The UAE recently introduced financial regulations for conventional and Takaful insurance companies with a move to developing market performance. A Premium report. Eng. Sultan bin Saeed Al Mansouri, UAE minister of Economy and chairman of the Insurance Authority, issued Decision No. (25) of 2014 Pertinent to Financial Regulations for traditional...
Malpractice claims can prove to be a financially risky proposition. Michael Kortbawi and Barry Greenberg compare the professional liability landscape in the US and the UAE. The necessity of obtaining Professional Liability Insurance (PL coverage) is a component of any prudent professional’s business plan. This article compares and contrasts the...
There are no crystal balls when it comes to identifying a risk budget for insurers, explains Luís Portugal. Professionally insurers manage risk and uncertainty and they are supposed to be better than insureds in its management. Ultimately, what they do is to trade risk. The law of large numbers, the...
Sam Wakerley and Luke Hacker take a look at the issues that arise from fronting arrangements, a commonplace phenomenon in the region. Where an insurer is not authorised to write a specific class of business, or where they are not authorised to write direct business, they may arrange for an...
Rohana Alagiyage demonstrates how to keep property valuations right during ups and downs of the market. It is a common grievance in many property insurance claim settlement discussions that the amount either offered or approved by the insurance company (Insurer) upon recommendation of the Loss Adjuster is far below the...
Craig Carpenter points out the hike in interest for cyber risk insurance and why it has become an acute need in the market. The hottest topic in the insurance world today is “cyber risk insurance” or coverage for the response to and fallout from cybercrime and breaches. As Reuters recently highlighted,...
Risk is everywhere, and the sea is no different. Aftab Hasan explains what factors should be considered before deciding on an insurance policy for yachts and boats. The weather is light, and it’s that time of the year when a spin around the marina is an enjoyable experience. But even...
Safder Jaffer identifies the steps to creating a robust ERM framework that will positively impact bottom line profitability. At present, most insurers in the region do not have much of an ERM framework, putting them on the lowest rung of the five ERM maturity stages. Few have climbed the ladder...
Enterprise risk management is not merely a compliance exercise; it is a useful process that realises a value proposition, writes Safder Jaffer. Enterprise Risk Management (ERM) appears to be the new buzzword amongst insurance management circles in the region. All the insurance conferences have an ERM session, CEOs are...
Energy portfolio have doubled in the region, and insurers are now getting ready to handle increased risk appetites, according to Jugal Kishore Madaan of ADNIC. The energy sector in the Middle East is booming. In the next four to five years, it is expected that there will be USD700 billion invested in energy projects in countries...
