Source: Middle East Insurance Review | Aug 2020
Although dealing with the pandemic and the whole COVID-19 crisis, this special supplement in August became a labour of love for the team.
More importantly, it became a beacon of hope as the response from the leaders in the market showed that everyone was really trying to do something to cope with the challenges of the day in the best way possible as envisioned by them.
It was most gratifying to see that the leaders were addressing the future and were sensitive to the problems of the day. They were not defeatists and just moaning or sighing waiting for the cloud to pass. They are actively involved in getting ready for the future – a vision of emerging from the pandemic.
This is what the August supplement with contributions from an outstanding 41 leaders on the ground is all about. We approached CEOs in the MENA region to collate their views so that collectively we could shine a ray of light for the industry to be sustainable even if the pandemic lasts longer than expected. As different markets are experiencing various waves – a second or a third or even a fourth, and the rush for the vaccine is showing some positive signs even on the biomedical research front, the most optimistic vote seems to be that the new normal is never going to be like before. The pandemic has wreaked so much havoc across societies, markets and businesses that no one can predict what the new normal will be or even when it will emerge.
Hence, this supplement is really aimed at showing that we are all in the same boat, trying to reap the wisdom of shared experiences, and looking for the right recommendations to follow. We even sought inspiring stories and words of wisdom from the leaders in the market, stressing the need for collective insight and action. Face-to-face meetings are rare and social distancing is the norm with many markets making face masks compulsory. The numbers are staggering. As of 1 August, there were 18.2m infected with 693,800 deaths.
Can the insurance industry survive? What should be the top of the agenda and on the dashboard of insurance CEOs? Does the past have a place in the future? What is the good news for insurers in the pandemic? Will insurance need an overhaul? Some even shared their dynamism and energy to rise above the adversity to be sustainable even as the worst is yet to be. Is it about going back to basics to be technical yet resilient, or do we need a new bout of innovation (InsurTech) and compassion. And do leaders really make the difference?
You decide. Happy reading and as always stay safe and spread the consciousness of the new reality as it could be a long haul. Que sera sera!
My very best to all of you for August as we prepare for more change.
Middle East Insurance Review