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Top Of Their Game

Policy identifies the leading players across the Middle East insurance markets; focusing on the most powerful companies in each country and those individuals shaping the future of the industry.

The collective interests of the Middle East insurance industry are articulated and protected by organisations such as the General Arab Insurance Federation (GAIF) and the Coordination Commission for Insurance & Reinsurance Companies, with seasoned veterans like Abdel Khaliq Khalil, Ashraf Bseisu and Fareed Lutfi charting the course ahead. Local bodies such as the Bahrain Insurance Association and the Jordan Insurance Federation have a fundamental role to play in developing their respective markets and have been recognised in our list.

Local goliath’s such as Qatar Insurance Company (QIC) and Egypt’s Misr Insurance Company dominate their domestic markets, while more and more insurers such as Gulf Insurance Company (Kuwait) and Arabia Insurance Company (Lebanon) continue to spread their wings and extend their influence beyond the confines of their national borders. The following list identifies managers at the helm of market-leading companies as well as regional champions.

GCC companies (from the UAE in particular) feature heavily in the top-20 list of insurers in the Middle East by gross premiums written, with the top spot in 2009 occupied by QIC, followed by the likes of Oman Insurance (UAE) and Tawuniya (Saudi Arabia).This is reflected in the balance of our list of most influential industry leaders.

We also identify some of the most active re/insurance brokers and Arab reinsurers with extensive operations in the region.

The focus of this list is inevitably Arab insurance companies, although two particularly influential global players have been included. Global reinsurers are not featured. For ease of navigation, most individuals are listed according to their company’s primary country base.

Abdul Khaliq R. Khalil, Secretary General, General Arab Insurance Federation
Abdel Khaliq Khalil is the face and voice of Arab insurance, representing 300 member companies across the MENA region. A veteran of the Iraqi insurance market, he became GAIF secretary general in 1998 and counts CEOs across the region as his personal friends. A true champion of the industry, Khalil continues to drive the evolution of the Arab markets and is currently spearheading the establishment of the Arab Insurance Institute in Syria.

Yassir Albaharna, CEO, Arab Insurance Group (Arig)
In addition to his role as CEO of the largest Arab reinsurance company, Yassir Al Baharna sits on several boards including the Bahrain Insurance Association and Bahrain’s Human Resources Development Fund. A global ambassador for the Arab insurance industry, Albaharna is a member of the board of the International Insurance Society and a prominent advocate for higher best practice.

Ashraf Bseisu, Chairman, Bahrain Insurance Association
Beyond his position as acting CEO of the Solidarity Group, Ashraf Bseisu plays a pivotal role in the development of the industry as chairman of the Bahrain Insurance Association and a board member of several institutions including the GCC Coordination Commission for Insurance & Reinsurance Companies. He served as president of the General Arab Insurance Federation since 1998.

Fareed Lutfi, Secretary General, Emirates Insurance Association
One of the most recognisable figures in the industry, Fareed Lutfi’s wealth of experience stretches from his days at Arig, Alliance and AMAN to his current position as director of insurance services at Dubai Holding and founding board member of the DIFC. Lutfi is the secretary general of the Emirates Insurance Association as well as the GCC Commission for Insurance & Reinsurance Companies.

DUBAI

Abdul Muttalib Al Jaidi, CEO, Oman Insurance Company
Abdul Muttalib Mustafa Al Jaidi is CEO of the UAE’s leading insurance company, with gross premiums of AED2.33 billion and net profits of AED189.6 million in 2009. Having risen through the ranks of Oman Insurance Company (OIC) since 1975, Al Jaidi is one of the most recognised figures in the industry and a strong advocate for enhanced professionalism. OIC has ‘A’ (AM  Best) and ‘BBB+’ (S&P) ratings.

Walid Sidani, CEO, Abu Dhabi National Insurance Company
With gross premiums of AED1.55bn, ADNIC is the second largest player in the UAE and by far the leading risk carrier in Abu Dhabi; boasting a “who’s who” of leading clients. Walid Sidani took the helm at ADNIC in March 2009 and has done much to reinvigorate the company’s approach through modernisation and new strategic partnerships. The company holds an “A-” rating from S&P.

Omer Hassan Elamin, Senior Managing Director, Orient Insurance
Omer Elamin is chairman of the Dubai Insurance Group (IBG) and senior managing director of one of the UAE’s largest insurers. Part of the vast Al-Futtaim Group, Orient has seen its conservative underwriting approach yield an “A-” rating from S&P, with gross premiums of more than AED1bn in 2009. Orient saw its net profits grow to AED186m last year.

Nader Qaddumi, General Manager, Al Buhaira National Insurance
A respected industry leader with a long track record in the regional insurance sector, Nader Qaddumi heads Al Buhaira National Insurance, one of the UAE’s top five insurers. Al Buhaira was one of few regional insurers to record a significant net profit rise in 2009 (doubling to AED101m) while gross premiums stood at AED692m.

Dr Michael Bitzer, CEO, Daman
With the backing of Munich Re and the Abu Dhabi government, the National Health Insurance Company (Daman) burst onto the scene in 2006 and is now the leading health insurer in the UAE, with more than 1.8 million members. Under CEO Dr Michael Bitzer’s leadership, Daman has led the way in corporate social responsibility and is poised for regional expansion.

QATAR

Khalifa A Al-Subaey CEO Qatar Insurance Co
Since the mid-1980s, Khalifa A Al-Subaey has headed a regional powerhouse. Qatar Insurance Company’s (QIC) gross premiums reached QAR2.1bn in 2009, while net profits hit QAR532.8m. QIC dominates the Qatari market and has interests in other countries through QIC International and the recently formed Q-Re. With a stable “A” rating (S&P), further expansion is on the cards.

Ian Sangster, CEO, QIC International
A highly respected figure in the industry, Ian Sangster has spearheaded Qatar Insurance Company’s impressive international operations through its subsidiary QIC International (QICI), which is based in the Qatar Financial Centre. QICI’s reach has extended to the Far East and Malta, with the recent creation of Q-Re set to build on this.

Ghazi Kamel Abu Nahl, Group CEO, Qatar General Insurance & Reinsurance
Ghazi Kamel Abu Nahl has cemented his company’s place as the second largest Qatari insurer, with gross premiums of QAR504.5m and net profits of QAR86m in 2009. Qatar General Insurance & Reinsurance has seen its takaful arm bear fruit and is expanding its regional presence through strategic alliances in Algeria, Libya, Syria and Oman.

SAUDI ARABIA

Ali A Al Subaihin, CEO, Tawuniya
Even with the emergence of new players, Tawuniya (The Company for Cooperative Insurance) remains, by far, the undisputed market leader in Saudi Arabia. Under Ali Al Subaihin’s leadership, gross premiums rose more than 50 per cent to SAR4,035m in 2009, while net profit stood at SAR32m. Tawuniya maintains an “A” rating (S&P).

Dr Saleh Malaikah, CEO, SALAMA
Dr Saleh Malaikah has established the Islamic Arab Insurance Company (SALAMA) as one of the largest takaful players in the world, with six direct companies (including offices in the UAE, KSA and Egypt) as well as its Tunisia-based retakaful operation – Best Re. Malaikah is one of the most prominent speakers on the conference circuit; a leading light on Islamic insurance.

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