Page 5 - March 2022 Issue 604 Part 2

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*Day 1

First Panel: View from the top

The insurance industry is failing to react quickly enough to the fast-evolving
digital world around it. That was one of the key messages that came out of
“Vision: View from the top”, the first panel at the Dubai World Insurance Congress

(DWIC). Tysers chief executive Clive Buesnel said: “I am worried about the pace

of change. I do not think it is fast enough. I think change is too slow and we can

do more to speed that up.”

His concern was shared by Steve Postlewhite, managing director QBE Re, who

questioned whether the industry “was reacting quick enough”. However,

the rush to digitalization had led to quite a few false dawns for companies,

Dr Corneille Karekezi, chief executive of Africa Re, said. “It is clear that there is

a huge waste of energy, sometimes, as everyone wants to do his own thing.

Everyone is rushing to put money in a lot of solutions and applications which are From Left: CLIVE BUESNEL, STEVE POSTLEWHITE,
sometimes short-lived. There is a lot of sense in working together as an industry

and regulators will have to contribute to that”. DR. CORNEILLE KAREKEZI & SALMAAN JAFFERY

Salmaan Jaffery, chief business development officer at Dubai International

Financial Centre Authority (DIFCA), said insurance only accounted for around 20% of the emirate’s financial services. He said banking was ahead of insurance in

technology. Jaffery said there was a great opportunity in Dubai for insurers to work with the DIFCA to solve technological and customer challenges. “We would love

to figure out a way to partner with an insurer or attacker to solve one of these problems with us”.

The discussion also touched on pricing. Asked whether insurance was in a hard market, Buesnel said: “We are not in a hard market. Some of us remember the last one and

this isn’t one of those. It is a differentiated market. It is differentiated by geography and product”. Postlewhite said pricing varied, but some classes were going up significantly.

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AL BAYAN ECONOMIC MAG - ISSUE 604 - MARCH 2022