From Editor-in-chief
Globalising the London market
Fortifying SCOR
Turning DIFC into a force in reinsurance
Kay International: Exploring growth avenues in tough markets
Reinsurance in MENA: Ready for change?
Monte Carlo: Prices to remain stable
How facultative underwriting develops a market
Brokers' Feature: The changing role of brokers in the Middle East
Brokers - A vital link in insurance
Motor Update: More needed to manage distribution and claims in motor
Life Update: Life insurers should adapt to today's consumer paradigm
Eurozone Crisis: A crisis without borders
Asset Management Focus: The future of asset management
Speciality Lines Focus: Forum calls on insurers to explore specialty lines
Marine Update: Safeguarding the security of global trade
Takaful in Europe shows signs of life again
Bienvenue, takaful!
Maldives: Riding on the growth of insurance
Setting risk expectations early
Developments in arbitration - A cause for concern?
Decisiveness in leadership
Ratings on the move
MENA Insurance CEO Club holds 3rd Strategic Seminar
MENA: Political unrest eclipses insurance demand
Mena & GCC: Economic downturn drives demand for liability insurance in EMEA – Marsh
GCC: Financial advisors and investors becoming more risk tolerant
Arab countries need to catch up with global governance standards
FAIR Conference to be held in Beijing next Sep
Bahrain: Takaud to introduce pension products in 4Q
Kuwait: Gulf Insurance gets financing to expand
Lebanon: Orange card scheme sees big drop in premiums
Palestine: Government paying more attention to insurance
TheCityUK extends global financial centre network to Morocco
Oman Re planning to go public within two years
Qatar: QFC Regulatory Authority seeks feedback on rule changes for insurers
UAE: Long waiting time drives patients abroad
UAE: ADNIC implements Pharmacy Benefit Management
UAE: Coface to support SMEs with trade credit insurance
Yemen to approve new health insurance law
Global reinsurers absorb record 2011 losses with lower impact on capital – IAIS
Global Federation of Insurance Associations formed
AIG unveils new logo as part of rebranding
Regulatory support crucial for family takaful growth
KFH-Bahrain provides Islamic financing solutions for SMEs
Egypt: Ridge Islamic Capital reportedly planning to enter takaful space
ING to sell Malaysian takaful unit to AIA
Malaysia: MTA inks MoU with university
Malaysia: Takaful IKHLAS launches incentive campaign for civil servants
Oman: Association seeks more time to review draft takaful law
Philippines: Stock exchange looks to draw Islamic investors
Saudi Arabia: Weqaya Takaful signs health deal with Saudi Electricity Co
Takaful growth prospects diverging in GCC and Southeast Asia – S&P
HSBC withdraws from Islamic retail business in six countries
Diary of Events
People on the move
Buy Now
Although the bulk of Lloyd's present business is generated outside the UK, there is plenty of room to make it a truly global hub, leveraging on its forte as a specialist insurance and reinsurance market. Chairman John Nelson says it does not stop there though, as it wishes to diversify the 325-year-old market's capital base and human mix to make...
Active portfolio management combined with prudent underwriting and capital shield strategies have enabled SCOR to continue to create value from the technical side of its operations despite the crisis, says Mr Victor Peignet, CEO of SCOR Global P&C (SGPC). By Osama Noor
Middle East Insurance Review recently caught up with Mr Derek Fulham, Director, Supervision and Head of Insurance at the Dubai Financial Services Authority (DFSA), to find out more about the strengthening of insurance capabilities within the Dubai International Financial Centre (DIFC). By Ridwan Abbas
Mr David Forrest, CEO of underwriting agency Kay International plc, comments on the upcoming January renewals, the demand for political violence and the effects of CAT losses on MENA insurers in Asia.
The Arab Spring's far-reaching impact on countries in the Middle East has extended to the reinsurance business as well. However, some established patterns are likely to continue, says Mrs Amany Elmahy of Misr Insurance Co.
Sound capital levels and satisfactory results for reinsurers in the first half of 2012 have not eased the stress from the Eurozone crisis, capital markets volatility and sustained low interest rates. However, sentiments indicate that markets have been disciplined so far, and that prices and terms for January 2013 are expected to remain stable. By...
Facultative life underwriting in reinsurance has become a standard line in many of the more developed markets, although it is still relatively new in emerging markets. Mr Oscar Smith of RGA looks at how facultative underwriting has evolved over the years, and the benefits it can offer.
Mr Wael Khatib of Lockton (MENA) Ltd explores the developing role of insurance brokers in the Middle East while factoring in the impact of the global economic problems and the Arab Spring.
Despite the disruptions posed by economic, social and political changes, brokers have continued to support the growth of the insurance industry. Mr Issam Hitti of the Lebanese Insurance Brokers Syndicate highlights brokers' contributions in Lebanon.
Motor insurers in the region should factor in online distribution and manage claims costs efficiently by displaying zero tolerance for fraud to improve the bottom line, said MEIR's 1st Middle East Motor & Claims Conference.
Life insurers need to address the needs and demands of today's customers and enhance their product value, while regulators need to ensure a level playing field said the first-ever Middle East Life & Family Takaful Summit, organised by MEIR in Dubai recently.
Given the interconnectedness of global economies, the Eurozone crisis and the ensuing risk of contagion are already starting to spread to the Middle East. How are insurers, particularly those in the region, affected?
The rising power and interconnectivity of emerging markets, changing customer behaviour and state-directed approaches to economic development will shape the future for asset managers, say Mr Bryan Ingram and Ms Ilse French of PwC.
The untapped potential in specialty lines opens windows of opportunities for MENA insurers to find profitability while serving vital professional and commercial segments, said speakers at the Apex Forum on specialty lines insurance.
Cargo theft accounts for a significant amount of operational claims even in the Middle East, a region that is traditionally considered "safer" than others, according to the TT Club's analysis of risk in the supply chain. Mr Julien Horn of the Club looks at the security issues facing the region's port and transport operators.
Interest in takaful has been revived in Europe upon the news of Swiss Life introducing the first-ever family takaful product in France. We recap Europe's recent experience in Islamic finance.
France has revived the takaful discourse in Europe with the recent launch of a family product. Mr Faizal Ahmad Manjoo of Markfield Institute of Higher Education evaluates the move and the implications for the sector as a whole.
The insurance and takaful sectors have strong potential to develop in Maldives, says Mr Hareez Sulaiman of Amana Takaful Maldives.
Properly defining your risk appetite is crucial for takaful operators to ensure there are enough resources to cater for potential qard (loan) in the case of adverse events says Mr Wan Saifulrizal of Towers Watson.
Ms Susan Dingwall, Ms Ffion Flockhart and Mr Steven Hadwin of Norton Rose LLP look at a recent court case, Jivraj v Hashwani, and the possible implications for insurers and takaful operators subject to policy wordings and other agreements containing arbitration clauses.
We recently caught up with one of the newer members of the MENA Insurance CEO Club (MICC), Oman Insurance Company's CEO Patrick Choffel, and uncover the trail that made this insurance veteran excel in his trade.
With the theme, "From CEO Dashboard to Strategic Implementation," the MENA Insurance CEO Club's (MICC's) 3rd Annual Strategic Seminar in Abu Dhabi in early October zoomed in on key priorities for the CEO in his daily, weekly, monthly and yearly targets to become the best in class.
The global slowdown of financial markets and political instability are threatening to dampen insurance prospects in the region, where most markets are expected to see only single-digit growth this year, a new report from A.M. Best said.
Companies across Europe, the Middle East and Africa (EMEA) are buying higher levels of liability insurance as fears increase over possible claims during the economic downturn, said global broker Marsh in a report.
GCC-based financial advisors and retail investors are becoming increasingly “risk tolerant” and optimistic despite various challenges, including economic volatility, regional regulatory uncertainties and the prevailing geopolitical situation, said research firm Insight Discovery in a new report.
Regulatory quality among 20 Arab countries retreated in 2011, with the average score amounting to -0.30 points, down from -0.24 points in 2010, said the Worldwide Governance Indicators (WGI) prepared jointly by the World Bank and the Brookings Institution.
Participants at a two-day meeting of the Federation of Afro-Asian Insurers and Reinsurers (FAIR) have agreed to hold the 23rd FAIR Conference in Beijing, China on 16-20 September 2013, according to a statement from the Omani Capital Market Authority (CMA).
Takaud Savings and Pensions Co, a member of the KIPCO Group, is planning to offer its first corporate pension plan in the fourth quarter of this year and products for individuals by the first quarter of next year, said media reports.
Gulf Insurance Co (GIC) has signed a contract with Burgan Bank to obtain credit facilities worth US$52.7 million.
Premiums generated under the Orange Card system in Lebanon reached US$947,000 in the first half of 2012, down 38% from $1.53 million in the same period last year, said media reports.
Palestine’s insurance sector has achieved notable growth along the past few years but the structure of insurers’ portfolios remains unsound, said Mr Maher Al Masri, Chairman of the Capital Market Authority (CMA) at the second Palestinian Insurance Forum in Ramallah held in late September.
TheCityUK, an independent body responsible for promoting financial services in the UK and abroad, has added Casablanca, Morocco to its network of international financial centres.
Oman Reinsurance Co is planning to raise OMR10 million (US$30 million) in an initial public offering by 2014 to comply with regulatory requirements, said the Times of Oman citing a senior executive from the company.
The QFC Regulatory Authority has released a consultation paper with proposed rule changes aimed at strengthening the current controls rulebook by promoting compliance with recently revised principles set by the International Association of Insurance Supervisors and the Basel Committee on Banking Supervision.
The lack of medical skills and equipment and long wait for consultation are among the top reasons driving UAE citizens to seek treatment abroad instead of within the country, according to the latest survey conducted by the Dubai Health Authority (DHA) and Dubai Statistics Centre.
Abu Dhabi National Insurance Company (ADNIC), in partnership with MedImpact Arabia, has implemented the Pharmacy Benefit Management (PBM) service.
Coface Emirates Services said it is targeting more local SMEs by supporting their development through trade credit insurance (TCI).
The Ministry of Public Health and Population is completing procedures to launch a new health insurance law in Yemen, said media reports.
The reinsurance sector absorbed record-high losses in 2011 with a smaller impact on equity capital than in 2005, the former record-setting year with respect to Nat CATs, said the International Association of Insurance Supervisors (IAIS) in its first-ever Global Insurance Market Report (GIMAR).
A federation of the world’s insurance associations has been created for the first time, with 31 insurance associations representing 87% of the worldwide insurance business formally establishing the Global Federation of Insurance Associations (GFIA).
American International Group (AIG) has revealed a new corporate logo as part of its rebranding effort. The new logo will be used in a limited capacity until the insurer completes the rebrand of its property & casualty (P&C) and life & retirement segments later this year.
Stakeholders within the family takaful sector need to work more closely with the region’s supervisors to ensure that regulations become an enabling factor in their business, according to speakers at the 1st Middle East Life & Family Takaful Summit held in Dubai in September.
Kuwait Finance House - Bahrain (KFH-Bahrain) has partnered with Tamkeen to offer Islamic financing solutions with a 50% subsidy to support the growth of small and medium enterprises (SMEs) in the Kingdom.
Cairo-based Ridge Islamic Capital plans to enter Egypt’s takaful market, either through purchasing an existing company or applying for a licence, though this will not happen before the beginning of next year, according to a Reuters report.
AIA has agreed to buy ING’s Malaysian insurance and takaful operations for US$1.73 billion in cash, handing the Dutch financial services firm its first deal in a nine-month drive to sell off its Asian assets.
The Malaysian Takaful Association (MTA) and Universiti Sains Islam Malaysia (USIM) have signed a memorandum of understanding (MoU) to promote educational and academic exchange between MTA’s members and USIM’s students.
Takaful IKHLAS has launched an incentive campaign for civil servants opting for the company’s mortgage agreement and householders’ schemes.
The Oman Insurance Association has sought an extension on the timeline given by the Capital Market Authority (CMA) to review the draft takaful law distributed to the industry in mid-September, its Chairman Sayyid Nassir Bin Salim Al Busaidi told Middle East Insurance Review.
The Philippines Stock Exchange is drawing up a list of Shariah-compliant stocks to attract the US$1.2 trillion Islamic finance industry, according to the bourse’s Head of Capital Markets Development in an interview with Bloomberg.
Weqaya Takaful Insurance and Reinsurance Co has entered into a three-year contract with Saudi Electricity Co to provide health insurance services for non-Saudi employees and their dependants
Standard & Poor’s (S&P) has placed doubt on the long-term sustainability of some takaful companies in the GCC, partly due to its penchant for high-risk investment strategies, while maintaining a sanguine outlook on the prospects of firms in Malaysia.
HSBC is ceasing operations of its retail Islamic banking business in the UK, the UAE, Bahrain, Bangladesh and Mauritius, as well as Singapore, where it also offers takaful products. In a statement, the Bank said it would still maintain its wholesale Islamic business in the affected markets, but will only focus on retail customers in Malaysia and...