Saudi Re highlights impact of local market reinsurance premium cession
The Saudi regulator’s regime for local market reinsurance premium cession takes effect from 1 January 2025, affecting at least 30% of all reinsurance treaties and facultative risks, Saudi Re noted in remarks published on the country’s stock exchange website.
Saudi Vision 2030 & GHE 2024: where the tech revolution and health re/insurance meet
Editor of GR, David Benyon, reflects on health technology trends for re/insuring the sector, from a recent trip to Saudi Arabia, attending GHE 2024.
EXPANDING HORIZONS: RVS Global Executive Breakfast Roundtable 2024
As its role as a leading reinsurance market hub continues to evolve, what’s next for the DIFC? And what can the experiences of other reinsurance hubs around the globe teach us? Our breakfast discussion at Monte Carlo’s Rendez-Vous de Septembre 2024 sought to find out.
Saudi Re appoints Ahmed Al-Jabr as new CEO
The reinsurer’s new CEO was previously leading Saudi Re in an acting capacity; in the first half of 2024 Saudi Re grew its book by 19% to SAR 1.4bn gross premium.
Positive pricing dynamics benefit MENA and SSA reinsurers – AM Best
Two reports from rating agency AM Best give an upbeat summary of the market environment for reinsurers in the regions of Middle East and North Africa (MENA), and Sub-Saharan Africa (SSA).
DWIC Roundtable: The explosion of PV
Demand for political violence (PV) protection has risen across MENA markets, driven by geopolitical volatility, as well as growing client awareness about this nascent product. A roundtable on day two took a deep dive into an evolving market.
DWIC Roundtable: MGAs as catalysts for change
DWIC’s day one roundtable discussed how MGAs are reshaping the traditional distribution model and driving efficiency in underwriting and product development.
Chedid Capital appoints ex Sompo Canopius CEO Davies as non-exec to Milestone board
The Middle Eastern re/insurance broker said it was ramping up its global governance efforts with the appointment of Stuart Davies, who previously served as group CEO of Sompo Canopius.
GIG appoints new board led by Fairfax’s Khosrowshahi as chairman
Fairfax Financial is majority shareholder of Kuwait-based Middle East insurer Gulf Insurance Group.
Chedid Re adds Vandendael as non-exec to board
The Middle Eastern reinsurance broker has appointed the former chief commercial officer of Lloyd’s as an independent non-executive director of Chedid Re Global Operations’ board.
DWIC 2024 post event report: From Uncertainty to Opportunity
An event report on this year’s record-breaking Dubai World Insurance Congress, in association with the Dubai International Financial Centre Authority.
‘Lessons to be learned’ from Dubai April rainfall – IGI’s Labat
The heavy rain that hit Dubai in April 2024 were a major talking point in one-to-one meetings at this year’s DWIC.
What next after Dubai’s 'unprecedented' heavy rains? - Chedid Re interview
On 16 April, Dubai was affected by sudden, heavy rains that caused significant damages. Elsewhere, in Al-Ain, just over sixty miles from Dubai, nearly three times the usual annual rainfall was experienced in a single day.
Fidelis Partnership to open Abu Dhabi office
Matthew Warren joins from broker Oneglobal to lead the office as executive chairman of Fidelis MEASA.
AM Best keeps ‘stable’ outlook on Gulf insurance markets
The insurance markets of the Gulf countries are broadly stable, the rating agency said in a segment report, but reinsurance was flagged as a vulnerability for local carriers.
DWIC 2024: Insurers need to focus on risk management and mitigation - Lloyd's' Mackinnon
The world is in a “manageable plateau of chaos”, says Chris Mackinnon, deputy regional director, Asia Pacific, Middle East & Africa, Lloyd’s, but insurers and reinsurers must adapt to help businesses survive.
DWIC 2024: Insurers should be more consistent – QBE’s Horton
Insurance is more important than ever to help businesses manage escalating risks, Andrew Horton, group CEO of QBE, told DWIC 2024. However, to do this successfully, he argued that insurance companies should prioritise one of its key strengths: consistency.
DWIC 2024: ‘Climate crisis on everyone’s agenda’ – Lloyd’s deputy chair Vicky Carter
As temperatures across the globe continue to rise, the re/insurance industry must play a vital role in helping the green transition, says Vicky Carter, deputy chair of Lloyd’s and chairman, global capital solutions, international, Guy Carpenter.
DWIC 2024: A record-breaking year for the DIFC
The Dubai International Financial Centre (DIFC) saw gross written premiums reach almost $2.6bn, says Alya Al Zarouni, chief operating officer at the DIFC Authority, opening keynote for DWIC 2024, which got underway in Dubai today.
Hannover ReTakaful: ‘We are fully committed to the MENA region’
Olaf Brock, managing director and CEO of Hannover Re’s Bahrain branch and Hannover ReTakaful, provided GR with a pre-DWIC Q&A.
The new PV reinsurance market hub in Dubai
There are at least ten active carriers or MGAs of political violence re/insurance operating from the Dubai International Financial Centre, one senior Dubai-based underwriter says.
Dubai floods add to claims, reinsurance costs for local insurers – Moody’s
April storms mean claims and increased reinsurance costs for GCC insurers, according to a rating agency report.
Chedid Capital buys remaining 20% stake in Groupe Ascoma
The Middle Eastern re/insurance broker moves to further cement its position in Africa’s insurance market.
Gabriel using AI to prevent and respond to mass shootings
Artificial intelligence (AI) can be used for many things, but is responding to and preventing mass shootings its next frontier?
Howden launches Red Sea cargo war risk facility
First of its kind insurance facility within an active conflict zone to protect ships and strengthen global supply chains.
Canopius appoints CEO for APAC and MENA
Specialty re/insurer Canopius has announced the appointment of Soon Keen Lee as CEO of Asia-Pacific and Middle East & North Africa, subject to regulatory approval.
Saudi the ‘main driver’ for Dubai business – IGI’s Labat
IGI’s Dubai hub prioritises facultative business, because treaty reinsurance competition is fierce in the Middle East and sees a construction boom in Saudi Arabia as its biggest pipeline for growth.
Middle East retention levels rising – Chedid Re’s Abi Rached
Local insurers have “more skin in the game” due to the hard market for reinsurance.
Oman Re gains Retakaful licence
Oman’s Capital Market Authority grants a licence for Oman Re to underwrite Retakaful, providing Islamic compliant reinsurance solutions for Takaful business.
Trust Re seeks return to rating as rebuild continues – Albaharna GAIF34 interview
Chief executive of Trust Re explains the reinsurer plans to restore it’s former rated A-rated status, putting an end to temporary fronting arrangements while its shareholding issue is resolved.
BLOG: GAIF OMAN 2024
Daily news updates from GAIF OMAN 2024
Driving behaviours to increase climate risk resilience – SCOR at GAIF34
Reinsurance rates are being driven by increased claims and exposures, but the insurance industry has the data in its power to incentivise construction practices that will in turn reduce insureds’ exposure to climate change, and the prices paid for protection.
Temperatures are rising and MENA’s protection gap leads the world – Swiss Re at GAIF34
2023 saw major earthquakes in Turkey and Morocco, severe thunderstorms and flooding in Saudi Arabia and the UAE, hailstorms in Jordan, a tropical cyclone in Oman, and a major flood in Libya.
Construction boom to lead expected growth for Gallagher’s Dubai practice
Onshore and offshore construction, M&A and financial lines are the top priorities for the reinsurance broker’s Middle East hub, Nadim Semaan told GR at GAIF34.
Abouzaid welcomes delegates to GAIF34 in Muscat
Secretary general of the General Arab Insurance Federation, kicked off the GAIF34 conference, which is back in Oman for the first time since 2002.
Getting ready for GAIF in Oman and developing regional insurance talent
This year, the GAIF conference returns to Oman for the first time in more than two decades. Two of the country’s leading insurance figures sat down to talk with Global Reinsurance before the event begins in Muscat.
Interview with GAIF’s Chakib Abouzaid: Is the Gulf region an awakening insurance giant?
It’s one thing to lead an insurance federation during a period of small, incremental change. But the role is different when the regional industry is undergoing a broad and deepening transformation.
Rising political risk for emerging market manufacturing hubs - Verisk Maplecroft
Heightened political risks are overshadowing a ‘friendshoring’ shift, according to report data from Verisk Maplecroft.
Optio expands MENA operation with senior Dubai appointment
New hire joins from Ardonagh Specialty as managing director of broking and general lines for Optio Re MENA in Dubai.
MS Amlin launches financial lines for Middle East
Lloyd’s market re/insurer announces new business class for MENA region amid growth in M&A and IPO activity.
Gulf Insurance Group says “business as usual” after shareholder change
Fairfax completes acquisition of KIPCO’s stake in the Middle East and North African insurer, giving it 90% ownership of the Kuwait City-based insurer.
Expanding DIFC promoted as MGA hub for Middle East, Africa and South Asia access
MGAs represent 43% of DIFC’s insurance constituents, as of September, contributing $2.1bn of gross written premium.
Chedid Re named reinsurance broker of the year by MEIR
Chedid Re was recognised as “Reinsurance Broker of the Year” at the Middle East Insurance Industry Awards 2023 held on November 16.
DIFC on track for 20% re/insurance client growth
Gross written premiums in the first half of 2023 increased up 18% on the year before, reaching $1.2bn, with DIFC’s re/insurance client growth led by new MGA licences.
AM Best publishes reports on MENA and Sub-Saharan African reinsurers
The rating agency reports that reinsurers across MENA and Sub-Saharan Africa report topline growth, despite persistent or heightened economic challenges.
DWIC 2023: Caught out by the hard market
A DWIC roundtable on underwriting discussed the impact of hardening reinsurance rates and new technology
DWIC 2023: Health insurance space fit and well
COVID-driven awareness, population shifts and technological enhancements keeping health insurance market optimistic
DWIC 2023: Spotlight on skills and talent
On the back of the DIFC’s Talent Week, a panel of experts discussed the skills gap and how to close it
DWIC 2023: Takaful must rebrand itself as the ethical choice for all
Collaboration between takaful providers is essential if the niche industry is to achieve its potential
DWIC 2023: Insurers are 'on the frontline' in the climate crisis
The insurance industry must “drive the pathway to net zero”, explained Dame Susan Rice in a fireside chat
DWIC 2023: ‘Force’ needed to spark industry climate action
As the consequences of climate change endure, further industry regulations will be required to halt its effects
DIFC’s Alya Al Zarouni opens Dubai World Insurance Congress 2023
This year’s Congress is the largest event of its kind in the region, welcoming over 1,100 insurance leaders to the UAE
‘Be part of climate conversation,’ DWIC 2023 delegates urged
With COP28 heading to the city in November, this year’s DWIC opened with a rallying cry for the industry to focus on the climate
DWIC 2023: Plenty of cause for industry optimism
Despite choppy environmental, economic and geopolitical conditions, there are green shoots of opportunities for the industry
DWIC 2023: Time for emerging markets to shine
A dearth of cheap and plentiful reinsurance capacity could force emerging insurance markets to mature more rapidly
GCC markets retain stable outlook amid challenging headwinds
The rising cost of reinsurance, competitive pressures and growing impact of nat cat losses remain a challenge – AM Best
GCC insurers benefit from strong premium growth
S&P expects a modest uptick in earnings if insurers continue to reprice underperforming business
David Robinson appointed CEO of Optio Group
He was instrumental in establishing Optio Re MENA Ltd, which began trading February 2023
Optio Re MENA commences trading
The specialty MGA is now open for business in MENA through its Dubai-based operation
Chedid Capital and IRM launch certificate in risk management
The course is aimed at insurance and reinsurance professionals across MEASA and has been ‘eagerly awaited’
Volante opens shop in the DIFC
It will offer a combination of treaty and facultative reinsurance across multiple lines through Lloyd’s Syndicate 1699
QIC Global adopts Antares name and brand
QIC Global is part of the QIC Group, which is the largest insurance company in the Middle East
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
Gallagher Re & Africa Re partner to tackle Africa’s protection gap
Regional drought conditions and the global political environment call for prompt action around resilience and risk transfer solutions
Aon Saudi Arabia appoints CEO
Samer AlFayez was previously chief executive officer of Elite Insurance and Reinsurance Brokers
Chedid Re receives license to operate in Cairo
Egypt is a “strategic bridge” between Chedid’s African operations and its Middle East presence
DWIC 2022: Why we’re still talking about it
The buzz at the conference in Dubai was palpable from the minute it opened on 9 March
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 takaful needs an overhaul
Inherent issues with the Takaful model continue to hinder the market’s development in the GCC
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
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.
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.
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.
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.
QIC Group reports QR12.2bn gross written premiums in 2020
Doha: Qatar Insurance Group’s, the leading insurer in the MENA region, gross written premiums for the year have remained stable at QR12.20bn, compared to QR12.06bn for 2019. The Group yesterday announced its financial results for 2020.
Qatar Insurance Company (QIC) has seen its gross written premiums grow by 4%
The leading insurer in the Middle East North African (MENA) region announced its financial results for the first nine months of this year, following a meeting presided over by Sheikh Khalid bin Mohamed bin Ali al-Thani, QIC chairman and managing director.
AM Best’s Insurance Market Briefing - MENA to Examine Current Trends and Their Future Impact
AM Best’s annual Insurance Market Briefing - MENA will be held as a complimentary webinar on 3 November 2020, at 14:00 hours, Gulf Standard Time (GST), to discuss the (re)insurance markets of the region.
Swiss Re: Re/insurance in the Middle East and Pakistan: annual outlook and review 2020
Coronavirus has transformed the outlook for the economies and insurance industry in the Middle East and Pakistan, with recession expected this year. We expect the economic recovery to start in mid-2021, although downside risks include a resurgence in COVID-19 cases, new government lockdown measures, lower-for-longer oil prices and a low ...
Dubai World Insurance Congress 2022: Building a ‘Hybrid’ event
Join us at the biggest ‘pre-scheduled business meet-up’ in the Middle East.
Best’s Market Segment Report: MENA Reinsurers Strive to Adapt to Testing Conditions
Regional reinsurers operating in the Middle East and North Africa (MENA) are no strangers to challenging operating conditions. In recent years, the region’s reinsurance market has been characterised by competitive pricing pressures, overcapacity and increased incidence of large losses.
DWIC 2020: Post Event Report
Full coverage of the DWIC2020 Satellite Sessions
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
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