A decade of rewarding excellence
The Middle East Insurance Industry Awards (MIIA) turns 10 this year. We at Middle East Insurance Review (MEIR) are truly delighted that these awards have reached such a milestone. It is an honour and pleasure to have hosted these awards, a celebration of excellence, innovation and achievement.
Over the past decade, these awards have become likened to the Oscars of the insurance industry, and have recognised the most outstanding companies, individuals and initiatives that have propelled the Middle East insurance industry to new heights. It is therefore especially exciting this year, not only as a celebration of how the industry has evolved in the past decade, but also of what the insurance industry has conquered over the last 10 years.
The MENA insurance industry has witnessed some of its biggest achievements as well as some of its toughest challenges in the last decade. We have seen many regulatory changes to enhance transparency, improve governance and strengthen solvency standards. In addition, geopolitical issues, emerging risks, market consolidation, a crippling pandemic, fluctuating market conditions and digital transformation have changed the trajectory of the region. With these, the industry has evolved significantly and become more dynamic, innovative and customer centric.
It has shown such great potential, with its young and dynamic population, growing economies, as well as the impressive creation of some of the most sophisticated financial hubs, beating many from around the world.
MEIR is indeed proud to open nominations for the 10th Middle East Insurance Industry Awards 2023. We at MEIR stand with the industry and created these awards as a catalyst to help raise benchmarks of excellence such that stronger, more resilient and customer-centric ecosystems can be created. We look forward to these awards contributing in their own humble way, to the vibrant and prosperous MENA insurance industry.
This year will be a litmus test of the industry’s further evolution. We look forward to seeing what the nominations will bring. And in line with the evolution of the industry, we have decided to create a new category, ‘MGA of the Year’ to showcase the rise of MGAs in the region and how they can be positioned to innovate insurance. This is a new category to watch.
At this juncture, we would like to thank the 18 judges who have continued to serve diligently towards this cause, despite their busy schedules. It is their prestige, integrity, insight and market intelligence, that add weight to these awards. Their contribution, advice and support have made the MIIA trophy the trophy to win.
The strict standards, clearly defined criteria, as well as transparent auditing have made the MIIA trophy the most respected throughout the region. The judges truly go above and beyond with the sheer volume of reading they have to do to ensure a worthy winner is picked.
We would also like to thank our kind sponsors who have helped us sustain these awards. Without them, these awards would not have been possible.
As introduced last year, we will be giving company-specific finalists the chance to pitch their case directly to the judges, via an interview process. This will give the judges a chance to see first-hand the passion, drive and commitment of nominees, adding further strength and transparency to the whole process.
So send in your nominations – make yours count. As we will be expecting a surge of entries, do ensure you follow the criteria closely to prevent disqualification. Judges will be looking out for your write-ups on what you have done during the qualifying period for the industry so ensure you use the opportunity wisely. Both self nominations and third-party nominations carry equal weight. If you feel a company is worthy of being considered, do send in your suggestions as well.
We at MEIR take this opportunity to wish you all the very best. The competition begins now. We hope to see you on stage receiving your trophy in Dubai in November.
Ms Sheela Suppiah
Asia Insurance Review, Middle East Insurance Review
Celebrating the impact and achievements of agents and advisers
Global economic and geopolitical uncertainty have been major themes of the past 12 months and are likely to remain so. Looking back, we launched the 2022 awards amid ongoing concerns relating to the COVID pandemic and shortly before Russia’s invasion of Ukraine. The outbreak of war in Europe was first an urgent humanitarian crisis and second a seismic event for the global economy, given the impact it has had on supply chains, commodity prices and inflation. This has only added to the COVID-related challenges that remain with us.
However, despite the uncertainties, and in particular as a result of China’s reopening, it is possible to be more optimistic about the global economy in 2023. Our industry continues to play a vital role in the global economic recovery as an important source of long-term investment capital, risk management and pioneering products and technologies.
In addition, as consumers have grappled with the real-life implications of these macroeconomic issues, agents and advisers have once again been there to help them ensure they have the right protection for their families and themselves.
I am delighted that it will be possible to recognise the many important achievements of our industry in person in Singapore later this year. Agents and advisers have always been the engine of our industry. They are trusted sources of help and advice to our customers. They provide peace of mind in trying times and employ cutting-edge digital products and services to provide the right coverage to meet customers’ needs. They continue to strengthen communities, help to close the protection gap and enable our industry to grow.
I would like to offer my sincere thanks to Asia Insurance Review and Asia Advisers Network for helping us to recognise the many important achievements of our colleagues.
HSBC Holdings plc