Hi everybody 👋
Today is the launch of the 4th episode of the Reinsurance Tutorials season 4!
We will talk about "Life insurance in MENA : Legal challenges, local opportunities".
This topic will be addressed by our Arundo Re experts Bertrand PETRAS et Arthur DAVID.
Let’s start! ⏬
[Arthur]: Hello everyone. I’m Arthur David, Underwriter & Actuary, Life & Health in the Middle East and North Africa.
[Bertrand]: Hello ! I’m Bertrand Petras, Vice President Life and Health in the Middle East.
The Life & Health insurance market in the Middle East is expanding rapidly. With sustained economic growth projected at 2.7% for 2024, and rising incomes, more people are interested in life insurance products. Demographics - a high proportion of young adults generate vast potential. Government campaigns and recent crisis, such as pandemics and an increased number of natural catastrophes, gave us a better understanding of people’s specific needs for protection.
[Arthur]: Legislation is evolving to offer better solutions to the insured. Local insurance market authorities are reinforcing control systems, especially around capitalization and solvency. Those changes will provide better stability and benefit the industry in the long run.
[Bertrand]: Recent legislation updates have introduced mandatory medical coverage all over the region, including soon in Qatar, following in the steps of Saudi Arabia and the UAE.
Following the Capital Market Authority’s circular, which offers better protection to policyholders by standardizing the terms and conditions applicable to credit-based insurance, every insurer must comply with the new regulations. On the Life side, Oman implemented the Unified Credit Life policy.
Switching from short-term to long-term benefits, and from group to individual cover, is obviously a strong challenge, and we can assist with the legal, technical and operational challenges, now and into the future.
[Arthur]: Considering the dynamic economy, youthful population and increased awareness of insurance benefits, there are significant opportunities for Life and Health innovation. Digitalization and strategic partnerships are key to prosper, and we want to help insurers
meet these challenges.
The Middle East and North Africa represents an important part of our Life and Health book, with a written premium of around USD 164M. Strategically, we offer reinsurance support and solutions to insurers with a long-term vision.
We seek to underwrite clients more than businesses. We value partnerships that last.
[Bertrand]: Our society operates in over 80 countries, giving us expertise in mature and emerging markets. This means we can advise and accompany clients on the implementation of new regulations fully dedicated to you.
[Arthur]: Our unique model, with management and skilled Life and Health resources centralized in Paris, allows us to be responsive and take action quickly. As a mid-sized reinsurer, we are well established in the region, with our Single A rating from S&P and AM Best.
We offer solutions to clients on our core lines of business, including Group Term and Group Credit Life for those with a leader appetite; and medical lines for follower appetites.
See you soon for the next episode 👋