Dubai World Insurance Congress
Chedid Re names Elie Abi Rached global CEO
Joe Asmar has been named deputy CEO, whilst retaining his role as group head of facultative reinsurance
Gulf Business News: DIFC, Global Ethical Finance Initiative join hands to support COP28 agenda
DIFC and GEFI aim to drive change across the world’s financial industry relating to delivering net zero, unlocking Islamic finance, financing nature and biodiversity, and financing sustainable development goals
DWIC2022: ESG: Rising to the challenge - Middle East potential
Insurers and brokers who undercut the environmental, social, and corporate governance standards (ESG) will face ‘catastrophic’ consequences, a roundtable on the topic heard.
DWIC 2022: View from the top
The insurance industry is failing to react quickly enough to the fast-evolving digital world around it.
DWIC 2022: Pandemic accelerates insurtech growth
The insurtech sector in the MENA region has enjoyed substantial growth over the past two years, in part driven by the global pandemic.
DWIC 2022: Why prevention is better than cure
It is time to take full advantage of the workplace transformation in health and wellbeing
DWIC 2022: Is AI the next ‘silent cyber’?
Re/insurers are blissfully unaware of their growing exposure to AI-related liabilities, warned Simmons & Simmons
DWIC 2022: SIAB offers region a “brilliant vehicle”
Oman Insurance gained approval to launch Syndicate 2880 last year on the Lloyd’s DIFC platform
DWIC 2022: Why takaful needs an overhaul
Inherent issues with the Takaful model continue to hinder the market’s development in the GCC
DWIC 2022: Cyber re/insurers limit exposure to ransomware
Ransomware continues to shape the cyber risk landscape, explained DWIC roundtable panellists
Gallagher launches fac business in the DIFC
Gallagher has taken a majority share of 51% of ACE Re Ltd (DIFC); Its team and clients will trade as Gallagher going forward
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
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
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
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
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
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
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
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
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).
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
Coverage from day one of this year’s Dubai World Insurance Congress
DWIC18 ends on optimistic note
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
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
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
Speaking at Day Two of DWIC18, Scor’s Delayat announced the change of structure
Q&A: Scor's Régis Delayat on implementing change
One of the industry’s biggest advocates for digital changes talks about preparing for the tech revolution
FinTech Hive – the story so far
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
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
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
The Lloyd’s chief commercial officer told DWIC delegates that the ecosystem business model was the way forward
DWIC18 goes live
Expect full event coverage over the next two days
Q&A: Aon Benfield's Eric Andersen on a joined up approach
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
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
Q&A: RemitRadar's Emil Griston on the emerging customer
Griston talks to Global Reinsurance about getting into the psychology of groups of people who avoid using insurance
DWIC: Leave looking backwards in the past, says Matteo Carbone
Leading voice within innovation Matteo Carbone speaks to delegates at DWIC
DWIC: Insights - Andrew Brown-Allan, marketing director Trak Global
When disruptors use their tools to provide solutions
DWIC: Humans make UrbanStat’s automation model work smoother
Tech provider says intuition still valuable in underwriting process
DWIC: Understanding exposures crucial to tackling technology change
Projects such as Hyperloop creating new challenges for insurers, delegates told
DWIC: Insights - Salmaan Jaffery, chief business development officer DIFC
Jaffery speaks to Global Reinsurance about innovation in the Middle East
DWIC: DIFC chief sees risk management as key to reaching $62bn growth trajectory
DIFC Authority chief executive Arif Amiri cites a positive future for the Middle East
DWIC: blockchain should not be heavily regulated - Peter Hacker
Speaking at the inaugural DWIC event, the cyber thought leader shared his opinion on the new technology
DWIC: Plenty to be optimistic about in MENA region - Giles Ward
Chubb’s regional president shares report card on industry in DWIC regional keynote
DWIC: Insurance sector is “sleepwalking” into new world – Lloyd’s Inga Beale, DBE
Rise of new economies and technology are key factors shaping the insurance industry
Dennis Mahoney: (re)insurance revitalised
The RFIB chief executive speaks to Global Reinsurance about his confidence in the industry and its ability to embrace innovation in 2017 and beyond
