore (MAS) is committed to facilitating the interests of the industry and players who are keen to play a bigger role in this fast growing industry.
Our current regulatory and supervisory framework is conducive for takaful and retakaful activities. We will continue to monitor developments in the industry and fine-tune our rules where necessary.
The launch of MiddleEast Insurance Review, which aims to provide dedicated focus on takaful and retakaful issues and developments, is timely.
I congratulate Ins Communications, the publisher of Asia Insurance Review and MiddleEast Insurance Review, on the launch of this new publication. It is a good complement to Asia Insurance Review, which has already established itself as an authoritative insurance publication in Asia.
The Monetary Authority of Singapore is the central bank and regulator of financial services in Singapore.
Dr Bassel Hindawi
Insurance Commissioner, Jordan
The Middle East and North Africa region is an economically diverse region with different economic and business opportunities. The insurance industries in the region are undergoing profound changes as many move towards economic liberalisation and openness in line with the World Trade Organization’s push towards an open trading system. This is being complemented by reforming their regulatory frameworks.
It is estimated that total insurance premium in the Mena region will reach more than US$40 billion within a decade or less, due to population growth, rapid economic growth, opening of markets and greater insurance awareness. The total population of the region is expected to double in two decades compared to about 300 million today. In 2006, project finance transactions located in the region are estimated to be more than US$70 billion. This number is set to remain high as investments in real estate, industrial development and infrastructure are made. Growth of about 15% per annum is expected in conventional insurance and about 25% for takaful business. There is, indeed, a promising future for the insurance sectors in the Mena region.
In this respect, the launch of MiddleEast Insurance Review is timely and will not only highlight the technical issues of the insurance sector in the region, but will also, no doubt, introduce the insurance industry in our region on a global level, reflecting the progress in the different markets and the reputable image of the industry that seeks to increase its contribution to the regional and global economy.
We certainly welcome the launch of MiddleEast Insurance Review. We are keen to witness your efforts that will definitely participate in creating a global window to the vision and promising future of the insurance industry in the Middle East. Hearty congratulations to you! Wishing Asia Insurance Review another story of success!
The Insurance Commission of Jordan, established in 1999, regulates and supervises the insurance sector.
Peter Casey
Director, Supervision, Dubai Financial Services Authority (DFSA)
As a regulator, I welcome this new publication and the plans of the editorial team to contribute to higher standards and greater professionalism within the life and general insurance and reinsurance segments of the Middle East and North Africa region (Mena).
The sister publication, Asia Insurance Review, has long been a well-respected commentator on insurance in Asia and more widely. MiddleEast Insurance Review responds to demands for information and a greater understanding of market and technical information within the Mena region. This region is rightly regarded as one of opportunity and growth.
It is an exciting time for the insurance industry in the Middle East, which has been characterised by low insurance penetration and fragmented markets. Today we are witnessing real signs of change. Some of this comes from economic and market forces; consumer maturity and growth and an increasing role for the private sector as well as the expansion of Islamic finance, including takaful. These forces contribute to the regulatory changes that are occurring in many countries across the region – UAE, Jordan, Saudi Arabia, Bahrain as well as Dubai International Financial Centre (DIFC). International standards and sound regulation are critical to well-functioning insurance markets and the creation of the DIFC as an international financial centre, and the Dubai Financial Services Authority (DFSA) as an independent integrated regulator, creates complementary initiatives to those evident in the various national markets.
I look forward to reading MiddleEast Insurance Review and wish it every success.
DFSA is the independent regulator of financial services in the Dubai International Financial Centre.
Nigel Easton
Head, UNCTAD Insurance Industries Programme, Geneva
The launch of MiddleEast Insurance Review (MIR) is a bold venture, which some would say may be long overdue given the growing importance of the region and the rapid growth in takaful business.
I congratulate the Asia Insurance Review (AIR) for taking up this project which I am sure will reflect their usual high standards and targets. I am confident that given AIR’s exemplary track record in Asia, MIR will very quickly be recognised as a leading independent, good quality, professional publication and, therefore, indispensable source of information for those who need to know what is happening in the Middle East and North African insurance markets. What is more, I am confident that MIR will succeed in projecting the true image and profile of the Arab insurance community to the benefit of the quite considerable reputation that the region already enjoys.
UNCTAD is a United Nations body handling trade, investment and development issues.
Ezzat Abdel-Bary
Secretary General, Federation of Afro-Asian Insurers and Reinsurers (FAIR)
It is my great pleasure to congratulate you and your team most sincerely for your initiative to launch the new Asia Insurance Review sister publication, MiddleEast Insurance Review.
I take this opportunity to emphasise and commend your success in making Asia Insurance Review the most eminent professional magazine that has gained full recognition regionally and internationally.
No doubt, your vision, courage, experience and wise leadership, and the concerted hard work of your team will make MiddleEast Insurance Review another example of success.
Expanding your focus to include the Middle East and North Africa will be very beneficial for all insurance professionals, managers and investors. It will make an important contribution to the enhancement of knowledge about each other and the development of business relations to benefit from the enormous opportunities in the region. One cannot overlook the tremendous potential expansion and growth in Iran, Turkey, Saudi Arabia and the other Arab countries and the reforms in the North African markets.
I firmly believe that MiddleEast Insurance Review under your guidance will adopt the same philosophy and dignified mission of the Asia Insurance Review, aiming to disseminate various experiences and enhancing expertise and knowledge to keep pace with the speed of change in business and technology. This is highly needed and appreciated for the development of the Mena markets and meets the objectives of Fair as well.
Once again, I look forward to a closer and fruitful co-operation with you.
Wishing you every success in your work.
The Cairo-based Federation of Afro-Asian Insurers and Reinsurers, founded in 1964, promotes co-operation among insurers and reinsurers in Africa and Asia.
Abdul Khaliq R Khalil
Secretary General, General Arab Insurance Federation (GAIF)
Asia Insurance Review has proven to us that it is really THE voice of the insurance industry and I would like to send my warm congratulations on the occasion of the launch of the MiddleEast Insurance Review incorporating global takaful developments.
Wishing for you and your new issue every success and prosperity!
And as all we know, the essence of insurance can be seen in the system of mutual help or takaful, and its concept of shared responsibilities, joint indemnity, common interest, solidarity, etc.
This concept of insurance is acceptable in Islam because the policyholders co-operate among themselves for their common good. Every policyholder pays his subscription in order to assist those who need assistance. It falls under the donation contract which is intended to divide losses and spread liability according to the community pooling system, and the element of uncertainty is eliminated.
We have seen significant growth in the takaful industry both in terms of general and life takaful operations and we hope this growth will promote awareness of takaful principles and practices.
The General Arab Insurance Federation is a Cairo-headquartered pan-Arab insurance organisation.
Patrick M Liedtke
Secretary General and MD, The Geneva Association
The Geneva Association would like to congratulate the team behind the successful Asia Insurance Review on their latest initiative: the launch of a sister publication on the Middle East. As the world’s leading insurance research organisation supported by the private insurance industry, we have the privilege of special insights into the strategic development of the sector around the globe. Until now, the Middle East and North African region has been neglected by many of our industry’s initiatives and did not create a lot of insurance activity itself.
Today, additional wealth is being generated by higher oil prices and the desire to protect production processes is generating a need for more sophisticated risk management and insurance solutions.
Furthermore, due to recent geopolitical developments, the region has a stronger desire for more autonomy and is searching for ways to rely on its own capabilities rather than acquire them externally.
One key aspect that needs to be developed is the risk management and insurance dimension of the economy. It seems only too apparent that a new publication for this specific part of the world can help spread knowledge and understanding about key concepts and techniques, aiding the development process.
The launch of the MiddleEast Insurance Review could not have come at a more propitious time. If it can keep the high standards of its older sister, Asia Insurance Review, it should become a great success.
The Geneva Association is a non-profit organisation formed by the chief executives of insurance companies around the world to carry out research on insurance activities in major economic sectors.
Patrick W Kenny
President and CEO, International Insurance Society Inc, USA
The International Insurance Society has enjoyed a long standing and productive relationship with Asia Insurance Review (AIR) for many years. We and our membership have benefited from our collaborative relationship. With 30% of our membership based in Asia, we have utilised AIR as an invaluable resource as the voice of the Asian insurance industry. We congratulate you with our sincerest wishes on the launch of MiddleEast Insurance Review.
The insurance industry is ever-changing, and has seen dynamic evolution over the last decade with emerging markets in Asia and around the world. As an industry which is integral to the foundation and infrastructure of developing economies, the insurance industry has long been focused on the development of China, India and South America. Looking ahead, we also focus on opportunities for new product development and distribution channels emerging from political, environmental and societal changes. One critical market in which the IIS and the insurance industry anticipate considerable development is the Middle Eastern industry and the takaful product potential worldwide.
The Middle East and North African (Mena) region is thriving and the healthy flow of liquidity in this region continues to support expansion and infrastructure developments. Takaful products have literally opened the region to the insurance industry and with the Muslim community the fastest growing population worldwide, the potential market for global insurers is massive.
With these significant developments, the Mena region is ripe for a regional insurance publication that will serve as a voice to the region and act as a technical resource to facilitate information exchange. The launch of MiddleEast Insurance Review will provide a sounding board for the region, and I expect that the industry will take full advantage of the opportunity to explore the issues unique to the region on a global forum. Asia Insurance Review has a proven track record for nearly two decades in Asia, and will undoubtedly serve the Mena region similarly in contributing to the development of industry standards of professionalism and advancement and ultimately will highlight the vast potential of the Mena region to the global community.
Congratulations on the launch and inaugural issue of MiddleEast Insurance Review incorporating global takaful developments. Our very best wishes!
The International Insurance Society is a non-profit organisation which provides a global forum on insurance issues. The New York-based society has over 1,000 members from more than 90 countries.
Shaun Tarbuck
CEO, International Co-Operative & Mutual Insurance Federation
The International Cooperative & Mutual Insurance Federation (ICMIF), as the leading trade body for mutual and co-operative insurers across the globe, welcomes news of the publication of MiddleEast Insurance Review incorporating global takaful developments.
In recent years, our focus has increasingly shifted to the Mena region and the timely launch of this publication will, I am sure, be welcomed by the insurance sector in Mena.
ICMIF, as a federation representing co-operative and mutual insurers, whose principles and practices are similar to that of Islamic insurance, is committed to assisting the development of the sector.
ICMIF has 14 takaful operators as members, so the initiative with this new publication will, I feel sure, also be warmly welcomed by our takaful members.
Building on the acknowledged leadership of the publication Asia Insurance Review, I am sure that this new publication will quickly establish itself as the leading publication reporting on takaful developments.
Saleh Malaikah, PhD
Vice Chairman and CEO, Salama Islamic Arab Insurance Company, KSA; Chairman, Best Re
Having learnt of the preparations to launch MiddleEast Insurance Review (MIR), a sister publication of Asia Insurance Review (AIR), that would incorporate global takaful development, I was intrigued and happy to learn that finally we shall have a forum for takaful, the Shariah compatible form of insurance.
The publisher of MIR and its editorial board ought to be commended for their sensitiveness to industry needs. They have listened carefully to what the industry leaders have been expressing and responded with a well-thought-out plan for a professionally crafted publication that we in the industry can use not only to keep abreast with the rapidly developing takaful, but also to inform and educate interested parties of the issues facing takaful operators in the Mena region. Such issues need to be elucidated.
While welcoming the exciting realisation of a vision, the publication of MIR, I believe congratulations are in order. Not only the publisher and editor of MIR deserve the heartiest of congratulations, but also the readers of this treasure trove that, I think, will become the foremost voice on takaful issues in the Mena region.
As an executive of Salama, the leading takaful company in the region, I am very hopeful that this new publication will provide the in-depth coverage of the takaful industry in a language that is understood by all. I know the editors of AIR have proven their mettle and there is no doubt they will maintain the same vigour in the new publication, MIR.
Dubai-based Salama, a takaful provider, is the holding company of Tunisia-headquarted Best Re, which was established in 1985 and is the first private reinsurer in North Africa.
Sameer Al Wazzan
Chief Executive Officer, Solidarity Insurance Co
On behalf of the members of the international operations of Solidarity in the Kingdom of Bahrain, KSA, Qatar, Asia and Europe, I would like to extend my sincere congratulations to the members of the successful Asian publication, Asia Insurance Review, for their dedication and hard work to launch MiddleEast Insurance Review. I am pleased to inform you that our global operations harbour respect and appreciation for reputable publications that put tremendous efforts to spread awareness and give a hand in developing this industry.
The financial services industry, especially the Islamic one, needs to share expertise through exchanging industry, market and technical information about innovative financial services concepts and products. Publications like MiddleEast Insurance Review will help in building a bridge between industry players themselves, on one side, and the industry players and end users, on another side.
The significant demand for innovative and competitive financial services solutions was recognised by major players in the industry, allowing them to join effort and introduce a unique Islamic system of financial services. This system was never to breathe life without the support of publications like Asia Insurance Review which communicated the solution of a financial need in this dynamic global market.
Understanding the needs and behaviour of end users comes from the understanding of the financial services infrastructure and different products. Hence, MiddleEast Insurance Review and financial services companies should work as a force together and employ the appropriate communication tools to be able to produce the social and economic benefits that we seek for our world.
Bahrain-based Solidarity Islamic Insurance and Assurance Co is a leading takaful company in the Middle East.
T S Vijayan
Chairman, Life Insurance Corporation of India
Asia Insurance Review (AIR) has taken another commendable stride in expanding the frontiers of media coverage of insurance with the launch of its sister publication MiddleEast Insurance Review (MIR) for the Middle East and North African regions.
In its 16 years of laudable service to the cause of disseminating insurance news and developments, AIR has already carved on endearing niche in the mindspace of its readers.
The Asian and African regions, with few exceptions, have prominently low insurance penetration and insurance density. Insurance awareness is critical for the growth of the insurance industry. In the developing economies, there is generally an inherent negative bias or a rigid indifference towards buying insurance. Hence, the oft-quoted but highly relevant cliché that insurance is never bought but always sold.
This highlights the monumental role insurance journals play in creating receptivity for insurance in the prospects’ minds and transforming them into fertile grounds for the implantation of insurance seeds. For the insurance-minded, they play the significant role of updating them with the latest as well as forthcoming developments enabling them to remain optimally protected.
Insurance is being increasingly recognised as a very basic human need wherever insurable interest is involved. To that extent, it is incumbent upon insurance journals to pursue their calling, not only with business intent, but also a sense of social responsibility. I am happy to note that AIR has shouldered both these responsibilities with professionalism and a mission befitting the industry.
The launch of MiddleEast Insurance Review will satisfy a pressing need of the targeted regions. These regions constitute a good part of the emerging markets which are showing a huge potential for insurance. The Middle-East region, in particular, has witnessed the growing popularity of takaful, and AIR itself has contributed unstintingly to its propagation.
I am confident that MiddleEast Insurance Review will perform the role of hormone at one end in the germination of insurance ideas and catalyst on the other in accelerating its pace in the Middle East and North African regions. I am sure that having inherited a rich legacy from AIR, it will provide an enriching experience to its readers and make a phenomenal contribution to the insurance industry.
I wish MIR all the best.
The state-run Mumbai-headquartered Life Insurance Corporation of India is the biggest life insurer in India.
Kunio Ishihara
President, Millea Holdings Inc
With more than 15 years of being the voice of the insurance industry in Asia through Asia Insurance Review, it is good timing, appropriate and only logical to cast your net wider to reach the readership in the Middle-East region by establishing MiddleEast Insurance Review.
We expect the insurance industry in the Middle-East region to start to boom, particularly with the life and medical insurance market taking shape. Additionally, with the numerous takaful operations in the region, coupled with several retakaful operators worldwide, we are certain that MiddleEast Insurance Review will be a professional, informative and educational magazine dedicated to keeping the world abreast of the latest news on market developments and any changes in rules and regulations when it sets sail with its first publication.
It is, indeed, heartening to know that we will have a comprehensive publication and we truly congratulate you on the maiden issue of MiddleEast Insurance Review, and hope for it to be a great success.
Tokyo-headquartered Millea Holdings is an insurance holding company which operates Japan’s biggest insurance group.
Takeo Inokuchi
Retired Chairman, Mitsui Sumitomo Insurance Co Ltd
Congratulations to you and your editors on the successful launch of your commemorative first issue.
Your sister publication, the highly accomplished Asia Insurance Review, has given the Asian insurance industry a distinguished face and voice for over 16 years, so it gives me great pleasure and satisfaction to know that you will be taking on that important role in the Middle East as the heir apparent of their legacy and reputation.
Today, the Middle-East region continues to grow as one of the world’s key economies. According to UNCTAD, foreign direct investment inflows to “West Asia” (ie the Middle East) reached US$17.6 billion in 2004, a six-fold increase from 10 years ago. And in the field of global energy, it goes without saying that the region’s presence and importance remains unparalleled in the world.
Japan is no exception. The GCC (Gulf Cooperation Council – consisting of six countries – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates) ranks as Japan’s fourth-largest trading partner, and in light of the highly valued relationship with this region, Japan has commenced FTA (free trade agreement) negotiations with the GCC this year to further strengthen its economic ties.
This continuing rise in the Middle East’s influence in today’s world remains strong and very visible. We, ourselves, currently have three offices in the region, namely Dubai, Abu Dhabi and Al-Khobar and, together with the Middle East reinsurance business, we write through our reinsurance subsidiary’s branch in Labuan, Malaysia. We have seen a healthy growth in business from this part of the world, all in line with its steady economic growth.
This trend will surely continue, making it all the more vital for global businesses and insurers to keep a finger on the pulse of this region. We will need reliable intelligence to help us understand key issues, take educated risks, explore uncharted waters, and stay a step ahead of the game in this region, and who better to fulfil that role than MiddleEast Insurance Review.
I have no doubt you will rise to that challenge and meet your goals. We have a lot to look forward to, and in the meantime, I wish you every success and all the very best in your new publication.
Mitsui Sumitomo Insurance Co is among the three largest non-life insurers in Japan.
Hans van der Noordaa
Chairman, ING Insurance Asia/Pacific
On behalf of ING, it is my great pleasure to extend my congratulations on the launch of MiddleEast Insurance Review by Asia Insurance Review. Positioned as the voice of the insurance industry of Asia and the only publication in the region dedicated to the industry, Asia Insurance Review has been instrumental in reporting news within the insurance sector as well as providing insights into the latest market trends and tracking developments of the region’s insurance industry over the past 16 years.
We recognise that longevity, sustained commitment and the ability to deliver over a long period of time are among the most important values sought by clients. Like Asia Insurance Review, ING’s long standing commitment to Asia has also stood the test of time.
The launch of MiddleEast Insurance Review marks an important milestone. As the region’s only comprehensive professional journal on the insurance sector, I am confident that MiddleEast Insurance Review will replicate the success of Asia Insurance Review to become the voice of the insurance industry of the Middle East.
Please accept my warmest congratulations to Asia Insurance Review for over a decade of achievement and best wishes for the success of MiddleEast Insurance Review.
ING is a Dutch insurance and financial services conglomerate.
Victor Apps
Senior Executive Vice President & General Manager, Asia, Manulife Financial
Manulife Financial extends its warmest congratulations to Asia Insurance Review (AIR) on its strategic move to launch MiddleEast Insurance Review (MIR) at a time when global attention is focused on the growth potential in the Middle East and the takaful business. Given AIR’s excellent track record of providing comprehensive coverage of the insurance markets in this part of the world, I am confident that MIR will easily achieve the same high standards and status that AIR enjoys and become a “must read” for those interested in doing business in the Middle East or North African markets.
We see this as yet another example of their commitment to serve and service the insurance industry by highlighting the very best of the industry.
Manulife is Canada’s largest insurer.
John Bassetto
President & CEO, ACE Asia Pacific
A big pat on the back to Sivam and his team for launching MiddleEast Insurance Review! Trust him and his team to suss out the opportunity to launch the publication at a time when this emerging Middle East and North African (Mena) region is experiencing steady economic growth.
This is not just another oil story. It is an economic expansion that is grounded in a broader set of economic and political factors. In particular, capital inflows, economic liberalisation and deregulation driven by the need for diversification, greater efficiency, productivity and corporate governance have provided a basis for the economic uptrend. The strong push to diversify the oil-dominated economies of the region has brought into the forefront sectors like finance, tourism, telecommunications, petrochemicals and construction.
As with other emerging economies, real estate is one of the first sectors to react to improvements in economic conditions. Hence, the burgeoning construction sector in the Middle East has received much attention especially in Dubai which is undergoing a massive construction boom. Witness the likes of development projects like “The Palm Jebel Ali” or “The World”, which have grabbed media attention because of their sheer size and audacity. You can almost hear the underwriters debating on how to mitigate the risks in such projects!
Of greater significance to the industry is how the region is positioning itself as the leading light for takaful. Some projections for the market potential for takaful worldwide in 2015 see the Middle East taking 38%, while Southeast Asia is expected to hold 34% of the global stake. Bahrain has stepped up to the plate with the Bahrain Institute for Banking and Finance taking on the role as the premier provider of training and learning services to scale up human resource development for takaful in the region. There is much to learn from the Middle East on takaful and the industry at large is watchful and hopeful of gaining best practices in the years to come.
ACE, on its own part, is gearing up in Mena. We continue to expand our engineering and risk management capabilities in the region, while our life business in Egypt grows from strength to strength. We hope to keep MiddleEast Insurance Review abreast of ACE’s activities in the region and envisage that the publication will soon become essential reading material for the growing number of insurance professionals working in Mena.
Wishing you every success with MiddleEast Insurance Review!
ACE is a global property and casualty insurance and reinsurance group.
Gamal Hamza
Chairman and CEO, The Egyptian Reinsurance Company (Egypt Re)
It is with the utmost pleasure that I welcome this opportunity to congratulate the devoted team of the renowned Asia Insurance Review as well as insurers and reinsurers of the Middle East on the successful publication of this inaugural issue of the new and promising MiddleEast Insurance Review.
The launch of MiddleEast Insurance Review could not have been better timed as the region continues to march with widening steps towards higher professionalism and true market freedom; consequently demanding a comprehensive and reliable regional source of information with an eye for global events. With the same competent team that has led Asia Insurance Review to the prominent position it occupies today standing behind the Middle Eastern version, a most helpful and decisive insurance industry guide is being born.
Not only will this new journal serve in time as an indispensable tool for regional and global decision makers, but also following in the footsteps of its Asian sister, the MiddleEast Insurance Review team pledges to deliver fresh venues for co-operation among industry practitioners by taking the responsibility of hosting and organising top-notch regional industry gatherings.
In no time do I anticipate MiddleEast Insurance Review to develop into the region’s authoritative insurance guide and news analysis medium it aspires to become, thus making for an essential desktop item in every stakeholder’s office. Best of luck from me and everyone at Egypt Re to the whole team of Asia Insurance Review as they enthusiastically and readily take on a new world region!
Egypt Re is the first reinsurer to be established in the Middle East and Africa. It underwrites all classes of reinsurance in Egypt and direct insurance and reinsurance in the international market.
Peter Forstmoser
Chairman, Swiss Re
On behalf of Swiss Re, I wish to extend our sincere congratulations to Asia Insurance Review on the launch of your MiddleEast Insurance Review. This new publication will be a valued partner to the region’s insurance community, which is seeing significant growth and market developments across the board.
Swiss Re has been involved with the Middle Eastern insurance market for more than 30 years and has established a reputation for sharing expertise, knowledge and news and developing innovative products. One example of this innovation has been the recent launch of its family retakaful solution which was developed in response to calls from the takaful and traditional insurance markets for the establishment of a well-capitalised and technically proficient takaful reinsurer to serve this market.
Swiss Re continues to be committed to support both the traditional insurance and takaful communities in the Middle East and the launch of this new publication can only help the market to further build upon the growth experienced in recent years.
Thus, to MiddleEast Insurance Review, may we offer our best wishes for a successful launch, and continued success.
Swiss Re is the world’s biggest reinsurer.
Yassir Albaharna
Chief Executive Officer, Arab Insurance Group (Arig)
A magazine dedicated to keeping the industry – both regionally and the world over – aware of the region’s insurance developments has been long overdue. It is heartening to see that the team at Asia Insurance Review has recognised the need and taken the initiative to launch MiddleEast Insurance Review and I truly congratulate you on the launch.
There is much to be done to take our industry to the world-class levels that it is capable of. The past decade has seen a great change take place in not just the way we conduct and operate our businesses, but also in the scale of our vision. Asia Insurance Review has tracked this change to a large extent, and I surely look forward to and hope that MiddleEast Insurance Review will build on the success of Asia Insurance Review and provide us with not only news, opportunities and insightful analysis on issues facing the industry, but also showcase the region’s expertise and experience to the world.
The expectations we have from this magazine are, indeed, high and I am positive that the team at MiddleEast Insurance Review will succeed in surpassing them.
I wish you great success and once again congratulate you on the launch of this magazine.
Bahrain-headquartered Arig is a leading reinsurer in the Middle East and North Africa.
Wilhelm Zeller
CEO, Hannover Re
Hannover Re warmly welcomes the launch of MiddleEast Insurance Review, a publication perfectly designed to satisfy the information needs of the Middle East insurance and reinsurance market and to contribute to its development in this booming region. We are certain that the magazine will also do a great service to our industry by covering the latest news on the takaful market and by fostering the growing harmony between (re)insurance business and the region’s cultures and religious standards.
Hannover Re, in common with a number of providers of varying security, has been promoting this harmonisation process by offering suitable and fully Shariah-compliant reinsurance protection. Along with general insurance solutions in takaful business, the market for Shariah-compliant life insurance products, in particular, is growing steadily.
As a solution-driven reinsurer, Hannover Re has taken the initiative and developed solutions for family takaful products: Muslims now have the opportunity to protect their families’ livelihood and to provide for their retirement and their children’s education and marriage.
We have established a special retakaful pooling arrangement that combines the strength of a highly-rated international reinsurance company with the requirements of a fully Shariah-compliant solution. Our concept differs from those of other providers in that it includes an expert system for fast automated point-of-sale underwriting that greatly simplifies the sales process and can grant cover to every applicant. This approach is proving to be particularly efficient in bancassurance for covering the protection needs of Muslims since the distribution infrastructure is for the most part already in place.
In short, there are no further obstacles to prevent the large Muslim community from covering their insurance and reinsurance needs, and growth expectations for the industry are justifiably upbeat.
The launch of MiddleEast Insurance Review is a major step forward and an important source of support in this process. It will be greatly appreciated not only in the Middle East and North African region but throughout the financial world in general. We have no doubt that it will be a remarkable success.
Hannover Re is among the five largest reinsurers in the world.
Andreas Molck-Ude
Chief Executive, Middle East, Africa, Munich Re
We would like to extend a very warm welcome to the first issue of MiddleEast Insurance Review, which closes a publicity gap with regard to a region that includes a number of increasingly important emerging markets in the global insurance environment.
For many decades, Munich Re has been a leading reinsurer in the Arab region and neighbouring Middle East countries, active in all lines of business and setting major trends in the development of the Middle East insurance sector – particularly in engineering and health insurance.
Munich Re’s Middle East and North African (Mena) Department has increased its staff to take into account the current reinsurance trends and developments, including takaful.
On this occasion, we would like to congratulate the publisher of MiddleEast Insurance Review on this fine publication, which will certainly have a positive and lasting effect in the entire Middle East and North African area. May it have a successful launch and a wide and appreciative readership.
Munich Re is the world’s second-largest reinsurer.
Chakib Abouzaid
CEO, Takaful Re Limited
It is, indeed, a pleasure to know that the team at Asia Insurance Review has recognised the longstanding need for a trade publication specifically tailored not just for the MENA region, but also for our special industry takaful and retakaful.
For more than a decade, Asia Insurance Review has been a reference source serving the industry with its informative articles, highlighting technical developments and providing refreshing insights. With the launch of the MiddleEast Insurance Review, the insurance and reinsurance fraternity expects to see the same excellence in editorial and reporting standards on industry topics.
The insurance and reinsurance industry in the MENA region have grown and matured over the years. Yet there is a lot more to be done before we are able to realise our full potential. The launch of MiddleEast Insurance Review is a positive sign and recognition of the growing importance of the region and its insurance industry.
The focus on takaful warms our heart in Takaful Re. There has been a constant need for a specialised publication covering the takaful and retakaful industry – its developments, trends and presenting insights and analysis on it problems and opportunities. Personally, I see this new publication fulfilling that need. I am sure that I am not alone when I say that the industry enthusiastically welcomes this launch.
I take this opportunity to congratulate the entire team on the launch of the MiddleEast Insurance Review and wish you all success.
Takaful Re is the Mena region’s first fully Shariah-compliant reinsurer.
A Greig Woodring
President & CEO, Reinsurance Group of America Inc
The launch of a dedicated professional insurance magazine covering the Middle East region is indeed a most welcome development. With their remarkable achievement in Asia over the past 16 years as the leading and most read insurance magazine about the Asian insurance industry, Asia Insurance Review has an excellent record of being newsworthy and providing high-quality technical and strategic information to insurers and reinsurers. Hence, as a global life reinsurer, RGA has no doubt that they will make a great success of MiddleEast Insurance Review and contribute actively to creating a higher profile for the region within the global industry. There is currently a dearth of collated information about the various developments in the Middle East markets. MIR will most certainly fill the gap and go beyond to add to the market’s march towards greater professionalism and higher standards.
Reinsurance Group of America is a global life reinsurer.
Majid Mohamad
President / CEO, Labuan Reinsurance (L) Ltd
I wish to congratulate Asia Insurance Review (AIR) for the launch of the inaugural issue of MiddleEast Insurance Review.
It is, indeed, timely that such a reputable publisher like AIR commits itself to a specialised publication to cater to the Middle East region. The region is poised to be at the forefront of growth in the global insurance market. The Middle East’s potential in developing takaful, takaful-related products and pioneering legislation governing Islamic financial services will add both breadth and depth to the insurance services industry. The size of the market, growing awareness of takaful products and regulatory developments have spurred growth for takaful products.
Labuan Re, in recognising the special needs of the area, opened a Bahrain office in 2001 headed by Mr Faker Rais. The growth in insurance business from this region is tremendous and the future is indeed bright. We have just established a retakaful division in response to the growing needs of our clients for such a service.
It is hoped that AIR will be able to assist in raising the profile of the players in the region, report technical developments within the market and highlight relevant current issues facing the market. Labuan Re is keen to support and co-operate with MiddleEast Insurance Review to invest in the region’s future.
Once again, my best wishes and congratulations on the launch of MiddleEast Insurance Review.
Labuan Reinsurance (L) is a Malaysian-headquartered international reinsurer with business in Asia, the Middle East and Africa.
Victor Peignet
CEO, SCOR Global Property & Casualty
Congratulations on the launch of the MiddleEast Insurance Review (MIR).
The timing of this project is perfect as the Middle East and North Africa (Mena) countries are actively nurturing and developing the insurance industry in their respective markets. The introduction of a medium dedicated to our industry in this region will accompany the impressive momentum of growth in the economies and the needs for insurance and reinsurance that we, at SCOR, closely follow and that encourages our Group to further expand its long-standing commitment to the Mena markets.
With the very successful track record of Asia Insurance Review, confirmed at the recent 23rd East Asian Insurance Congress in Brunei Darussalam, the publishers have gained a worldwide recognition in projecting and enhancing the image and the profile of the insurance industry in Asia.
We are confident of their ability to deploy the same professionalism for the new magazine and to quickly bring it up to serve as a platform for dialogue between the Middle East insurers and the world market, while keeping its readers appraised of the news and the developments within the insurance industry in the region, including on the regulatory and takaful fronts.
SCOR wishes success to the MIR new venture, and look forward to seeing the magazine soon become the voice of the insurance industry from Mena.
Paris-headquartered Scor is among the world’s largest reinsurance groups, ranking fourth in life reinsurance.
Chérif Chentir
Chief Underwriting Officer Middle East and North Africa, Converium Reinsurance (Germany), Cologne
Congratulations on the launch of Middle East Insurance Review. The Middle East and North African region is developing at a fast pace, offering excellent opportunities for the insurance and reinsurance industry. In this environment, the availability and exchange of market and technical knowhow will help to further sharpen the profile of the region’s insurance industry on an international level.
The editors of MiddleEast Insurance Review can benefit from their vast experience in the Asian markets. Transferring this knowhow into the new project is a great challenge. If successful, the chances for the new insurance magazine to be a relevant voice in the Middle East and Northern Africa are very good. This region being a key market for Converium, the company welcomes the new publication and wishes it every success.
Converium is an independent global multi-line reinsurer.
David Trezies
Executive Chairman, UIB
As United Insurance Brokers (UIB) has a long-standing natural affinity with the Middle East and North Africa (Mena) region, it gives me great pleasure to welcome the arrival of MiddleEast Insurance Review. Having used its predecessor, Asia Insurance Review, as a prime source of intelligence and up-to-date news about our industry for many years, I feel certain that MiddleEast Insurance Review will provide us with the same consistently high quality of journalism and information.
The birth of this new professional magazine demonstrates the great confidence, the continued importance and the tangible growth of the region. It is in recognition of such development that UIB has decided to launch a new company – UIB (DIFC) Ltd. This new operation has recently been authorised to trade within the Dubai International Finance Centre (DIFC) and will be one of UIB’s international hub offices. Located within DIFC buildings, UIB (DIFC) will be at the heart of this new important financial and insurance market. This will allow UIB immediate access to all the insurance and reinsurance carriers located in the region and thereby enhance the quality of service offered to our valued clients.
UIB’s philosophy is “innovation through expertise” and, as such, we have been at the forefront of takaful insurance development. As we regard this as an important vehicle for the future growth of the industry, we are continuing our efforts to be a prime supplier of takaful related insurance broking services for the region and beyond.
Operating throughout the whole Mena region, UIB is currently involved with many large capital projects including motorway construction, power plants, airports, refineries and cement manufacturers. We are also very proud to be the lead broker for BP Algeria. It is our expertise and in-depth knowledge that has established UIB as a major broker for the region. Our local knowledge and dedicated personnel combined with our access to the London and other major insurance markets enables us to provide truly customised products and services that meet the region’s requirements.
In conclusion, I would like to pass on both my personal best wishes and that of the whole of the UIB family to the editor and staff of MiddleEast Insurance Review. We wish you a successful launch and continued success for the publication.
UIB is an independent international insurance broker handling all classes of insurance and reinsurance products over all major industries.
Bharat J Boda
Chairman, J.B. Boda Group
I am very happy to learn about the launch of Asia Insurance Review’s sister publication, MiddleEast Insurance Review. Hearty congratulations to you and your team from all your friends in J.B. Boda Group in India, Singapore, Hong Kong and Malaysia.
I can’t imagine that Asia Insurance Review is now 16 years old, and over the period, it has really gained great popularity among the insurance, reinsurance and broking fraternity.
I am also highly impressed with the amount of work you have put in for your new publication till December 2007. I am also very glad that you have also included the North African region in the ambit of your new publication.
I also agree that, on account of the increased oil prices and the petrol dollars being reinvested in massive infrastructure and tourist development projects in the Middle East and North Africa, it is really important that knowledge and information of common interest should be well-circulated and this can only be done by a publication like yours which would cover all technical, insurance and other commercial subjects of interest.
It is really your great vision and foresight which have inspired you to launch yet another interesting and challenging publication.
I wish you and your entire team great success for this new publication which obviously we would be interested to subscribe to and also assure you of the full support and cooperation of J.B. Boda Group as we have done all these years.
Mumbai-headquartered JB Boda Group is India’s oldest and largest reinsurance broker.
Greg Case
President & CEO, Aon Corporation
On behalf of the Aon Corporation, I would like to extend our best wishes on the launch of MiddleEast Insurance Review (MIR). By introducing a sister publication focusing on the information needs of practitioners in the Middle Eastern and North African insurance markets, the editorial management of Asia Insurance Review (AIR) is demonstrating great foresight.
For more than 15 years, AIR has established itself as the leading voice of the insurance industry in Asia, supporting the industry with breaking news, current markets trends and informative special feature articles. A driving force behind the inauguration of many market conferences and events in Asia, AIR has also produced meaningful directories for easy reference. We look forward to the same insightful news coverage as AIR expands into the new and exciting markets of the Middle East and North Africa.
With the insurance industry’s thirst for accurate, timely and informative media coverage and the region’s tremendous future potential, MIR will offer coverage of global developments in the takaful insurance industry, which is becoming an important element of global insurance capacity.
Recognising the growing requirements of the takaful insurance sector and the immense interests shown in this sector by our industry, Aon Corporation has recently obtained a takaful broker’s licence through our Malaysian operation. With this licence, Aon is positioning itself to provide a critical link between the resources and knowhow of the world’s leading insurers and reinsurers and the unique cultural, religious and commercial requirements of the takaful operators and their client base. The launch of MIR will be an excellent tool for Aon as we begin our venture into the takaful sector.
AIR’s activities have contributed materially to raising standards and enhancing professionalism for all insurance industry practioners across Asia and throughout the world. With the addition of MIR, you fill a critical void by providing practitioners with a better understanding and insight into the growing needs of that region.
We now look forward to seeing this publication achieve its goal of becoming the industry journal of choice in the Middle Eastern as well as the North African and takaful markets.
Chicago-headquartered Aon Corporation is a leading global provider of risk management, insurance and reinsurance broking, and specialist underwriting services.
Geoffrey I K Bromley
Chairman of Europe and Asia, Guy Carpenter & Company Inc
The Middle East and Africa are important and growing insurance and reinsurance marketplaces, reflecting the emerging risks that are often associated with budding economies. The effective management of risk is a skill borne of education and knowledge sharing, something Asia Insurance Review (AIR) and Guy Carpenter have in common.
With the launch of MiddleEast Insurance Review (MIR), AIR is helping to support the rapid expansion of our industry in an area of the world that faces unique and complex exposures. By providing insightful editorial to its readership, MIR will be among the tools of the trade that risk managers in the region will use to manage risk and capital more effectively.
Our industry has seen many advances in the past decade or so: advances in technology, modeling, financial solutions, and the role of the advisor/broker. MIR will help expedite the evolution of the industry in the region by presenting “best practices” and “lessons learned” from around the globe. Likewise, the world will learn from the Middle East as articles about the development of takaful and other regional developments are broadcast to a wider audience around the globe.
These are exciting times in the Middle East and Africa. And as the leading reinsurance intermediary, we trust that Guy Carpenter and MIR will both be contributing to the successful growth of our industry in the region. On behalf of Guy Carpenter, welcome and congratulations!
New York-headquartered Guy Carpenter is a leading global reinsurance broking house.
Graham Clarke
Chief Executive, Miller Insurance Services Limited
I am delighted to have this opportunity to congratulate the team at MiddleEast Insurance Review on this its inaugural edition.
With developing insurance requirements and the continued expansion of the takaful sector, the Middle East is generating interest from insurance companies worldwide, and I am confident that MiddleEast Insurance Review will be very well-received.
Miller has worked in the region for many years focusing particularly on the marine and energy industries. In conjunction with local partners, we have a diverse client base with interests in shipping, oil exploration, extraction and refining to power generation and banks involved in financing projects. Over the years, we have handled a number of the largest construction projects in the region.
I hope that this publication will help to promote understanding and communicate the distinctive attributes of this developing region, by providing an insight into its insurance and reinsurance issues, along with its rich cultural and religious heritage.
The fact that Asia Insurance Review has decided to build on its long-established success by launching MiddleEast Insurance Review demonstrates that the Middle East is a region that is growing and flourishing.
Everyone at Miller wishes this publication every success.
Miller Insurance Services is a London-headquartered insurance and reinsurance broker.
Robert J Peilow, FCII
Managing Director, Global Specialties & Middle East, Willis Limited
Congratulations on the launch of MiddleEast Insurance Review!
This comes at a time when the Middle East is experiencing extraordinary financial development with massive infrastructure, industrial and civil construction, and all this against a constantly changing background of political change and, sadly, security concerns.
It is worth reflecting that all these aspects bring with them a whole spectrum of risk and, while insurance is not necessarily a universal panacea, there are many ways in which the insurance profession can work towards providing effective solutions to address risk and to enable society, the individual or the company to “get on with the business of living”.
For those of us who have spent many years working in and with the Middle East, we have seen the emergence of a developing regional insurance industry: insurance brokers, both global and local, working in close collaboration with a professional indigenous insurance market which is growing in strength and confidence.
A salutation from the Far East famously wishes “May you live in interesting times!” These are certainly interesting times for the Middle East and we look forward to MiddleEast Insurance Review as we all work towards what we hope will be a prosperous and stable future in our region.
New York-listed UK insurance broker, Willis, is among the world’s top insurance broking groups.
From A Reader
Atsuhiko Ayabe, AFIIBI (London)
General Manager, Research & Development, Hong Leong Tokio Marine Takaful Berhad
When we at Tokio Marine Saudi Arabia launched our first takaful business in November 2001, we wrote to Asia Insurance Review (AIR) and asked if the esteemed magazine could kindly report on our milestone. At that time, however, the answer was “No”, simply because AIR did not cover Middle East countries. Since then, Tokio Marine Group has been developing takaful business also in Indonesia, Singapore (through retakaful), and recently in Malaysia. We will expand our global takaful network step by step, but faster than anybody else.
Takaful, usually being translated as “Islamic insurance”, “Shariah-compliant insurance” or “Islamic alternatives of insurance”, was, of course, originally invented and has been developed for the convenience of Muslims. Takaful tries to eliminate elements which are against the teachings of Islam, eg interest (or usury), gambling and excessive uncertainty, as much as possible from the contract and thus gives religious comfort to Muslims. However, in reality, not a small number of non-Muslims who are living in Asian counties, particularly in Malaysia, also enjoy the comfort of being participants of takaful schemes. In view of this fact, it can be said that takaful probably draws the attention of the public as a fairer and more transparent financial system than conventional insurance. The latter may often be considered as a “black box” because policyholders usually do not know how insurance companies utilise their premiums and investment returns. In this context, it would be more appropriate for us, as takaful practitioners of a newer generation, to define takaful just as takaful and nothing other than this. Takaful should be widely promoted to all people – both Muslims and non-Muslims – as an effective, fair and transparent measure of risk mitigation.
It is, indeed, my great pleasure to learn that AIR has eventually decided to extend its coverage to the Middle East countries through MiddleEast Insurance Review. Congratulations on your wider coverage! I wish AIR further success by this MIR incorporating global takaful developments.
Mr Ayabe is a long-term supporter of AIR and helped Tokio Marine establish takaful operations in Saudi Arabia.