SCOR held meetings in a dedicated area at the event and hosted a cocktail evening for more than 120 clients from the region at the Sindbad Hotel on Monday, June 25.

 

Although most Arab insurers have been slow to boost their business by adopting technology, a recent study on digital transformation in the region, which was presented during the event by Dr. Ali Al Wazani, CEO of Arab Orient GIG (Jordan), showed that internet and mobile penetration exceeds 50% in the 12 Arab countries, and that 73% of people in the 12 GAIF member countries use the internet on their mobile phones. The study gathered its information from 400 companies across 18 MENA markets. With 65% of the region’s population aged between 16 and 24, a general review of business strategy in the light of digital transformation seems imminent for many companies, particularly with regard to product distribution and delivery, customer analysis and tracking systems, and digitally enabled products and services.

 

 

According to the MENA Insurance Pulse survey, which was also presented during the GAIF by Dr. Henner Alms from Dr. Schanz, Alms & Company AG, insurance markets in the Middle East and North Africa are expected to continue to outgrow the region’s GDP over the next 12 months. Although the executives surveyed anticipate that geopolitical instability and economic headwinds will continue to weigh on the industry’s outlook, price adequacy in commercial lines, especially in property business, has improved, mainly in response to severe fire losses. With increased regulatory oversight, especially the introduction of risk-based supervision, there is a greater push for compliance. And looking to the future, there is also increased talk of M&A, with potential partners being considered.