Suresh Nair looks at some aspects of the imminent AI revolution in the insurance industry and the consequent transformation challenges. Artificial Intelligence (AI) can be described, at the most basic level, as the ability of machines to mimic human intelligence. To enable this, machines are programmed to carry out processes best...
Dr. Mohamed Ghazaly identifies the potential opportunities to address the challenges from inefficiencies in an ecosystem funded by medical insurance. Over the past decade, medical insurance has transformed into an important tool to fund healthcare in the region. Although there are varying levels of maturity in execution of the overarching...
Wayne Jones and Katy Fisher examine the potential for a single financial services regulator in the UAE. The decision to establish a committee to investigate the potential merger of the Insurance Authority (the IA) into the Securities and Commodities Authority (the SCA), and to form a single financial services regulator...
The second Sharm Rendezvous focused on expanding the insurance penetration in Egypt, with a view to a need for improved underwriting markets and pricing dynamics. More than 850 attendees representing 33 countries from the regional (re)insurance industry gathered at the second Sharm Rendezvous in Egypt to discuss many relevant issues...
A selection of providers and payers met recently in Dubai for a roundtable to discuss the best approach to ensure a sustainable healthcare business. A recently held industry roundtable organised by Aster Healthcare and Medcare saw participation by the payers and some providers in the industry with a focus on...
Peter Hodgins reviews the recently passed life insurance regulations and raises some points of concern. These are interesting times for the life insurance sector in the UAE. The Insurance Authority issued Board of Directors Decision No. (49) of 2019 on 9 October 2019 and they will come into force on...
Law No. 125 of 2019 is tailored for Kuwait’s national vision and development plans, writes Roger Phillips. The outlook for insurance in the GCC countries remains very positive. Recent independent reports indicate compound annual growth rates for the GCC of 10.9 percent from 2016 to 2021, with premiums increasing from...
Alternative capital is no longer perceived as a threat, with many of the traditional reinsurers considering it as just another way to access the marketplace or to bring capital into the sector, according to an industry discussion organised by AM Best. A recent insurance market briefing by ratings agency AM...
The 16th Annual Gulf Insurance Forum discussed pension, annuities and other end-of-service programmes. A Premium report. After the recent issue of the life insurance regulations and the announcement of the end-of-service (EOS) benefit scheme by the DIFC Authority, the Emirates Insurance and the Gulf Insurance Federation organised the 16thAnnual Gulf...
Cormac McGarry analyses the factors affecting war risk in the region and the impact to the insurance industry. On 13 June this year, two tankers sailing through the Gulf of Oman suffered significant damage to their hulls, forcing the crew of both vessels to abandon ship. It was the second...
