In September 2006, the first issue of Middle East Insurance Review (MEIR) was launched, becoming the voice of the insurance sector in the Arab world and an intellectual platform for insurance professionals at every level.
For the past 20 years, the magazine has covered the region’s insurance markets and tirelessly endeavoured to enrich the industry with distinguished editorial content that addresses the sector’s challenges and explores its prospects.
On this occasion, we again recognise our Founding Editor Sivam Subramaniam, who generously invested his time and effort to make MEIR a reference magazine for Arab markets and a window through which the world can learn about the region’s insurance industry. Over the past two decades, MEIR has witnessed the region’s ups and downs and has been a steadfast partner to the industry through every challenge and opportunity.
On the market front, the geopolitical crisis in the Gulf continues to cast its shadow on financial and economic activity across the region. The first-half performance of many insurance markets in MENA indicates acceptable returns, reflecting the resilience of insurers and their ability to adapt to the consequences of the crisis.
Nevertheless, challenges remain. Moody’s has revised its outlook for the credit fundamentals of sovereigns in the MENA region from ‘Stable’ to ‘Negative’. According to the rating agency, the escalation of long-standing geopolitical tensions in the Middle East into open military conflict is materially weakening regional credit conditions through disruptions to trade flows and the impact of heightened security risks on sentiment-sensitive sectors.
At the same time, several Arab markets are taking steps to address the crisis and develop broader, more immediate solutions. For instance, discussions are reportedly underway in Saudi Arabia to establish a marine war risk pool to handle war-related risks.
Such initiatives reflect a broader shift in the region’s approach to risk management, with markets increasingly seeking home-grown solutions and strengthening their resilience by building their own capabilities rather than relying solely on external support.
Our September issue focuses on specialty businesses and reinsurance markets, including shifts in capacity, underwriting, and emerging models. As the fourth quarter sets the tone for major reinsurance renewals, increasing attention is being directed toward the reinsurance markets and the outlook for the months ahead.
As we celebrate MEIR’s 20th anniversary, we extend our heartfelt thanks to our readers, contributors, and supporters who have accompanied us on this remarkable journey. Over the years, we have launched several initiatives that have contributed to the industry. We look forward to continuing this journey with your support in the years ahead and remain deeply grateful for your trust and encouragement. M
Osama Noor
Editor
Chief Representative
Middle East Insurance Review