The next phase of growth

This section explores the latest trends in the rapidly burgeoning global takaful (shari’a-compliant insurance) market which is estimated to eventually grow to between US$7bn (Swiss Re estimate) and US$15bn (Takaful Re estimate) by 2015.

Talking shop

Policy spoke to Yassir Albaharna, CEO of the Arab Insurance Group (Arig); The Arab insurance champion.

GAIF 2012 to take place in Morocco

The 28th General Arab Insurance Federation (GAIF) conference in Jordan closed with the revelation that the 29th conference would take place in Morocco in 2012. Over the next two years, Jawad Hadid, chairman of the Jordan Insurance Federation will serve as GAIF president. Hadid takes up the baton from Ashraf Bseisu, chairman of the Bahrain Insurance Association, who served as GAIF president for the last two years.

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.

OIC Board Resigns But Business As Usual

Oman Insurance Company has been placed on credit watch negative by ratings agencies Standard and Poor’s and AM Best after the entire board of directors resigned. S&P has placed the insurer’s BBB+ long-term counterparty credit and insurer financial strength ratings on credit watch negative while it reviews the reasons behind the resignations. AM Best has also placed the insurer’s financial strength rating of A excellent and the issuer credit rating of “a” under review with negative implications. The credit watch placement by both agencies follows the unexpected resignation of the board of directors of the company in April.

Insurance Talk

Policy talks to Isam Abdelkhaliq, CEO of Arab Orient Insurance Company, Jordan.

A New Era Of Consolidation?

RSA’s acquisition of Al-Ahlia, Oman’s third-largest insurer, may signal the start of a new wave of long-sought-after M&A activity in the Middle East insurance sector.

If You Build It They Will Come

Policy provides an overview of recent developments from the Middle East’s three established financial centres – Dubai, Qatar and Bahrain – and profiles three regional players who have called them home.

Reinsurance Round-up

The Middle East and North African markets experienced a softening in prices during the renewals season. The UIB Group provides a review of conditions and highlights from 2009.

Making His Mark

Fareed Lutfi of the Emirates Insurance Association and the GCC Commission for Insurance and Reinsurance Companies.

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