MEA Risk and Insurance Forum in Dubai discusses hot topics

Middle East

The changing future of global regulation in the MEA region was the topic of discussion for a regulatory panel debate at the MEA Risk and Insurance Forum.

The debate was chaired by Clyde & Co partner Wayne Jones at a forum organised by Global Reinsurance and StrategicRISK in Dubai.

The panellists were:

  • DIFC Insurance Authority chief executive Dr. Bassel Hindawi
  • Clyde & Co insurance and reinsurance senior associate Saud Alsaab
  • UAE Insurance Authority legal advisor Nael Hussni Abu Farha
  • AM Best general manager, market development, MENA, South and central Asia Vasilis Katsipis

Some of the key findings of the event were:

  • The MEA region’s (re)insurance markets would benefit from careful introduction of new regulations that are properly enforced and should not rush to adopt new rules, according to Katsipis. He said: ”I think the regulation we have now is something pragmatic and a good step for the industry.”
  • The GCC region needs quicker harmonisation of (re)insurance regulations, according to Dr. Hindawi
  • Saudi Arabia’s new insurance dispute courts are a positive step forward for the country, said SAUD
  • The new DIFC Insurance Authority is keen to work with the DFSA on its revision of the Insurance Rulebook, to work with the regulator to help streamline regulatory requirements and to discuss how to publish more market data
  • The UAE Insurance Authority is keen to promote more joined-up thinking on regulation across the emirates, according to Abu Farha.

A longer version of this panel debate will be part of the complete write-up of the event published in the next print edition of Global Reinsurance.