Page 19 - October 2022 Issue 611 Part 2
P. 19
Bernd Kohn
(Chief Executive Africa & Middle East - Munich Re)
Our commitment to the MENA region is unchanged
and there are still huge underinsurance segments
Bernd Kohn, Chief Executive Africa & Middle East at Munich Re,
who has over 20 years of experience in the non-life and specialty
re/insurance industry and a strong working knowledge of business
development, special risk solutions and strategic planning, was
among the prominent people who participated in the Monte Carlo
Rendez-Vous. On the sidelines of the event, Al Bayan Magazine met
Mr. Kohn and conducted an interview with him in which he shed
lights on their strategy for the upcoming renewals and expressed his
point of view regarding achieving growth in light of challenging mar-
kets. Kohn declared that cyber is a growing exposure.
Below is the Q&A.
We underwrite partners and not markets world where supply chains need to be protected, cyber exposures need
to be transferred. Also the investments in the renewables and alternative
• What will be your strategy for the upcoming renewals? energy sources provide an opportunity. The Middle East could help
- Our commitment to the Mena region is unchanged, it has always been Europe and the world to diversify the energy supply for example with
there. We have very long-standing partners where we enjoy interactions Hydrogen production. We just recently heard from some of the big
on all levels. These are more strategic partnerships and it is less of a banks that they are shifting large chunks into the renewable sector and
transactional opportunistic approach that we take as we underwrite part- I think insurers have great relevant products to enable these invest-
ners and not markets. For the coming renewals, our appetite remains ments possible.
largely unchanged but of course as an industry, we are very concerned Overall, I think that the increasing volatility and new exposures should not
about inflation which is a big topic. We are also aware that it is difficult to only be seen as a concern in the board rooms but it is also a big oppor-
implement and to charge higher original premiums on the grounds espe- tunity for our industry.
cially in countries that are economically struggling at the moment.
Nevertheless we all need to get prices and terms right to further be sus- • How are you addressing cyber?
tainable players in the industry. In addition climate change is a big chal- - Cyber is a massive opportunity for the insurance industry to stay rele-
lenge, we see a globally increasing frequency in climate and weather- vant. However, as we deal with growing exposure we have to be really
related events like convective storms, heat-waves, flash flooding, etc... mindful of the potential accumulation scenarios. This is why we very care-
Also, the Mena region has seen several of these events over the years fully manage our capacity and put a very strong emphasize on risk data.
and we need to step up the game here in terms of exposure changes in
our portfolios. As an industry we need to better understand the drivers Beirut Port explosion has been a catastrophe
and we all need to generate and share more risk information and data from both humanitarian & economic perpectives
across the entire value chain.
• Do you think it has become difficult for companies to achieve • Did you settle all the claims related to Beirut Port explosion
growth in light of all these concerns? although the official report hasn’t been released yet?
- There are still huge underinsured segments. For example the small and
medium enterprises do not buy suf- - The event has been a catastrophe
ficient protection to manage their from a humanitarian and an eco-
risks. We also see this in personal nomic perspective. The entire indus-
lines where people hardly buy insur- try is trying hard to settle the claims
ance, except for the compulsory as fast as possible. We are making
products. In this context, a major progress but for all international
opportunity for the industry is the players it is a challenge to balance
transformation of distribution. swift commercial pragmatism with
Today´s inefficient structures can be requirements from a compliance
transformed with increasing digital- and fiduciary duties and make sure
ization and direct models. I am sure that everything is following the
that the industry will find ways to process. Overall I am optimistic that
adapt these new technologies to
improve the client experience and finally the insurance industry will
reduce costs. Further, the demand contribute positively to the restora-
is very much shifting to the virtual ô°UÉf ø°ùMh QGRÉY ƒL ,BERND KOHN :Úª«dG øe tion despite the challenges.
151 AL BAYAN ECONOMIC MAG - ISSUE 611 - OCTOBER 2022
