The United Arab Emirates (UAE) insurance market continued its trend for a third consecutive year with an overall increase in profitability along with premium growth in 2019. Based on the preliminary disclosures and audited reports of the UAE insurance companies listed on the Abu Dhabi Securities Exchange and Dubai Financial Market, the Gross Written Premium grew by 8.3% to AED 23.7 billion during 2019 following a small increase in 2018. The increase in premium was primarily due to movements between listed and non-listed insurers. Milliman’s Safder Jaffer and Asad Irshad provide more perspective in this report.
Milliman is pleased to announce it was named “Service Provider of the Year” for the fifth consecutive year at the Middle East Insurance Review’s 2018 Middle East Insurance Industry Awards (MIIA).
Citing Milliman as an “undefeated contender” in this category, the award recognizes the firm’s market innovation in the digital space and leadership as it pertains to education and research across the Middle East’s insurance and reinsurance industry. Specific achievements include creating a digital consulting team to engage with the market on innovative products such as telematics and machine learning, as well as helping the industry prepare for the adoption of International Financial Reporting Standard (IFRS) 17. Milliman also received accolades for helping develop the first-ever mortality study in the Middle East region.
At Milliman we are passionate about the work we do, and strive to continuously innovate and educate in order to serve the industry and people across the Middle East and North Africa (MENA). We are honored to receive this award for the fifth year in a row, and thank the Middle East Insurance Review and the esteemed panel of judges for the recognition.
The MIIA, organized by Middle East Insurance Review (MEIR), was launched in 2014 to recognize and salute excellence in the MENA insurance industry, helping to boost standards and promote greater professionalism in the market. A panel of 14 distinguished judges across the industry assessed over 300 nominations, comprised of insurers, brokers, risk managers, service providers, and industry leaders.
For more information about Milliman’s work in the United Arab Emirates (UAE), click here. For more information about the awards, click here.
Milliman has released the findings of the first known study analysing the general and the family Takaful industries, separately, across all major markets. The full report will be released and discussed at the International Takaful Summit in London today.
‘While there have been a few reports analysing the US$14.9 billion Takaful market, they typically provide a combined analysis,’ said Farzana Ismail, head of Milliman’s Life Insurance and Family Takaful consulting practice in South East Asia. ‘Since drivers for general Takaful can be significantly different from family Takaful, there has been concern around the distortion caused by analysing them together and demand for a separate analysis. This report helps meet that demand.’
‘The GCC region dominates the global market penetration of Takaful, which grew 14% in 2015,’ said Safder Jaffer, Milliman’s managing director for the Middle East & Africa. ‘However, a closer look at the market reveals that there is virtually insignificant penetration of family Takaful, providing a huge opportunity for growth.’
Highlights from the Milliman Global Takaful Report 2017:
• Coverage of the major Takaful markets: South East Asia, Gulf Cooperative Council and Africa and the smaller markets, by country, analysing data from 2011 to 2015
• Market trends including changes in gross written contribution (GWC) and financial ratios
• The regulatory environment and changes in each market and their impact on the industry
• Opportunities for and challenges preventing the growth of Takaful
To download the report, click here.
Authors of this report can be reached on:
• Farzana Ismail in Kuala Lumpur at +603 2722 7181, email@example.com;
• Safder Jaffer in Dubai at +971 386 6990, firstname.lastname@example.org
Milliman was named “Service Provider of the Year” for the third consecutive year at the Middle East Insurance Review’s 2016 Middle East Insurance Industry Awards (MIIA). The award recognizes Milliman’s leadership in the insurance and reinsurance industry, citing the firm’s unique multidisciplinary consultancy services, its implementation of educational and professional initiatives, and noting Milliman’s work as “a catalyst for the betterment of the industry.”
We are honored to receive this award for the third year in a row. At Milliman we believe in offering innovative solutions that serve not only our clients but the industry and region as a whole. We thank the Middle East Insurance Review and the esteemed panel of judges for recognizing the leading work we do throughout the Middle East and North Africa.
The Middle East Insurance Review is a monthly publication that aims to meet the information needs of insurance practitioners in the Middle East and North Africa (MENA) region and the global Takaful industry. The MIIA, now in its third year, is heralded as the premier awards of the MENA region with a clearly defined criteria and a transparent process served by a panel of 20 distinguished Judges.
For more information about the awards, click here.
Milliman was named the Service Provider of the Year at the Middle East Insurance Review’s Middle East Industry Awards 2015, which were held in November. This is the second consecutive year that Milliman has won this award. Middle East Insurance Review is a monthly publication that aims to meet the information needs of insurance practitioners in the Middle East and North Africa region and the global Takaful industry.
Significant regulatory changes are occurring in the Middle East, and Milliman has educated and will continue to educate the industry through a series of workshops, collaborating with others in the industry.
“We are delighted to have been recognised for our overall excellence for the second year in a row,” said Safder Jaffer, Managing Director, Dubai office. “The fact that Milliman has been recognised shows that actuaries are making a difference to the value proposition of the insurance and reinsurance industry in the region. And we will enhance our service proposition by focusing on developing talent within client companies as we continue to provide innovative solutions.”
For more information about the awards, click here.
Milliman today published research on regulatory reform in the United Arab Emirates (UAE). The regulations, issued earlier this year by the Insurance Authority (IA), include a transition period of up to three years, but insurers are advised to begin transitioning immediately.
With the new guidelines, the IA has certainly raised the bar for insurance regulations in the region. We expect significant change for both conventional insurers and for Takaful companies as the new regulatory framework is enacted in the coming months and years.
Companies face a number of key changes:
• A higher level of supervision by the IA
• A need for major improvement in risk management practices, including in the framework for enterprise risk management (ERM)
• A requirement to work closely with actuaries on solvency, reserving, investments, and financial forms
For more on the framework, download this paper. You can also download the following presentations prepared earlier this year:
• “New Financial Regulations for Insurance and Takaful Insurance Companies—An Overview”
• “The Financial Regulations: A Legal Perspective”
• “Investment Risks and Asset Valuation Considerations”
• “Regulations Pertinent to the Technical Provisions”
• “Solvency and Solvency Forms for UAE Insurance Companies”
• “Impact of new UAE Insurance regulations on insurance companies’ ERM”