Page 34 - 33rd Edition GAIF Pre-Conference May 2022 Issue 606

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Jamil Elbahou (CEO & Chief Underwriting Officer – ConnectUW)

Distribution was one of the main challenges faced during Covid-19

Jamil Elbahou is the CEO & Chief Underwriting Officer

at Connect Underwriting Limited, a London-based

MGA and Lloyd’s coverholder. In a Q & A with Al Bayan

Magazine, Elbahou talked about the challenges facing the
insurance sector and the opportunities for the Arab

insurance market. He further shed light on topics such as
the Internet, cyber and climate change as well as
discussing ConnectUW’s latest developments.

Below is an account of the interview.

The insurance market has no boundaries if we continue

“ to invest in technology solutions
• ”The theme of the conference is “The new situation and its What was not mentioned in the question is the impact of global

repercussions on the insurance industry after the outbreak of inflation and the increased cost of living taking place around the

the Coronavirus.” What are the challenges faced by the sector? world, which has the potential to deliver a threat to global

Are there opportunities for the Arab insurance market? economies and will no doubt have a lasting effect on the insurance

- Distribution was one of the main challenges brought about by market. Finally, we can’t ignore the war taking place in Ukraine and

COVID-19. Having the right technology in place was key to being the impact on the global supply chain and food security. This single

able to continue to trade and manage distribution effectively. I think event is shaping the geo-political landscape and will have a

the global insurance market coped very well throughout the dangerous effect on the markets, such as the Middle East.

pandemic and in most cases, insurance businesses were able to

quickly move to an online model. The opportunities for the Arab Today’s insurance market depends on the
insurance market are no different to that of any other region in that exchange of capacity and the free flow of global
if we continue to invest in technology solutions, the insurance

market has no boundaries. We can operate anywhere, at any time capital in and out of the market via reinsurance
and with a much more efficient cost model.

Impact of global inflation • What, in your opinion, are the positives achieved by the

previous forums? Do you think that the General Arab Insurance

• Other topics discussed by the conference related to the dan- Federation succeeded in activating the exchange of insurance
premiums and reinsurance between Arab insurance markets?
gers of the Internet, cyber, climate change and epidemics. What - Anytime people get together to exchange mutual ideas, whether
are its effects on the sector and how can it be planned? this be in the insurance community or otherwise, this creates a
- The challenges we are facing right now are not restricted to the platform for creative thinking, as well as opportunities for business
insurance industry, but to the world as whole and will affect the industry to be interchanged. The notion that the Arab insurance market
in different ways. A litigation measure is required to ensure sustainability.

Climate Change is by far the largest existential threat, not only to the can exist independently of the London and Global Market is

market, but to humanity. This is where in our market, Natural wishful thinking. Today’s insurance market depends on the

Catastrophe modelling will need to be updated and exposures will exchange of capacity and the free flow of global capital in and out

need to re-priced faster than ever. The effect of the pandemic is now of the market via reinsurance.

mostly behind us in the developed world and there is no doubt that • What are the latest developments in the situation of your company?
future pandemics with be handled much better by Governments

based on the experience gained over the past two years. The - We are a London-based underwriting business with a global book

Internet will always be a balance of benefit v’s challenge to global of XOL business, in our fifth year of underwriting. We thank our

society. The risks associated with the Internet continue to evolve and broking partners for their support and look forward to the next 5 years

a lot remains unknown about the degree of cyber loss. as we continue to grow the business.

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