From Editor-in-Chief

Kuwait Re: Fac's the way

Kuwait Re intends to develop its facultative and excess-of-loss book of business in view of continued softening expected in the market, says General Manager Amir Al Muhanna.

Catlin Re seeks strong partnership in the region

Middle East Insurance Review recently spoke to Catlin Re Switzerland CEO Peter Schmidt about the company's initial moves into the MENA region, where he emphasised that the focus is currently on building up strong relationships. By Ridwan Abbas

Endurance: Looking for a win-win situation

Mr Hans-Joachim Guenther, Chief Underwriting Officer and Head of Reinsurance Europe and Asia/Pacific, Endurance, tells Middle East Insurance Review about the gradual move towards better alignment of interests between cedants and reinsurers. By...

Bancassurance: A bankable channel

Although bancassurance has been consistently in the spotlight, its full potential has yet to be realised. But in the current market conditions with better regulations, banks and insurers will step up the rush for the golden egg.

Bancassurance: "Open sesame" for bancassurance

The huge potential in bancassurance can only be realised by life companies and banks if they manage the distribution effectively and educate people on the benefits of life products, says Mr James Tan of Friends Provident International.

Bancassurance: A bancassurance view on Egypt

The suspension of licences of bancassurance, which in less than 10 years has captured a third of the market, has stalled growth despite regulatory measures to lift the life business, says Mr Mike Newton of Commercial International Life.

Waiting in the wings

With its wealthy economy and a US$122-million development plan, much has been expected from Kuwait's insurance sector. Yet its insurance penetration remains the lowest in the GCC, and regulatory developments are hamstrung by parliamentary gridlock.

Still treading water

Exposure to risky assets, lack of diversification and heavy reliance on reinsurance are among the weaknesses affecting Kuwait's insurers, says Mr Mohammad Junaid Ansari of Capital Standards.

Interview with Regulator: Regulator sets stage for dynamic market

The Insurance Directorate of Kuwait has issued important resolutions over the past two years to organise the insurance industry, even as the new insurance law has yet to be passed. Ms Fawziah Al-Youha, Insurance Controller gives an update on recent...

Reinsurance in MENA - Potential awaits Asian carriers

Capital infusion, closer Asia-Middle East economic ties and diversification strategies are some of the reasons behind Asian reinsurers' growing shares in MENA. Mr Rainer Lehner of Asia Capital Reinsurance Group looks at trends and opportunities...

Commutation - an accelerated runoff for mutual benefit

A commutation allows both the reinsured and reinsurer to exit a contractual relationship and could even provide benefits to both parties. Mr Bernd Horsch of Munich Re unravels the process involved.

Liability: Cyber risk: How safe is your company's data?

With recent regional revelations about a destructive new cyber attack on at least two energy companies and the exposure of a sophisticated cyber espionage scheme aimed at online banking systems in the region, are companies doing enough to address...

ERM - Because it's worth it

Enterprise Risk Management (ERM) provides significant and measurable benefits, realised only if it is properly integrated into business strategy and actively monitored by top management. Mr Eddie McLaughlin of Marsh discusses ERM's vital role and...

Family Takaful: Retirement Products: Is there a unique takaful proposition?

Are takaful operators ready to make a mark on the pensions and retirement front? Are they still finding their bearings? Mr Thomas P Cheriyil of Medgulf Allianz Takaful finds out.

Social Media: Going social, thinking digital

Many insurers have yet to harness the true power of social media by developing the right strategy, said speakers at the 1st MENA Social Media & Mobile Marketing Conference for Insurance, held in Dubai recently with the MICC as the lead sponsor.

Malaysia - Racing Ahead

Malaysia's takaful sector continues to evolve as companies settle in to a new and holistic regulatory environment, setting the market truly apart from its other Islamic finance peers.

Building the industry's knowledge base

From academia to regulator and now as the Vice President of Insurance and Administrative Operations with Egyptian Insurance Holding Company (EIHC), Dr Adel Moneer believes that one needs to build the knowledge base to win. And he is still doing that...

MENA & GCC: GAIF mulls over regional rating body

The General Arab Insurance Federation (GAIF) is mulling over establishing a special body to oversee the rating process and ensure sound rating standards in the region, said Mr Abdul Khaliq R Khalil, Secretary General at the 12th Carthage Rendez-vous...

MENA & GCC: IMF lowers MENA growth forecast to 3.1% on oil output, political change

The International Monetary Fund (IMF) expects the combined GDP of the MENA region to expand 3.1% this year, down from its October growth forecast of 3.6%, due to a decline in oil production growth among exporting countries and ongoing political...

MENA & GCC: EMEA businesses struggling to protect value chains - study

The majority of businesses in Europe, Middle East and Africa (EMEA) have been unable to protect their value chains against unforeseen events, said a study by Oracle.

Earthquakes in China and Iran dominate April CAT losses

Earthquake events dominated April's natural hazard losses, particularly in China and Iran where the estimated economic losses amounted to billions of dollars worth of damage during the month, said the latest Global Catastrophe Recap report from...

MENA takaful operators incur higher administrative costs - survey

Takaful operators incur higher administrative costs when compared to their conventional peers, a survey by i.e. Muhanna & Co of more than 150 MENA insurance companies has shown.

Bahrain Shariah advisor partners with training provider

Bahrain-based Shariah advisor Shariyah Review Bureau (SRB) has teamed up with London-headquartered training and recruitment services provider Simply Sharia Human Capital (SSHC) to offer the internationally recognised, UK-certified Islamic Finance...

Egypt's treasury hails Al-Azhar's nod to Islamic bonds bill

Egypt's Finance Ministry has hailed the consent of Al-Azhar, the country's highest Islamic reference, to the country's sukuk draft law.

ICIEC offers protection against sukuk default

ICIEC - the insurance arm of the Islamic Development Bank (IDB) - has launched a new product to cover sukuk investors against defaults on sukuk issued by any of its 40-member countries.

HSBC to focus on region's infrastructure finance and Islamic capital markets

HSBC Middle East will maintain a strong focus on the Islamic capital market as it seeks to capitalise on infrastructure finance opportunities in the region, said Mr Simon Cooper, CEO of HSBC Middle East.

Sukuk issuance up 21.5% in 1Q

The volume of sukuk issued by the end of the first quarter of 2013 reached US$34.2 billion, increasing 21.5% quarter-on-quarter, according to figures compiled by Kuwait Finance House (KFH) Research.

Core principles at the fore at IAIS seminar

The Insurance Commission (IC) of Jordan hosted the 11th Regional Seminar for Supervisors in MENA on IAIS Insurance Core Principles (ICPs).

Gulf Re turns five

UAE-based Gulf Re celebrated its fifth anniversary in April with more than 150 guests, including its board of directors and as well as former CEO Gail Norstrom; Mr Shafic Ali, Head of Principal Investments for Gulf Investment Corporation; and Mr...

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