Page 18 - March 2022 Issue 604 Part 2

P. 18

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Ulrich Pasdika

(Member of the Executive Board of General Reinsurance AG)

The Arab insurance market is dynamic and very open for
change & innovation

Ulrich Pasdika, Member of the Executive Board of ,SASCHA ADLER ,Gô≤°T ƒHCG ¿RÉe .O :QÉ°ù«dG øe ô¡¶jh GEN RE ¿ÉcQCG
General Reinsurance AG, is responsible for Gen Re’s ∫ƒÑYO »∏jGh ULRICH PASDIKA ,¬eÓ°S º«gGôHEG
Life/Health business across Europe, Latin America, the
Middle East and North Africa. Ulrich joined Gen Re in
2001 and has held several roles during his tenure, includ-
ing leading the Life/Health team in Germany and interna-
tional Life/Health Research and Development department.
In a Q & A with Al Bayan Magazine during the 5th annu-
al Dubai World Insurance Congress, Pasdika talked about
the impact of the war between Russia & Ukraine on the
regional insurance industry and expressed his point of view
concerning the Arab insurance market. He further evalu-
ated their presence in the Middle East region.
Following is an account of the interview.

* Do you think the war between Russia and Ukraine is very open for change and innovation. It is a key region

will have an impact on the insurance industry in the for us on the life and health side! We want to develop busi-

region? ness further with our clients in the region, particularly look-

- That is still too early to tell but for the foreseeable future ing at the opportunities that technology and digital approach-

I don’t see any immediate impact of that conflict on the es offer. We would also love to develop individual life and

insurance industry here in the region. The conflict high- long term business more strongly than in the past.

lights that both insurers and reinsurers should be con-

cerned about war, terror and nuclear risk. This has * What does the Arab insurance industry need to

become a much more realistic scenario and should be on reach the level of international ones?

any insurer’s agenda. - The region is heading towards that direction already. It is

a question of capital strength, having the right expertise &

* The market witnessed some hardening in all lines of regulatory framework. This is key to the development of

business at the beginning of the year. Do you think it more professionalism and standards besides market con-

will continue in the same sense in the upcoming centration. In some of the markets here, we see quite a

months? large number of insurers. That number may decrease and

- The market has been challenged because of the pan- if through mergers and acquisitions and larger concentra-

demic and that has been considered in the life pricing and tion of business in the coming years, insurers will have the

will certainly have an opportunity to grow further,

impact on any renewals for then this will drive the pro-

the time being. On a more fessionalism and develop-

long term basis when we ment of the whole region.

will hopefully leave the

pandemic behind us, the * Are you satisfied from

learning from Covid defi- your presence in the

nitely is that we also need Middle East?

to more accurately and - I am responsible for our

appropriately consider life and health business in

pandemic risk in our pric- Continental Europe, Latin

ing. America and the MENA

region and within that

* How do you look at the package of business, the

Arab insurance market? MENA region plays a sig-

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