Gautham Subramanian takes a look at various considerations during the implementation journey of IFRS 17. The year 2023 marks the D-day for IFRS 17 to be implemented globally. This being the biggest global change to the accounting standards in last couple of decades, the implementation journey has been full of...
The insurance industry faces pressure from high inflation this year, but higher interest rates will be a silver lining from 2023, states a report by Swiss Re. Despite relatively resilient growth this year, the world economy is expected to grow by just 1.7 percent in real terms next year as...
Suresh Nair looks at the rapidly evolving cyber threat landscape. Warren Buffet, CEO of Berkshire Hathaway termed cyberattacks as the number one emerging threat to humanity and equated it with nuclear, biological and chemical hazards. It is estimated that global losses due to cyberattacks have gone up from USD3 trillion...
Marmore MENA Intellligence looks at the future of wealth management in the region, in its latest report. The future of the GCC wealth management industry, like every sector within the financial services industry, points to technology and robo-advisory, tailored to meet the needs of millennial investors, according to research by...
A new world order of risks dictates that corporate risk managers and insurers reinvent themselves, affirms Sorana Parvulescu. In 15+ years working as a specialist risk analysis and risk management consultant I have come to expect that each of our clients will come to us with specific, single-issue risk-related questions...
Middle East & African business leaders are woefully unprepared for a cyber-attack, opines Christos Adamantiadis. With only four percent of Middle East and Africa business leaders confident in their organisation’s ability to successfully deal with a cyber-attack, the vast majority of organisations are still struggling to understand the risks posed...
A report by Marsh and Microsoft looks at how cyber risk is viewed by various functions and leaders in various organisation. Over the years of the pandemic, the toll of workplace disruption, digital transformation and ransomware attacks have rendered leaders less confident in their ability to manage cyber risk. Marsh...
Despite the booming global specific tax insurance market, there are still regions including the Middle East where it has yet to take off, even though M&A activity in the region is buoyant, write Stuart Twinberrow, John Bettley-Smith, Hamish Sandison and Thomas Vanhee. Planning and protecting for tax risks identified during...
Insurers must apply creativity to rethink the telematics model to overcome structural, regulatory and behavioural hurdles in the MENA region, observes Franck Heimburger. The challenges to making telematics a worthwhile solution in the MENA region are well known to most: a widespread unease about tracking devices, privacy concerns, and an...
As the industry enters its next growth cycle, there is a need to align more with larger — national and global — priorities, observes Ashok Sardana. Despite lingering uncertainties and pandemic cycles, the insurance industry’s outlook heading into 2022 is more promising than it was last year. Successful vaccination and...
