Dubai World Insurance Congress

Middle East oil giant backs Ardonagh in multibillion valuation

Middle East oil giant Abu Dhabi Investment Authority (ADIA) has backed Ardonagh with fresh investment, giving the firm an enterprise value of $7.5bn (£5.6bn)

Kay International AMEA expands its operations to US to serve Latin America & Caribbean region

Kay International AMEA LLC has initiated business activities from its new office in Miami, Florida, after receiving its regulatory approval from the Florida Department of Financial Services to operate as a Reinsurance Underwriting Agency and Reinsurance Intermediary.

Aon launches Saudi reinsurance arm

Aon has established a new reinsurance broking division in Saudi Arabia after securing a licence from the country’s central bank.

DIFC Insurance community expands with Gen Re establishing Middle East presence in the centre

Second insurer owned by Berkshire Hathaway Inc. to expand its presence in the region; strengthens DIFC’s position as a centre of excellence for insurance and reinsurance locally and globally

QIC Group nine-month net profit jumps 491% to QR511m

By MENAFN

Qatar Insurance Company (QIC), has reported a net profit of QR511m for the first nine months of this year witnessing a 491 percent rise compared to the same period in 2020.

Leaders from World Alliance of International Financial Centers convene in Dubai for the first time at DIFC

Arif Amiri, CEO of DIFC Authority, commented: “DIFC is delighted to be hosting the World Alliance of International Financial Centers’ Annual General Meeting. It is the first time leaders from financial centers across the globe have chosen to convene in Dubai.

Oman Insurance Company receives “in principle” approval for first Lloyd’s SIAB in the GCC

Andrew Woodward, regional head of Lloyd’s Dubai said: “We have enjoyed working closely with the OIC team to deliver this exceptional result and we are proud to have the first SIAB in this region.”

Willis Re launches flood model for MENA region

Currently, the model covers Morocco, the United Arab Emirates, and the Kingdom of Saudi Arabia, with further releases for Oman, Qatar, and Egypt in the third and fourth quarters of 2021.

UAE: Lloyd’s broker expands office

By Middle East Insurance Review

Tysers, a Lloyd’s broker, is expanding its presence in Dubai to meet the growing demand for insurance expertise in the Middle East.

Axa sells insurance operations in Gulf region

Insurer Axa has today (7 September 2021) confirmed that it has completed the sale of its 50% shareholding in Axa Gulf and its 34% shareholding in Saudi Arabia-based Axa Cooperative Insurance Company to insurance firm Gulf Insurance Group, situated in Kuwait.

Bahrain Kuwait Insurance achieves 19.4% gross premium revenue growth

BKIC’s chief executive Dr Abdulla Sultan said: “The company’s consolidated results at the end of the first half of this year were encouraging even compared to the performance in the first half of last year. The company continues to become even more conservative in its provisioning, preparing for the evolution ...

Saudi Re posts 89% growth in H1-21 profits

Earnings per share increased to SAR 0.33 in the first half (H1) of 2021 from SAR 0.14 in H1-20, according to a bourse disclosure on Monday.

AM Best downgrades credit ratings of Arab Reinsurance Company SAL

By AM Best

In AM Best’s view, economic, political and financial system risk in Lebanon, which was already elevated, has continued to rise following the devastating explosion in the port of Beirut on Aug. 4, 2020, and the subsequent resignation of the government.

Flooding spurs new calls for National Disaster Fund & Insurance Pool in Oman

By Oman Observer

Losses: ‘The national economy continues to bleed every time we are impacted by a natural disaster’

Rokstone receives cover holder licence to underwrite in Africa

Rokstone, the international speciality (re)insurance MGA, part of Aventum Group, has announced it has secured an Insurance Agent Licence from the Financial Services Commission in Mauritius (FSC) and is now fully authorised to underwrite business directly in Africa from its office in Mauritius.

Chinese state-backed Sinosure opens regional office in Dubai

It has become the first Chinese insurer to operate in the Dubai International Financial Centre

Alexander Forbes open for deals after insurance sale to Sanlam

The South African retirement and investment adviser is boosting its surplus capital and selling its risk and retail business operations - which had insurance premium income of R1 billion at the end of March - to Sanlam.

Best’s Market Segment Report: Hardening market and regulatory developments in the GCC drive interest in Captive Insurers

By AM Best

A wider gamut of companies is now investigating self-insurance solutions in response to hardening rates in the international commercial insurance and reinsurance markets. Additionally, companies in the region are becoming increasingly sophisticated in their risk management.

Saudi insurance sector eyes more mergers and acquisitions

Analysts said the Saudi insurance market is set to witness consolidation with mergers and acquisitions (M&A) gaining pace during 2021.

Africa Specialty Risks Continues Growth With Launch Of Parametric Underwriting Division

Africa Specialty Risks (“ASR”) is pleased to announce the launch of its parametric division, alongside the appointment of Dr Raveem Ismail as Head of Parametric Underwriting and Ian Bishop as Parametric Product Manager.

Trust Re Appoints Yassir Albaharna as Chief Executive Officer

With a renowned international profile and wide marketing network, Mr. Albaharna has more than 34 years of in-depth experience in the reinsurance industry.

QIC Group net profit jumps 210% to QR205mn in Q1

Mena region’s leading insurer Qatar Insurance Company (QIC) reported robust results with a net profit of QR205mn for the first quarter of 2021 compared to a loss of QR186mn in Q1, 2020.

Dubai’s DIFC records best performance in 2020, with fintech presence doubling

The Dubai International Financial Centre has just turned its best annual performance ever, with a 20 per cent increase in the number of licensed firms to total 2,919 companies.

Special Report: Riding the Cycle

This special report, in partnership with the Dubai International Financial Centre, includes the highlights a roundtable debate hosted virtually by Global Reinsurance in October 2020 and the results of research conducted during September 2020.

AM Best places credit ratings of GIG under review with developing implications

The under review with developing implications status reflects AM Best’s uncertainty over the group’s post-acquisition risk-adjusted capitalisation, leverage and liquidity.

Global Reinsurance Annual Edition 2020

The 2020 renewal season has been a sombre affair on many fronts, not least because it has involved virtual negotiations in this new normal

QIC Group appoints new CEO for Oman Qatar Insurance Company to drive forward strategic developments

This step comes in line with QIC Group’s consistent strategic approach that aims to focus on identifying local talent and empowering them to spearhead key developments within the QIC Group

Q&A: New Lloyd’s Middle East CEO Andrew Woodward

By Matt Scott

Global Reinsurance spoke to Andrew Woodward to find out his ambitions for Lloyd’s in the Middle East, and how it can help the region’s insurance market thrive

DWIC 2020: Post Event Report

Full coverage of the DWIC2020 Satellite Sessions

DWIC 2020: How disruption is shaping the future of insurance innovation

The Dubai International Financial Centre is a hotbed for financial innovation, but what does the future hold for insurtech and the disruptors looking to shape the market?

DWIC 2020: Using digital to engage with the customer of the future

Change is inevitable when it comes to the need for insurance to digitise, but how do you know where to start?

DWIC 2020: Reinvigorating Takaful by getting back to its roots

The first panel session of Day Two of the Dubai World Insurance Congress 2020 tackled the question: why don’t more customers choose Takaful?

DWIC 2020: Building a sustainable and affordable healthcare market for MENA

With increases in medical costs easily outstripping inflation, what can be done to manage costs, increase affordability for all and build sustainable profits?

DWIC 2020: Is MENA in the midst of a climate emergency?

From water shortages to cyclones, climate change is having a big impact on the MENA region

In Pictures: Dubai World Insurance Congress 2020

With close to 600 delegates coming from across the MENA region and beyond, networking has been high on the to-do list, supported by a varied agenda driving debate on some of the hottest topics facing the industry

DWIC 2020: Is Africa the new frontier for insurance?

With a rapidly expanding population and some of the fastest growing economies in the world, Africa could be a rich seam for insurers who make the right move

DWIC Honours: The CEO’s CEO Award

This award is voted for by CEOs. We ask them to choose their ‘first among equals’, to select the CEO whom they most admire in the region

DWIC 2020: Cyber needs a fresh approach to open up new markets

The opening panel session of DWIC 2020 was asked to answer the question of when businesses in the MENA region will start buying cyber insurance, and the answer may surprise you

DWIC 2020: Meeting the Needs of the Global Insurance Consumer in 2025

Consumer Intelligence chief executive Ian Hughes opens DWIC 2020 with a look at the consumer of the future, and what is driving change in the insurance industry over the next five years

How Bahrain got overtaken in the Middle East reinsurance market

Increasingly antiquated rules and a lack of innovation have lost Bahrain its early mover advantage in Middle East re/insurance, according to a report published this week by ratings firm AM Best

The InsureTech Revolution: a roundtable debate hosted by GR and Charles Taylor InsureTech

By Sponsored by Charles Taylor InsureTech

Insurance technology efforts should be about customer-driven outcomes, not just technology-driven solutions. GR and Charles Taylor InsureTech hosted a roundtable debate in Dubai to discuss how insurance firms can do better.

DWIC Report 2019: Where MENA markets meet

This year’s DWIC event featured a number of themes, including the need for product innovation, the rise of insurtech, pricing competition in health and motor markets, steps towards insurance penetration, progress for Takaful products, Dubai’s continued importance as the Middle East regional re/insurance hub, and reinsurers under continued pressure

DWIC interview: Andy Rogers, co-CEO, Amdaris

David Benyon, editor, Global Reinsurance speaks with Andy Rogers, co-CEO of Amdaris and Adrian Sutherland, CTO, Jumar about how technology is transforming (re)insurance.

Innovation in Middle East markets – a little less conversation, a little more action

Insurers in Middle East markets talk about launching new products, but not enough innovation follows, JLT Re’s Russell Walters told GR

Takaful faces market awareness challenge: Even some people who work in it don’t know what it does

By David Benyon, Scott McGee

The Takaful and Re/Takaful sector has an image problem and general lack of awareness about what it can do, according to speakers at DWIC 2019

Seize opportunities coming to the UAE soon

Panellists on the final MENA session from day one of DWIC 2019 talked about new product opportunities the region could see soon.

Healthcare tourism could be a strained market's saving grace

The health insurance market is struggling to keep up with demand, but a new trend has emerged, says Axa Global Healthcare’s Laurent Pochat-Cottilloux

African markets waiting for a catalyst

Africa shows great growth potential, but it needs a push from insurers willing to take a chance

Insurance wrappers for government bonds - Willis Re's Vickers on market opportunities

Fiscal pressure on governments could be one of re/insurance’s biggest opportunities, Willis Re International chairman James Vickers told DWIC 19 in Dubai

Weak market leaves reinsurers under pressure

“Soft-hard” pricing after recent renewals leaves reinsurers under pressure, DWIC 2019 heard from a roundtable debate on the state of the market

DWIC 2019: Day 2 live and free

Catch up with all the news from the Dubai World Insurance Congress 2019

Reinsurers shifting focus from cat business – Axa XL’s Watson

Disruption to core catastrophe business is leading to a significant change in the global reinsurance market as reinsurers place greater emphasis on margin expansion in other lines of business, David Watson, chief executive international reinsurance at Axa XL told delegates at this year’s Dubai World Insurance Congress (DWIC).

Where MENA fits into Chinese investment plans

Construction will bounce back - Scor

Hedi Hachicha, Scor’s chief underwriting officer for property and casualty treaty business in the Middle East and Africa (MENA) talks new risks, construction demand, and effective regulation

Signs of life in UAE energy construction market

After three years in relative hibernation, several energy construction projects loom for the UAE

DWIC 2019: Day 1 live and free to read

Click through here to read the first day of GR’s coverage of the Dubai World Insurance Congress 2019

Saudi, UAE health market overcrowded, dropouts expected – Fitch Ratings

Fitch says the compulsory health insurance market is overcrowded and predicts the pressures on profitability will force out weaker players

Health warnings amid profits for UAE insurers

2018 marked a second consecutive year of bumper profits for the UAE’s insurance market, according to an AM Best report

Demand hugely untapped – Willis Re’s Vickers

The insurance sector has a lot to do if it wants to close the protection gap in Middle East markets, according to James Vickers, chairman of Willis Re International

Big challenges face Middle East reinsurance market – Chedid Re

Compulsory lines are the only ones growing in the Middle East, causing commoditisation of products

Aon highlights 8 cyber risk areas

Game-changing business opportunities are created, as well as risks, as companies continue to use technology to speed up information transfer, according to re/insurance broker Aon

Middle Eastern insurers are well capitalised despite the region’s problems – report

Suppressed oil prices and government budget cuts have led to fewer insured risks, but GCC insurers are well capitalised, according to AM Best

DWIC18 - Aon Benfield’s Andersen predicts ‘hodgepodge’ future for value chain

By Newsdesk

Coverage from day one of this year’s Dubai World Insurance Congress

DWIC18 ends on optimistic note

By Newsdesk

The two-day event, co-hosted by the Dubai International Financial Centre (DIFC), saw a global delegate contingent of nearly 600 network and gain insight

DWIC18 - Insurers must cut down AI strategies to less than 12-months to avoid implementation failure

By Newsdesk

Failures created by long-term strategies represent a point of no return, warns DataRobot’s Satadru Sengupta

DWIC18 - Rise in UAE cybercrime and regulatory scrutiny will drive increase in insurance demand

But policyholders will need to watch out for wordings

DWIC18 - NASA on managing space-age risks from the coalface

By Newsdesk

The federal agency’s aerospace engineer Jeevan Perera provides a risk-focused perspective at this year’s DWIC

DWIC18 - B3i company to launch next week, Régis Delayat

By Newsdesk

Speaking at Day Two of DWIC18, Scor’s Delayat announced the change of structure

Q&A: Scor's Régis Delayat on implementing change

By Samera Owusu Tutu

One of the industry’s biggest advocates for digital changes talks about preparing for the tech revolution

FinTech Hive – the story so far

By Samera Owusu Tutu

With the first panel of DWIC18 day two focussing on the DIFC’s Fintech Hive, we take a look at what has been achieved

DWIC18 - New data and processing power make way for “renaissance” in AI

By Newsdesk

A breakdown of the key talking points from the DWIC 2018 AI panel on day one

DWIC18 - New Innovation Lab will help Lloyd's deliver change', Cameron Murray

By Newsdesk

Speaking with Global Reinsurance group publisher, Lloyd’s head of Middle East & Africa outlines the launch of a new Lloyd’s innovation lab

DWIC18 - Insurers must evolve or die, Vincent Vandendael

By Newsdesk

The Lloyd’s chief commercial officer told DWIC delegates that the ecosystem business model was the way forward

DWIC18 goes live

By Newsdesk

Expect full event coverage over the next two days

Q&A: Aon Benfield's Eric Andersen on a joined up approach

By Samera Owusu Tutu

Ahead of his DWIC 2018 ‘Global View’ keynote, the Aon Benfield chief executive speaks to Global Reinsurance about seizing opportunities in the market

Buzz round: Dubai World Insurance Congress 2018 speaker Arif Amiri

By Newsdesk

The DIFC Authority chief executive officer, speaker at this year’s Dubai World Insurance Congress (DWIC) 2018 event, talks innovation and insurtech in the MENA region