In our fifth and final MENA Insights interview, Chris Pleasant, Managing Director of Guy Carpenter, offers an upbeat vision of the future. While the current soft market presents challenges, it belies the greater re/insurance opportunity ahead. As local insurance markets mature and the approach to reinsurance buying becomes more sophisticated, MENA will enter the next chapter of growth.
Posts Tagged ‘MENA’
The 15th European Conference on Earthquake Engineering will take place in Istanbul, Turkey, on August 24 - 29, 2014. This very important event is held every four years and brings together the most renowned experts on seismology, vulnerability, risk and structural and geotechnical engineering. The most recent advances in the field of hazard and risk assessment, loss estimation and seismic design will also be presented and discussed.
The spillover of violence from Syria to other Middle Eastern countries is a clear risk in 2014 and beyond. The conflict, and the sectarian tensions that underpin it, could destabilize a number of countries that share borders with Syria and be a catalyst for further violence in countries such as Lebanon, Iraq, Turkey and Jordan. Islamic State in Iraq and the Levant (ISIL) has already exploited conditions in Syria to its advantage in Iraq, where the level of violence is at its highest for a number of years. The group has also made significant territorial gains in Iraq recently, advancing its aim of creating a caliphate in parts of Syria and Iraq.
In our fourth MENA Insights interview Mahomed Akoob, managing director of Hannover Re Takaful, considers the huge potential of the Takaful and Retakaful market in the region, which he thinks could grow at a faster pace than Asia. Islamic finance is driving much of the demand for Shariah compliant insurance coverage to be taken out for major infrastructure projects.
The next 18 months are likely to be an important period for Afghanistan and Pakistan in determining whether the impending withdrawal of US-led coalition forces from Afghanistan could be exploited by militant groups and a precursor to increased terrorist activity in both countries. In particular, there are fears Afghanistan could descend into civil war as the Taliban seeks to reassert its control over certain areas of the country after coalition troops withdraw, thereby recreating a sanctuary for militants similar to the one that existed before the September 11, 2001 attacks.
According to data supplied by IHS Aerospace Defense & Security, a leading public source of defense and security information worldwide, the increasingly diverse and dispersed threat has seen terrorist activity around the world rise since 2009 (see figure below). There has also been a considerable rise in the number of fatalities from terrorist attacks during this period.
In our third MENA Insights interview Fadi AbuNahl, chief executive of Trust Re, describes how the MENA re/insurance market has developed in recent years and what has prompted greater risk retention within the underlying market. He thinks there is plenty of reinsurance premium to go around but cautions against competing on price alone. Continue reading…
Here we continue to assess the relative strengths and weaknesses of the Islamist terror groups, along with their overall threat to the Western world. Despite the gains made in counter-terrorism since September 11, 2001, it is clear that the threat from large Islamist terrorist groups has not been eradicated. Indeed, a number of Islamist terrorist organizations continue to aspire to conduct complex attacks against Western countries and interests around the world.
Despite the undoubted counter-terrorism gains that have been made since September 11, 2001, it is clear that the threat from large Islamist terrorist groups has not been eradicated. Indeed, a number of Islamist terrorist organizations continue to aspire to conduct complex attacks against Western countries and interests around the world. The attacks carried out in Indonesia (2002), Madrid (2004), London (2005) and Mumbai (2008) are a stark reminder of the objectives of such groups.
Terrorist activity over the last 18 months has reflected the changing terrorism landscape. Several important developments have occurred since the beginning of 2013, starting with French military intervention in Mali in January 2013 to prevent the country from becoming a failed state and base for jihadist terrorists.