Despite promising trends in certain product lines, the GCC insurance market doesn’t have enough critical mass and lacks consistency. So how can insurers thrive in a price-driven and often small-scale market? In a new report, ‘Resolving the Insurance Paradox: How GCC insurers can sustain profitable growth’, A. T. Kearney asseses...
The UAE Cabinet has recently approved a draft of the much-discussed Companies Law. It’s of particular relevance to sectors where there has been discussion about foreign shareholding. In the insurance sector, a number of businesses could be ‘reborn’ and supercharged, freed from the present overseas investment limit of 49 per...
Reducing claims in the Construction & Engineering sectors Together, the Construction & Engineering sectors are not only the largest single insurance market in the GCC, but also the foremost and most costly areas for claims. Getting to the root of the risks – by implementing thorough on-site risk management –...
Through the telescope Prospects for the insurance sector in 2012 Take your pick: Would you like to deal with the ongoing global economic challenges, stagnant interest rates or the growing competition? A new survey by Deloitte suggests that the only ways forward for the world’s insurers is to grit their...
Only a few years ago, it was just a dream that an organisation could amalgamate, analyse and then apply all the diverse data it held from its many departments and activities. Yet now, hi-tech businesses are already working in this way – and financial services providers are one of the...
TAKAFUL: Its all about Saudi Arabia ( At least for the Time Being) The global Takaful market is currently worth approximately US$12 billion – and Saudi Arabia contributes nearly one third of global premiums, with the latest confirmed figures valued at US$3.7 billion. Market trends show a sector that is...
Winners and Losers : The World's Top 10 Insurer's This has been a dramatic year characterized by massive losses in the reinsurance sector, powerful growth in the Chinese and South East Asian markets and consolidation and modest growth for the sharpest US providers. Premium looks at the top ten names,...
Profile of the No. 1 The World Economic Forum Report has just voted Hong Kong ‘ the world’s most developed financial market’ – making history, since this is the first time that the US or the UK have been knocked off the top spot since the report started, 26 years...
Microtakaful can be a powerful tool for social giving and social reform, but it’s very much in the shadow of its more popular cousin, Takaful. What are the key principles involved in microtakaful? Ajmal Bhatty, president & CEO, Tokio Marine Middle East, explains. Cooperation is the very essence of risk...
In his first article on Takaful, Shari’ah scholar Mufti Mohammed Hassaan Kaleem gives his insights on how the concept of mutual insurance was evolved into the current day Takaful practice Shari’ah scholars have never criticised insurance as a tool of risk mitigation. After all, from the perspective of an insured,...
