MENA reinsurance moving from resilience to opportunity – Lockton Re’s Monayer

The resilience of Gulf economies during this year’s regional tensions is creating new opportunities for insurers and reinsurers across the Middle East and North Africa (MENA), according to Gerard Monayer, CEO for MENA at Lockton Re.

Speaking during RVS 2026 in Monte Carlo, Monayer (pictured) said the Gulf Cooperation Council (GCC) countries had performed more strongly than many investors had initially expected, once geopolitical tensions escalated.

“One of the most encouraging developments has been the resilience of the GCC economies,” Monayer said.

“A lot of investors, whether from the insurance industry or beyond, initially feared much greater disruption, but the GCC economies have demonstrated remarkable resilience.

“The GCC economies were well prepared. Naturally, geopolitical events create uncertainty, but the resilience demonstrated by the region has reinforced confidence among investors and businesses alike,” he continued.

Lockton Re has itself continued to hire and invest in the region and expanded its presence in both Dubai and Saudi Arabia.

“I think we’ve moved from a resilience phase to an opportunity phase. The confidence demonstrated by the region’s economies is creating new opportunities for insurers and reinsurers to support growth, investment and economic development,” said Monayer.

RESILIENT CAPITAL

Reinsurance buying decisions are also changing as a result of the evolving risk environment.

“Now all of this is increasingly linked to capital efficiency, solvency and balance sheet optimisation. They want to make sure their capital positions remain resilient across a range of potential scenarios,” said Monayer.

“There is also significantly more demand for expertise in analytics, capital advisory and balance sheet optimisation, areas where we have continued to invest as a business,” he said.

“From a treaty perspective, we do not see any major shifts on the renewals. Capacity continues to be there, but reinsurers are taking a disciplined approach to the deployment of additional capacity while monitoring developments and managing their portfolios carefully,” Monayer added.

SAUDI OPPORTUNITY

Monayer sees growth opportunities across the region, highlighting continued infrastructure investment and capital inflows into the UAE alongside changing market dynamics in Saudi Arabia.

“Regulators are considering new compulsory insurance products to support the significant investments being made across a range of industries,” he said.

They are motivated by the desire for industry growth to be supported by the right regulatory framework and the appropriate levels of protection.

“The regulators are proactive in that space in the Saudi market. You can expect opportunities to arise from that,” Monayer said.

“What we are seeing across MENA is a more sophisticated conversation around risk, capital and growth. Clients increasingly want analytical insight, strategic advice and access to global expertise in addition to reinsurance capacity,” he continued.

“At Lockton Re, we have continued to invest in those capabilities globally and across the region, including analytics, capital advisory and specialist expertise, because we believe the long-term fundamentals of the MENA market remain exceptionally strong. Our role is to help clients navigate an increasingly complex environment, optimise capital, strengthen resilience and support sustainable growth across the region,” he added.