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special report | OCTOBER 29, 2013
EMIRATES INSURANCE ASSOCIATION
S I LV E R J U B I L E E Y E A R
Pivotallink Bridging the gap Between insurers and reinsurers
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SPE CIAL R E P ORT
Celebrating 25th Anniversary EditORial executive editor Patrick Michael Supplements editor Suchitra Steven Samuel Sub-editor Sadiq Shaban Reporters farhana chowdhury Suneeti ahuja-Kohli
PROdUCtiON Designers Mohammad ejaz Khan Sidharthan imaging Venugopal Prabhu
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CONtENtS ‘Consolidation is the key in insurance sector’ Working in the best interest Keeping a strict eye on regulations Insurance premiums soaring in the Gulf Cargo and logistics liability landscape Secure financial future Professionalism at its best Implementing new practices
Insurance stack-up Total number of insurance companies: 61 National insurance companies: 34
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foreign players: 27 insurance agents: 14 brokers: 163 national and 7 foreign consultants: 18 Loss adjusters: 69 actuaries: 31 Total funds invested: Dh28.7 billion investment in shares and bonds: Dh13.7 billion investment in deposits: Dh9.2 billion Premium underwritten: Dh26.3 billion Premium collection from property and liability insurance: Dh20.3 billion Life insurance: Dh5.9 billion Total employee strength: 8,586 uae Nationals: 662 Source: annual insurance Report 2012
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ChAiRmAn’S meSSAge The emirates insurance association extends its best wishes to all stakeholders of the insurance industry. The association has come a long way and is celebrating its silver jubilee to mark the 25th anniversary of the association that has been a pivotal platform between the insurance authority and industry players. Over the years, we have developed an outstanding relationship between insurance and reinsurance companies, and raised issues that are mutually central to both parties. We have also represented the cycle of economic activity in the Gulf region, studied its impact on the insurance sector and proposed reforms for the betterment of the industry. We will continue to strive for excellence and promote the best interests of all stakeholders. On this note, i congratulate all once again. Saleh bin Rashid Al Dhahiri chairman emirates insurance association
Celebrating 25th Anniversary
‘Consolidation is the key in insurance sector’ The Dh26.3-billion insurance industry in the UAE is among the fastest growing ones in the GCC market, accounting for almost one-third of the total premium collections in the GCC. As the industry body celebrates its 25th anniversary, Suneeti Ahuja-Kohli speaks with Fareed Lutfi, Secretary General of Emirates Insurance Association, on the latest issues rocking the sector and to get a pulse of this vibrant industry. Excerpts:
How much is the insurance penetration with respect to life and non-life insurance? Although the UAE has one of the most developed life insurance markets in the region, non-life business continues to contribute a major chunk to the premium income. On a general note, insurance penetration is close to 2 per cent, and stands at 1.6 per cent in terms of non-life insurance.
Which are the fastest growing and the most profitable lines of business?
Give us a perspective on the UAE’s insurance industry. There are 61 insurance companies operating in the UAE and all are members of the Emirates Insurance Association. Of these, 34 are nationally incorporated companies and 27 are foreign. Among the national companies, around 10 operate on Islamic Sharia basis. Besides, we have a number of brokers, agents, consultants, loss adjusters, surveyors and actuaries that complement the insurance industry in the UAE.
Fareed Lutfi, Secretary General The insurance market in the UAE is the largest in terms of premium income among the Arab markets. In 2012, insurance companies in the emirates collected premium of Dh26.3 billion and made collective investments at Dh29 billion in markets.
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Property and motor are the major non-life business lines. The infrastructure build-up is currently in full swing again with Dubai in the race for Expo 2020, and the announcement of many projects including renewable energy and transport infrastructure such as solar power, wind power, nuclear and railroad, are all new to the UAE and the region. Therefore, we assume construction and property business would, in time, be the fastest growing lines of business. Over the last four years, we have noticed health insurance pick up and it has become one of the fast growing areas. Overall, I would say all lines are profitable in different degrees, from one line of business to the other. It all depends on one’s company management and shareholder philosophy in the market.
Celebrating 25th Anniversary
Emirates Insurance Association has been active in the UAE for 25 years. Kindly enlist some of its achievements during this time span. I believe the association’s achievement is evident when we take into consideration the advanced stage we are at today compared to quarter of a century ago. The association has worked with the industry as a right-hand assistant to the authorities, and together we have progressed. Let’s not forget that the association belongs to market experts who run the industry through their companies. Some of the notable achievements of the association include introduction of new branches of insurance such as personal lines, life and related types of life insurances, employee benefits and, most importantly, professional indemnity covers that were unheard of here 20 years ago.
The association belongs to market experts who run the industry through their companies, giving rise to notable achievements
we strive to adopt the best possible practices and promote ethical behaviour in the insurance market through market intelligence. We collate data, where possible, and share it with various government authorities. This aids in making sound technical decisions.
What is the aim and philosophy of Emirates Insurance Association?
What is your view on the regulatory framework in the emirates? Do you see any regulatory deficits that need to be addressed?
As for any insurance association worldwide,
I would not say regulatory deficits but bet-
terment of regulations, particularly the UAE being a member of IAIS (International Association of Insurance Supervisors). And as we mentioned above, the Insurance Authority is moving in the right direction.
What is the average return on investment for insurance companies? And how are the companies coping with it? The financial crisis has depressed the real estate and equity markets upon which many
insurers depended for income, besides commission from reinsurance companies. I assume return on equity is measured as the most notable one, which under good investment climate yields returns of more than 25 per cent. This was way above the return on mature markets. I believe a rate of 10 per cent to 12 per cent, which is still above international market average, is acceptable.
The Insurance Authority has often called for a need to consolidate the market. What are your views on the same? Some say inflated valuations and reluctance to relinquish control are among the factors preventing smaller companies in the GCC from consolidating, despite the fact that some insurers are struggling with profitability. Once proper legal solvency requirements are put in place critical factors will surface leading to mergers and acquisitions. As we read in the newspapers recently, the Insurance Authority has appointed a legal firm to work along consultants on introducing best in class culture for the market.
Property and motor are the major non-life business lines. The infrastructure build-up is currently in full swing again with Dubai in the race for Expo 2020
Celebrating 25th Anniversary
List of insurance players: NATIoNAL mEmbErs
Low retention has often been cited as one of the key weaknesses in the GCC insurance market. How is the experience in the UAE? How much risk is retained by domestic insurers? Now that some of our national companies, in my opinion, have matured (having operating for more than 40 years), it is high time that higher retention becomes imperative on their part. Heavy reliance on reinsurance reflects the dominance of a direct insurance business model based on commission, which is a diminishing phenomenon, and investment income, which in turn is driven by abundant reinsurance capacity and a general lack of technical expertise needed to retain more risks. Cession rates are particularly high especially for certain commercial lines where more than 90 per cent of original premium is ceded to reinsurers. Globally, on an average, companies retain 90 per cent of the risk.
Dubai aims to be the capital of the Islamic Economy. What role can the domestic insurance sector play in this regard? We already have a strong architecture in place. With an autonomous hub of DIFC that has ultimate prudential laws, be it commercial or Islamic, we have set up the world’s first Islamic bank in Dubai. Dubai has international religious awards, and Islamic finance including Takaful, which has been in place for about a decade. However, I think that consolidation in the insurance space and formation of semi-giant takaful and retakaful companies without a doubt is a key going forward.
Cession rates are particularly high especially for certain commercial lines where more than 90 per cent of original premium is ceded to reinsurers Identify a few challenges and opportunities for the insurance sector. We have a number of challenges. The foremost one is the under penetration of insurance. We are also concerned with the erosion of market discipline, where companies and brokers should abide by ethical practices is a serious threat; training and developing younger generations are a long lasting challenge. Moreover, most companies have no succession planning, which is a grave concern.
What is the pricing outlook for the next couple of years? Current pricing levels in the region being below the long-term average, not just in the UAE, is calculated on a five-year basis. It does with abundance of reinsurance capacity, although prices started to pick up on certain classes where it reached uneconomical for both insurers and reinsurers. Pricing subject depends on many factors and does affect different companies and lines of business. The age of companies and shareholder expectations along with management view has to do a lot with it. — suneeti@khaleejtimes.com
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Abu Dhabi National Insurance Company Abu Dhabi National Takaful Co. Al Ain Ahlia Insurance Co. Al Buhaira National Insurance Co. Al Dhafra Insurance Company Al Fujairah National Insurance Co. Al Hilal Takaful Company Al Khazna Insurance Company Al Sagr National Insurance Co. Al Wathba National Insurance Co. Alliance Insurance Arab Orient Insurance Co. Arabian Scandinavian Insurance Co. Dar Al Takaful Dubai Insurance Co. Dubai Islamic Insurance and Reinsurance Emirates Insurance Company Green Crescent Insurance Co. Insurance House Islamic Arab Insurance Company Methaq Takaful Insurance Company National General Insurance Co. National Health Insurance Company Noor Takaful Family Noor Takaful General Oman Insurance Company Ras Al Khaimah National Insurance Co. Sharjah Insurance Company Takaful Emarat Union Insurance Co. United Insurance Company Watania Takaful ForEIGN mEmbErs ACE Tempest Life Reinsurance Ltd — UAE Adamjee Insurance Co. Al Ittihad Watani — General Insurance American Home Assurance Co. Metlife Alico Arabia Insurance Company Assicurazioni Generali Axa Insurance Gulf Friends Provident International General Insurance Corporation of India Iran Insurance Company Jordan Insurance company LIC International Mitsui Sumitomo Insurance National Life and General Insurance Co. Qatar General Insurance & Reinsurance Qatar Insurance Company Royal and Sun Alliance Insurance Saudi Arabian Insurance Co. State Life Insurance Corporation of Pakistan The New India Assurance Co. The Oriental Insurance Company Tokio Marine & Nichido Fire Insurance Co. Zurich International Life Ltd Zurich Life Insurance Company Zurich Middle East
Celebrating 25th Anniversary
Working in the best interest Liaising between the Insurance Authority and various stakeholders in the industry, the Emirates Insurance Association plays a key role in addressing issues. Here’s a look at some of the prominent achievements so far Suneeti Ahuja-Kohli
T
he UAE is the largest insurance market in the GCC and tops the charts in terms of insurance penetration, total revenue and insurance density, standing tall with the premium collection of $7.2 billion (Dh26.3 billion) in 2012.
Over the last six years, the sector has grown at a compounded annual growth rate of 17 per cent, which is marginally higher than the GCC average. While these figures might appear impressive on a standalone basis, a comparative study with the world average and some of the developed countries reveal a sorry picture. Even at this growth rate, the insurance penetration and density stand at 2 per cent and $1,464, respectively in 2012, which are abysmally low levels compared to the global average of more than 5 per cent. A few developed countries such the UK, Switzerland, France and many others boast of insurance penetration levels of more than 10 per cent. Emirates Insurance Association (EIA) is doing its bit in bridging this gap and has been liaising between the Insurance Authority and other stakeholders in the sector, which includes 61 insurance companies and others, for a quarter of a century. Over the
years, the association has facilitated several debates and discussions that churned out the best decisions, and also gave a formal voice to the industry. The insurance industry has matured over the years in a conducive environment enabled largely by the association, and aided the players in introducing an array of schemes and measures that were unheard of 20 years ago. Some of the noteworthy measures introduced by the EIA include bringing in new branches of insurance, featuring personal lines of insurance; life and related types of insurances; introduction of employee benefits and most importantly professional indemnity covers. EIA has also been instrumental in providing a common platform for foreign and national companies, encouraging them to come together to discuss and promulgate decisions for the industry. In 2006, the association promoted a Federal Bill on motor
insurance that laid emphasis on the compulsory insurance of civil responsibility resulting from vehicle accidents. The association has also formed the following specialised technical committees to address key issues of concern: • Higher Technical Committee • Technical Committee for Auto Insurance and Legal • Technical Committee of Marine Insurance
• Technical Committee of the NonMaritime Insurance • Technical Committee for Life Insurance and Takaful • Technical Committee for Health Insurance • Training Committee • Reinsurance Committee To streamline the financial relationship between insurance companies and brokers, EIA discussed the need for the financial
guarantees by brokers, and emphasised on setting up of rules and standards for fair dealing with insurance brokers and life insurance companies operating outside the state. In case of health insurance, EIA conducts frequent meetings with the Ministry of Health to discuss topics and issues related to the sector, including insurance for doctors, technicians and assistants working in the medical field. Currently, it is discussing proposals on mandatory health insurance in Dubai and expects to introduce soon. A compulsory medical and health insurance will not just work well for the players of the insurance sector but also in the best interest of the residents who will get a shield against unforeseen medical costs. EIA is also playing a key role in the national health accounts project by the Dubai Health Authority. As a token of appreciation and incentive for better performance, EIA has also helped constitute awards such as Sheikh Khalifa Excellence Award, Dubai Quality Award, and Award for Investing in Human Resources. —suneeti@khaleejtimes.com
SHINING TOGETHER
SINCE 1988 RSA would like to congratulate the Emirates Insurance Authority on 25 years of guiding the UAE's insurance industry to bigger, brighter and bolder achievements.
Royal & Sun Alliance Insurance (Middle East) Ltd EC registered under UAE Federal Law dated April 1, 1997 (Registration No 65).
Celebrating 25th Anniversary
Keeping a strict eye on regulations The insurance industry is poised to grow rapidly with proposed overhaul in regulations Suneeti Ahuja-Kohli
I
t’s an exciting time for the insurance industry in the UAE on the growth and regulatory front. The sector, which is home to 61 insurance companies and over 160 brokers, aims to clock around 10 per cent growth this year compared with 2012 when the sector grew at 9.5 per cent. On the regulatory front, the Insurance Authority is working on various regulations to give a facelift to the industry that suffered setbacks during the financial crisis and contributes a measly 1 per cent to the country’s GDP.
IndusTry In terms of insurance penetration, total revenue and insurance density, the UAE tops the Gulf Cooperation Council (GCC) region. Last year, insurance revenue for the
The insurance sector has been growing at a compound annual growth rate of 17 per cent for the last six years. According to official estimates, the projected growth rate of the insurance sector of 10 per cent might accelerate further with reforms being implemented industry stood at over Dh26.3 billion, which is approximately 45 per cent of the premiums written in the GCC, making UAE the largest insurance market in the GCC. The sector has been growing at a compound annual growth rate of 17 per cent for the last six years. According to official estimates, the projected growth rate of the insurance sector of 10 per cent might accelerate further with reforms being implemented. The insurance penetration, however, still stands at just two per cent. Property and motor insurance are the major non-life insurance businesses in the UAE. As per analysts, the sector is growing at a healthy rate with the exception of the top five players in the market with the average premium per insurer standing at approximately $83 million. In 2012, the sector had invested almost Dh13.7 billion in shares and bonds and almost Dh9.2 billion in deposits, as per the Insurance Authority. Premium collection from property and liability insurance stood at Dh20.3 billion, which was the highest
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grosser of business. Life insurance on the other hand garnered Dh5.9 billion. The sector employs over 8,500 people, of which 662 are nationals. There is a growth of 17 per cent in recruitment of nationals from last year, and they contribute about 8 per cent of the sector.
reforms The sector is poised for strong growth in the light of changes being proposed by the insur-
ance regulator. The Insurance Authority plans to set up a central Sharia board of scholars to regulate Takaful or Islamic insurance, which is a growing phenomenon not only in the UAE but also globally. At present, the sector contributes a meagre 5 per cent to the overall sector and is largely dominated by the general insurance segment. The sector is expected to get a major boost with plans to set up a central Sharia board and proposals to make Dubai as the capital of Islamic economy. The authority is also working to introduce regulations for insurance brokers and is learnt to have hired an international consultancy to draw up regulations.
Capital adequacy and motor insurance:
There is a significant stress on raising the capital adequacy ratios and general supervision of insurance brokerages. The authority has drafted a law, which is awaiting approval from the UAE Cabinet to better regulate car accidents among insurers, the traffic department and the Ministry of Jus-
counting for 34.6 per cent, and in real estate markets that made up for almost 20 per cent. Such exposure to volatile local equity and real estate markets represented a substantial credit challenge for many insurers.
Consolidation: There is a tough competition
tice. The insurance authority has submitted a draft law in a bid to standardise motor policies for the sector. At present, policies are approved via ministerial decree.
Quality of assets: The asset quality of the
insurance sector came under close scrutiny following the global financial crisis. Many insurers who invested a substantial portion of their investments in equities were hard hit following a major sell-off in equities leading to unexpected losses for companies. A considerably small part was invested in government bonds, local bank deposits, ac-
among the 61 players in the insurance market. Analysts suggest that such high number of companies indicate a considerable level of industry over-capacity, which depresses the market’s overall performance. The Insurance Authority is calling for consolidation to avoid cut-throat competition. Experts suggest that consolidation or exit of players is likely necessary in order to enhance market stability.
With these reforms and more in the pipeline, the insurance sector aims to increase its penetration rate and also shore up its share to the GDP from 1 per cent to 3 per cent in coming years. — suneeti@khaleejtimes.com
Celebrating 25th Anniversary
Insurance premium soaring in the Gulf Insurance penetration in the GCC is expected to improve to two per cent by 2017
I
nsurance industry in the Gulf is projected to expand at 18.1 per cent per annum between 2012 and 2017 to reach a size of $37.5 billion. The non-life insurance segment is expected to outperform the life segment during this period. Overall insurance penetration in the GCC is expected to improve from 1.1 per cent in 2012 to 2 per cent in 2017, while insurance density is anticipated to more than double during this period, according to a study by Alpen Capital. Saudi Arabia may surpass the UAE as the largest insurance market in the region going forward, while Oman is expected to outgrow Kuwait by a small margin to become the fourth largest market in 2017, Alpen Capital said in its GCC Insurance Report. The Saudi insurance industry is seen as a major driver behind growth of the GCC insurance industry. Most of the remaining markets are also expected to witness a doubledigit growth between 2012 and 2017. Demographic factors like an expanding population base, large representation of foreigners, and increasing life expectancy are expected to have a positive impact on demand of insurance products in the Gulf. “Low insurance penetration, despite strong underlying growth drivers, continues to offer ample opportunities to insurers in the GCC. The region’s insurance sector is also expected to structurally mature going forward, in line with positive regulatory developments and efforts by some players towards attaining greater operational scale and efficiency,� said Sameena Ahmad, Managing Director of Alpen Capital. Government investments in various sectors for promoting economic diversification are likely to provide new underwriting opportunities. Further, expansion of income levels and low median age of residents suggests a strong propensity for acquiring personal assets. Implementation of compulsory health insurance programmes in different jurisdictions is likely to create strong growth avenues for insurers. The impact of new vehicle
sales growth is also expected to cascade on the insurance industry. Recent political and catastrophic events are likely to create increased awareness about the benefits of insurance, and make enterprises more proactive in insuring their properties and personnel. Regulatory framework and operational parameters of the Takaful market are expected to undergo positive changes as the practice evolves further. New and innovative offerings may generate higher demand for family Takaful products. The report also said business and financial hubs like Dubai International Financial Centre (DIFC) and Qatar Financial Centre (QFC) have significantly contributed to the growth of the regional insurance industry. These centres are home to a number of insurance and reinsurance companies, and insurance intermediaries. Insurance industry in the Gulf is currently over-crowded as a number of domestic and international companies serve the limited sized market. Competition is particularly intensive in personal insurance lines like motor and medical. The insurance sector in many countries is being regulated by rules set out several decades ago. Further, there is a wide range of regulatory discrepancies across the region, the report pointed out. Industry-wide profit margin in the GCC
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has been on a downtrend for the last several years, primarily reflecting diminishing profitability in technical operations, an inefficient operating model and low scalability, and falling investment yields. The insurance sector faces severe shortage of skilled local workforce. This has, in turn, affected the underwriting and risk-bearing capabilities of companies while increasing their operating overheads. Foreign insurers are expected to further augment its presence in the Gulf as they benefit from higher technical know-how, distribution capabilities, customer orientation and financial strength. Enterprise Risk Management (ERM) is still in the development phase in the region. However, insurance companies are increasingly sensing the need of having more robust and systematic risk management processes for the future. The proposed unified insurance scheme for automobiles may bring about some standardisation in insurance rates across the region. It may also pave way for more unification measures within the insurance sector. Modern distribution channels like bancassurance and online policy approvals are increasingly becoming popular. Islamic banks are likely to emerge as an important medium in the marketing and sales of family takaful products, the report said.
Cargo and logistics liability landscape United Insurance Company highlights value and learning United insurance Company embarked on client and broker education earlier this year as part of its partnership philosophy to mitigate risk. to date total participation approached 1,000 spread over 20 in-house seminars. in October, in partnership with international reinsurers and leading legal firms, it has run its first client seminar focusing on cargo and logistics operations.
James Portelli is a Chartered Insurance Practitioner, a fellow of the Chartered Insurance Institute and Institute of Risk Management, and General Manager of United Insurance Company PSC
the maxims of United insurance Company are clear — Positioning (we cannot be everything from everybody), Partnership (we do not ‘sell’. We work with clients or their broker) and Profitability (the relationship has to make equitable business sense to all concerned). in short, we aim to add value.
Within this framework, we are engaging with clients not only to provide insurance but also to learn from them and them from us on how to better combat risk. insurance is only one of the solutions within a more holistic framework of prevention, reduction and cure.
Celebrating 25th Anniversary
Professionalism at its best
Gargash Insurance Services offers peace of mind through reliable solutions
Matthew Waterfield
Secure financial future Matthew Waterfield, General Manager of Friends Provident International, Middle East and Africa, pens down felicitations On behalf of the team at friends Provident International, I am delighted to extend our warmest congratulations to fareed and his team at the emirates Insurance association on the auspicious occasion of their 25th anniversary. The emirates Insurance association provides an exceptional level of support to its members and has been a great help in establishing friends Provident International as one of the key international life insurers in the region. It is well known that levels of life insurance penetration (premiums as a percentage of GDP) and density (premiums per capita) in the region are extremely low. We will continue to work with the association to educate the population on the importance of life insurance — both as a means to protect themselves and their families — and to help them save to secure their financial future. friends Provident International is proud to be partner of the emirates Insurance association, and we look forward to continuing our close working relationship for many years to come.
GarGash Insurance services is part of the renowned Gargash group of companies, which has been in the insurance business for over 55 years. Gargash Insurance is a market leader and stands apart from competition for its innovative approach, commitment to excellence and highest levels of performance standards, all of which combine to support its clients’ objectives in the most optimum manner. Gargash Insurance caters for the entire gamut of insurance products — right from the home or motor insurance for the individual to the most complex of property, marine or liability coverage for the largest of industrial risks. Gargash Insurance has been accredited with the coveted ‘Chartered Insurance broker’ title Suresh Nair, Executive Director by the Chartered Insurance Institute, london. Gargash was the first insurance intermediary in the Middle east to be accorded this singular honour. What this means in practical terms to its valued clients and strategic partners is the highest levels of service ethos, professionalism and commitment. With over 300 trained, qualified and experienced staff, Gargash Insurance is always available to provide bespoke solutions in the fields of insurance and risk management through its offices in Dubai, abu Dhabi, sharjah and the joint venture Gargash Tradelinks in Oman.
Implementing new practices Al Wathba National Insurance Company takes lead with a convenient online platform for clients eMIraTes Insurance association (eIa) will be celebrating its silver jubilee. since inception, it has provided a common platform for the local insurance fraternity as well as the GCC, where it serves to bring its member companies closer in their views and perceptions and to place the Uae insurance market among the most professional in the region. al Wathba national Insurance Company (aWnIC) has always been an active member of the Bassam Adib Chilmeran association taking a lead role in projecting mar- General Manager ket professionalism and in introducing new norms and means of servicing its clients to the market. Today, aWnIC takes the upfront position in availing its services to clients via an online platform where it can communicate and allow them to purchase and renew their policies with ease. The company expanded its involvement in the region through the establishment and management of insurance companies in other territories such as Vision Insurance Company in Oman and Ur International Insurance Company in Iraq. Today both are considered recognised players in all types of insurance by qualified underwriters that are able to extend the same level of services to these territories. aWnIC is committed to continuously work with the eIa in fostering solidarity among the insurance and reinsurance companies, brokers, surveyors and loss adjusters in the endeavour of achieving the objectives under which the association was established for.
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