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Strategic Partner

Central-Bank-of-Bahrain

GCC: The New Insurance Landscape

 

 

2 & 3 February 2016, Manama, Bahrain

Welcome to Middle East Insurance Forum

The region’s leading insurance platform that has served a key role in the development of the industry and driving its growth for the past 12 years. Held under the patronage of the Central Bank of Bahrain, the forum partners with the region’s largest insurance organizations in converging the most distinguished leaders in insurance under a single platform to assess the direction of the industry and chart new ways for its growth.

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Building on the strong foundation laid over the years

Now in its 12th edition, the forum is set to take place on 2 and 3 February, 2016 at the Gulf Hotel Bahrain. Building on its strong heritage of hosting an unparalleled gathering of key experts and decision makers in the industry, the forum will attract dignitaries, central bank representatives, the region’s largest insurance and takaful companies, economists, thought leaders and experts in research, academia and insurance professionals to deliberate on new strategies for a collaborative effort to address the issues of fierce competition and low insurance penetration in the industry under the theme of “connect, converge and consolidate.”

Setting a new direction for the industry

The Forum brings together takaful and insurance providers to focus the separate businesses towards expanding the market for products to meet the needs of individuals, families and businesses in the insurance sector.  The insurance market has grown considerably across the Middle East but still lags behind other emerging and frontier markets significantly in the overall penetration. Rather than encouraging competition between insurance companies and takaful operators for a share of a small market, MEIF 2015 connects the entire sector together to find strategies to make the market grow more rapidly to support consolidation which is needed in some areas of the insurance and takaful business.  Through consolidation and market growth, we can unlock the benefits to a greater scale and ensure a more robust capital base to ultimately benefit consumers which in turn will help to support future growth.

HIGHLIGHTS

Serving as a compass for determining the future direction of the regional insurance industry, the forum helps key decision makers in staying informed about the major trends and opportunities, as well as provide a detailed analysis of the important developments in the industry that would aid them in their strategic planning. Below are the highlights that gives the forum a unique edge in its offerings:

The content of the forum is crafted by a panel of distinguished experts aided by extensive research that captures the true pulse of the industry. This enables the discussions to address the core issues and provide fresh perspectives on finding new solutions to these issues.
In addition to having the participation of the major stakeholders in the regional insurance industry, the forum attracts a wide range of global insurance leaders who are interested in the regional opportunities. This helps support the transfer of best practices from global insurance markets.
MEIF brings groundbreaking research into the industry in the Finance Forward Middle East Insurance Outlook Report 2016, to be launched exclusively at the forum. The findings of the report will help leaders in the industry to make key strategic decisions and capitalize on the emerging opportunities.
In partnership with the Central Bank of Bahrain, the forum will recognize extraordinary achievements in the industry by awarding the prestigious insurance award – MEIF 2015 – Institutional Excellence Award to the most outstanding insurance organization.
In recognition of new realities for the insurance industry whereby both the Takaful operators and insurance companies needs to be working in tandem to realize the true potential of the largely unpenetrated industry, the forum will bring together leaders from both the segments making it a truly representative gathering of the whole industry.
In order to engage the participants and enable them to actively participate in the conversation, the forum adds new features aided by technological enhancements such as voting devices and live social media feed that will provide an immersive and truly memorable experience.

THEMES

Connect

Insurance companies often see one another solely as competitors in the market thereby ignoring the larger problem of consumer education and market development that will raise premium levels as a share of GDP and ultimately benefit all players in the market.

Insurance penetration in the GCC

1st

Source: Six Sigma and IMF 2014

Converge

Insurers and takaful operators have different structures but each relies on accurate pricing, solid underwriting and top-notch investment policies to deliver customers with the best value.  However, not all insurers in the region have been able to incorporate global best practices and with SOLVENCY II coming into force in the EU and setting the benchmark for regulation in other markets, the Middle East’s insurers and takaful operators will have to understand how the new rules will eventually affect their business.

Size of insurance and Takaful industry in the GCC

2nd

Source: Ernst & Young – Global Takaful Insights 2014 & Deloitte – The way forward for Takaful 2015

Consolidate

Many Middle Eastern insurance markets are objectively over served by far too many small, undercapitalized insurance companies and takaful operators.  In the near-term some market exits will be required, including through consolidation (M&A) to leave sufficient profits in the market and provide sufficient return on equity to sustain the sector.  In the future, the returns from gaining scale–and from supporting the market’s development–will pay dividends although some tough decisions will have to be made now to enable these future returns.

Market Share of Life and Non-life insurnace in GCC

graph3_theme

Source: Ernst & Young – Global Takaful Insights 2014 & Deloitte – The way forward for Takaful 2015

OBJECTIVES

  • Drive convergence between two segments of the industry namely Takaful and conventional insurance to a single platform to deliberate on a collaborative effort to unlock new opportunities of growth in increased insurance . This will help in realizing the true potential of the industry

  • Gather key stakeholders in the industry such as the regulators, key decision makers, CEOs of the insurance companies, research and thought leaders and insurance professionals and engage them in thought provoking discussions that will help in shaping the future of the industry

  • Provide an industry wide perspective that will help decision makers in their strategic planning.

  • Provide an outlook of the new trends in the international insurance markets and their impact on the regional insurance industry

     

     

  • Enable the transfer of best practices from developed insurance markets to the regional industry

     

     

     

  • Explore the opportunities in the application of advance information technology such as big data and data analytics for increasing the efficiency of insurance companies

PROGRAMME CONTENT STRUCTURE

The forum has an intelligently designed programme to provide in depth coverage of the various lines and segments in the insurance industry while not losing sight of the big strategic issues. Below are the highlights of the programme:

Exclusive Interview

A lively discussion with a distinguished pioneer in the regional insurance on the outlook for the industry.

Macroeconomic Outlook

An overview of the developments in the geopolitical and economic environment of the region and its effects on the Middle East insurance industry with a prominent economists/strategist.

MEIF Industry Leaders Session

A keynote debate among the CEOs of the region’s leading insurance institutions on the current state of the industry.

Conference Day 1

  • 08:00 - 09:00 Registration and Refreshments
  • 9:00 Official Opening of the 12th Annual Middle East Insurance Forum
  • 09:00 - 09:05 Welcome & Moderator’s Opening Remarks

    Leland Rice
    Editor in Chief, The Business Year

  • 09:00 - 09:15 Opening Remarks by CBB

    Keynote Speaker:

    Abdul Rahman Mohammed Al Baker
    Executive Director – Financial Institutions Supervision
    Central Bank of Bahrain

  • 09:15 - 09:30 International Keynote Address

    Mark Cooper
    General Representative Middle East, Lloyd’s

  • 09:30 - 10:30 Towards Integrated GCC Insurance Markets: Regulators & (Re) Insurers

    Discussion Leader:
    Peter Hodgins

    Partner
    Clyde & Co

    Panelists:

    Mahomed Akoob
    Managing Director
    Hannover ReTakaful

    Key discussion points:

    • To address overcapacity in the GCC, how can regulators make it easier for insurers to expand within the region?
    • What are the steps necessary to move towards an integrated insurance market and insurance ‘Passporting’?

  • 10:30 - 11:00 Launch of the ``Finance Forward ME Insurance Outlook Report``

    Presenter:
    Dr. Sayd Farook
    Vice Chairman and Chief Executive Officer
    Middle East Global Advisors

    Groundbreaking research into key markets for insurance in the Middle East

  • 11:00 - 11:30 Networking Break
  • 11:30 - 12:30 Towards Integrated GCC Insurance Markets: Commercial/Industrial Clients

    Discussion Leader:
    Simon Owen
    Director
    Ensurion W.L.L.

    Panelists:

    Jehad Ali Khalfan Sultan
    Head, Insurance Programme
    Gulf Petrochemical Industries Co. (GPIC)

    Ahmed Al Alawi
    Manager Group Insurance, Gulf Air

    Martin Massey
    Chief Risk Officer, Risk Management Dept., Al Koot Insurance & Reinsurance Co (Qatar Petroleum)

    Key discussion points:

    • Can the local industry insure larger projects or do they still have to rely on global insurers?
    • How can insurers tie-up with regional investment banks to ensure they have a chance to get a share of regional mega-projects and regional infrastructure development needs?
    • What industries represent the greatest opportunities in the commercial/industrial market?
    • Does low oil remove significant demand for regional insurers?
    • How do regional insurers maintain diversification of risks and also provide insurance coverage to large projects?

  • 12:30 - 13:30 The Effects of Global Consolidation of the Insurance Market and of Overcapacity Threatening Market Profitability

    Discussion leader:
    Robin Ali
    Managing Partner
    Consilient

    Panelists:

    Mohamed Seghir
    Vice President, Europe, Middle East & Africa, Swiss Reinsurance Company

    Vasilis Katsipis
    General Manager, Market Development, A.M. Best

    Kevin Willis
    Director, Financial Services Group: EMEA, Standard & Poor’s

    Sanjay Jain

    Director, MENA Insurance Advisory Leader, Ernst & Young

    Mohammed Ali Londe
    Assistant Vice President – Analyst, EMEA Insurance
    Moody’s Investors Service Middle East Limited

    Key discussion points:

    • What is driving the global consolidation in the insurance market? What will be its impact for regional insurers? Are there lessons for local insurers and their board of directors to consider?
    • Some regional markets have seen overall negative underwriting profitability; can regional insurers consolidate to reduce capacity enough to return the market to profitability?
    • Are global insurers going to remain interested in regional markets if profitability wanes?
    • What are the implications of overcapacity in the market on financial stability in the regional insurance sector?

  • 13:30 - 13:35 Moderator’s Remarks
  • 13:35 - 15:00 Awards Ceremony and Lunch (hosted by CBB)
  • 15:00 - 17:30 Open Networking
  • 17:30 End of Day 1

Conference Day 2

  • 08:00 - 09:00 Morning Refreshments
  • 09:00 - 09:05 Moderator’s Opening Remarks

    Leland Rice
    Editor in Chief, The Business Year

  • 09:05 - 10:00 The Regional Macroeconomic Environment and Trends

    Panelist:
    Dr. Jarmo Kotilaine
    Chief Economist
    Bahrain Economic Development Board

    Key discussion points:

    • Are regional insurers outside of the GCC prepared for the financial impact of the geopolitical instability they face as a result of spillover from the Syrian civil war?
    • Will lower oil prices have a trickle-down effect on the insurance market in the Middle East?
    • Will rising rates transmitted through the dollar peg constrain policymakers’ ability to support macroeconomic growth?
    • Does budget consolidation and the drawdown in liquidity change the investment policy approach for insurers?
    • How does the dry-up in oil liquidity affect the economic diversification prospects and what are the implications for the insurance market?

  • 10:00 - 11:00 CEO Power Debate on Regional Issues and Market Outlook

    Discussion Leader:
    Safder Jaffer
    Managing Director & Consulting Actuary – Middle East & Africa
    Milliman

    Panelists:

    Ashraf Bseisu
    Group Chief Executive, Solidarity Group Holding

    Theodor Alexandrescu
    General Manager – Gulf, MetLife

    Yassir Albaharna
    CEO, Arig

    Jamil R. Bahou,
    Chairman & Managing Director, Crescent Global Group


    Key discussion points:

    • To insurer: What is the most important factor affecting your market? Regulatory or competitive? Why?
    • To insurer: How does the competition from global insurers with deep balance sheets to absorb risks affect pricing for regional insurers?
    • To reinsurer: Is it possible within the Middle East region to achieve sufficient diversification without having business outside of the region?
    • To broker: What are the emerging channels to distribute insurers both to the consumer market and corporate market (to spread risks across multiple insurers in new ways)?

  • 11:00 - 11:30 Interview with an Eminent Leader in the Middle East Insurance Industry

    Keynote Speaker:
    Muzaffer Aktas
    Chairman, Turkey, Middle East & Africa
    Willis Re

    Listen to the expert views of a distinguished pioneer in the Middle East insurance industry in an exclusive conversation on the future of the industry

  • 11:30 - 12:00 Networking Break
  • 12:00 - 12:30 Liability Masterclass: Directors & Officers Liability (D&O) insurance

    Speaker:
    Susan Dingwall
    Partner, Norton Rose Fulbright LLP

    Muhannad Abdulmajeed
    Head of Underwriting – Financial Lines, AIG

    Key discussion points:

    • What is D&O insurance and how does it meet an unserved need for corporates?
    • How do insurers tackle this market within relatively underdeveloped legal systems?
    • What types of coverage do Middle Eastern companies need the most?
    • How do insurers underwrite these types of policies?

  • 12:30 - 13:00 Liability Masterclass: Cyber Liability and Data Protection

    Speaker:
    Aisling Malone
    Professional Indemnity and Cyber Leader, MENA, AIG

    Key discussion points:

    • What are the potential liabilities that companies face from cyberhacking?
    • How do insurers offer coverage on cyber liability/data protection?
    • What skills transfers are needed for regional insurers to be able to compete with global insurers in this rapidly changing area?
    • Do geopolitical tensions across the region hinder the ability of global insurers to serve the market for cyber liability insurance?

  • 13:00 - 13:30 Using Data Analytics to Gain Competitive Advantage

    Speaker:
    Jonathan Matchett

    Senior Manager, MENA Insurance Advisory, Ernst & Young

    Key discussion points:

    • How can data analytics be used in insurance and what is the benefit that can be delivered?
    • What are the key levers for maximizing analytics ROI?
    • What are the main challenges to implementing analytics and how can insurers overcome these challenges?

  • 13:30 - 13:40 Moderator’s Remarks
  • 13:40 - 15:00 Lunch Break
  • 15:00 - 17:30 Open Networking
  • 17:30 End of MEIF 2016

Finance Forward Middle East Insurance Outlook Report 2016

1. Global Economic outlook and its affect on the ME insurance markets. It will also cover issues and developments in the industry with regards to regulations and challenges that Insurance companies in the ME face in general.

2. Comparison on the state and scope of the insurance  markets analyzed by looking at the Concentration, penetration and growth level and the underwriting profitability metrics of the following markets:

a. GCC- Bahrain, Kuwait, Qatar, Oman, UAE, Saudi Arabia
b. Levant- Turkey, Lebanon, Jordan and Egypt

3. This outlook report also provides industry participants with dynamic and visual ranking of Insurance companies as compared to their peers at the regional and national level based on various financial metrics.

MEIF2016-Outlook-Report

SPEAKERS

Al-Baker

Abdul Rahman Mohammed Al Baker

Executive Director of Financial Institutions Supervision
Central Bank of Bahrain

Read more

Muzaffer-Aktas

Muzaffer Aktas

Chairman, Turkey, Middle East & Africa
Willis Re

Mark-Cooper

Mark Cooper

General Representative Middle East
Lloyd’s

Read more

AbdelFattah-Gharieb-Salama

AbdelFattah Gharieb Salama

Reinsurance Deputy General Manager
Arab Misr Insurance Group gig, Egypt

Read more

Ashraf-Bseisu

Ashraf Bseisu

Group Chief Executive
Solidarity Group Holding

Read more

Jamil-Bahou

Jamil R. Bahou

Chairman & Managing Director
Crescent Global Group

Read more

Jarmo-T.-Kotilaine

Dr. Jarmo Kotilaine

Chief Economist
Bahrain Economic Development Board

Read more

Jehad-Ali-Khalfan

Jehad Ali Khalfan


Head – Insurance Programme
Gulf Petrochemical Industries Co. (GPIC)

Read more

Mahomed-Akoob

Mahomed Akoob


Managing Director
Hannover ReTakaful

Read more

Martin-Massey

Martin Massey, MBA, MIRM, ARM

Chief Risk Officer, Risk Management Dept
Al Koot Insurance & Reinsurance Co. (Qatar Petroleum)

Read more

Mohamed-Seghir

Mohamed Seghir


Vice President, Europe, Middle East & Africa
Swiss Reinsurance Company

Read more

Mohammed-Ali-Londe

Mohammed Ali Londe

Assistant Vice President – Analyst, EMEA Insurance
Moody’s Investors Service Middle East Limited

Read more

Ahmed-Al-Alawi

Ahmed Al Alawi

Manager Group Insurance
Gulf Air

Read more

Peter-Hodgins

Peter Hodgins

Partner
Clyde & Co

Read more

Robin-Ali

Robin Ali

Managing Partner
Consilient

Read more

Safder-Jaffer

Safder Jaffer

Managing Director & Consulting Actuary – Middle East & Africa
Milliman

Read more

Sanjay-Jain

Sanjay Jain

Director, MENA Insurance Advisory Leader
Ernst & Young

Read more

sayd

Dr. Sayd Farook

Vice Chairman and CEO
Middle East Global Advisors

Read more

Simon-Owen

Simon Owen

Director
Ensurion W.L.L.

Read more

Susan-Dingwall

Susan Dingwall

Partner
Norton Rose Fulbright LLP

Read more

Theodor-Alexandrescu

Theodor Alexandrescu

General Manager – Gulf
MetLife

Read more

Yassir-Albaharna

Yassir Albaharna

Chief Executive Officer
ARIG

Read more

Kevin-Willis

Kevin Willis

Director – Financial Services Group
Standard & Poor’s Financial Institutions

Read more

Jonathan-Matchet

Jonathan Matchet

Senior Manager
EY

Read more

Vasilis-Katsipis

Vasilis Katsipis

General Manager, Market Development
A.M. Best

Read more

Aisling-Malone

Aisling Malone

Professional Indemnity and Cyber Leader, MENA
AIG

Read more

Muhannad

Muhannad Abdulmajeed

Head of Underwriting – Financial Lines
AIG

Read more

leland

Leland Rice

Editor in Chief
The Business Year

Read more

Partners confirmed for MEIF 2016

Strategic Partner

Central Bank of Bahrain

Supporting Partner

BIA Logo

Platinum Partner

SNIC_Saudi National Insurance Company BSC (C)[1]

Platinum Partner

crescent

Gold Partner

hre-01

Gold Partner

Tazur

Silver Partner

protection-insurance

Silver Partner

Globe Med

Silver Partner

ACR-ReTakaful-MEA

Lanyard Partner

One_Colour_Logo_2013

Ratings Partner

ambest

Reinsurance Partner

arig

Consulting Partner

MILLIMAN LOGO

Captives and Risk Management Partner

ensurion

Knowledge Partner

TR

Bronze Partner

BKIC

Associate Partner

bni

Training and Development Partner

BIBF

Media Partners

Research Partner

OBG

Media Partner

meir logo

Media Partner

air logo

Media Partner

al morakeb

Media Partner

bmi

Media Partner

acq

Media Partner

al-ittihad

Media Partner

foe lOGO black text white bk

Media Partner

PRIVATEBANKING.COM-LOGO_CW

Media Partner

Businesslife

Media Partner

Attijarah

Media Partner

islamic economist

Media Partner

IB_Logo_350x62_v2

Media Partner

real leaders

Media Partner

BusinessIslamica

Media Partner

Al-Bayan-magazineNew

Media Partner

EMEOutlook

Media Partner

eft_lo

Media Partner

premium

Media Partner

the business year

Media Partner

logoalhuda

Media Partner

True-Banking-logo

Media Partner

arab

Media Partner

Capital-logo_for-media

Media Partner

alim

Media Partner

Gulf-Connexions

Why partner?

Partner with us at the largest regional forum for insurance to showcase your prominence within the industry. Below is how MEIF provides the perfect platform for you to advance on your strategic objectives:

Thought Leadership

Contribute to the historic conversations-Have your say in the thought provoking discussions that serves to determine the direction of the industry and communicate your vision to the industry.

Prominence and Visibility

Stay ahead of your competitors and showcase your leadership to the various stakeholders in the industry by utilizing our highly effective marketing system that provides a complete solution to reaching far and wide markets around the world.

Connections

Communicate your unique value propositions to the insurance industry and interact with prospective clients and other industry professional in the uniquely designed networking session.

New Opportunities

Make new business connections and develop partnerships leading to enhanced opportunities for growth by interacting with key decision makers.

Why Attend?

  1. Gain expert insights into how the regional insurance industry can chart new ways for growth by working together in increasing the penetration of insurance services in the Middle East
  2. Explore how global trends in insurance and macroeconomic developments in the region will affect the insurance industry in the Middle East
  3. Be the first to learn about new visions and initiatives by regulators and policy makers in the exclusive keynote speeches
  4. Meet more than 350 senior executives from the regional and global insurance industry
  5. Learn from the most distinguished and influential speakers
  6. Participate in lively discussions and engage with global thought leaders
  7. Network with key individuals
  8. Understand how to transform the challenges into new opportunities in the industry

Who’s attending?

  1. International business leaders in the insurance industry
  2. Policy makers, regulators, Economists and strategists
  3. Leaders of insurance organizations in the region
  4. Heads of Bancassurance and Bancatakaful
  5. Shariah advisors and scholars
  6. Experts in various segments of insurance primarily motor, health and engineering insurance
  7. Technology company C-level executives, business development managers
  8. Business specialists and professionals, mid-level management, business development managers, analysts, risk professionals in the Middle East insurance market
  9. Lawyers and legal experts
  10. Professors, academics and journalists

CONTACT US

Got inquiries about the conference? Please drop us a line or you may ask @meglobaladvisor on Twitter.

For Sponsorship, Exhibition and
Delegate Inquiries, please contact:

partnerships@meglobaladvisors.com

For Marketing and Media Inquiries:

Nikita Kandath
nikita@meglobaladvisors.com

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