The expertise and experience of the JENOA team is far-reaching and each specialist has areas of interest covering the full spectrum of the insurance market. All our thought leadership articles, opinion pieces, commentary in the media, and white papers can be read, searched and downloaded here.
As 2023 drew to a close and the world began to emerge from the inflationary shocks of 2022, uncertainties nevertheless still persist; how will this impact the coming year?
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The rising demand for Sharia-compliant financial products among the GCC's growing population is forcing providers to rethink their product offerings and the channels through which customers can access them. The big question remains: can regional players adapt quickly enough to take advantage of these emerging opportunities?
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In recent years, the Middle East and wider MENAT (Middle East North Africa and Türkiye) region has witnessed significant economic growth and development. However, it faces challenges in growing the insurance sector, which is typically measured by the insurance penetration in an economy. Across the Middle East this remains low when compared to global standards. We investigate the reasons behind this phenomenon, exploring government initiatives and awareness campaigns aimed at boosting insurance participation, and highlights key markets in the Middle East and wider region.
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Lithium-ion batteries, and more specifically, the electric vehicles (EVs) that use them, have been high on the news agenda since the loss of car-carrying vessel Felicity Ace off the Azores in February 2022. That fire resulted in the total loss of the ship, as well as US$ 400m cargo losses . Some commercial carriers are already restricting the EV types they carry, so how will it impact the marine insurance industry, and what are the implications for the international automotive and passenger-ferry sectors as the world begins the long, slow transition to an electrified bridging technology?
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Widespread vehicle connectivity is already a feature of both internal combustion engine vehicles (ICEVs) and the electric vehicles (EV) of the future, creating great potential for ever higher levels of automation in mobility. Advanced Driver Assistance Systems (ADAS) such as forward collision warning (FCW), autonomous emergency braking (AEB) and lane-departure warnings have been a feature of motoring for many years, but as vehicle design progresses from assistance to automation, what does the future look like for insurers?
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The Islamic finance industry, and in particular, the Islamic (takaful) insurance industry have shown signs of extraordinary growth over the last two decades. Between 2006-2011, it saw a compound annual growth rate (CAGR) of 20%, way above that of conventional insurance, and between 2015-2021, global takaful assets saw annual average growth of 8%, from US$ 47 billion in 2015 to US$ 73 billion in 2021. Global assets grew quickly in 2021, rising +17% year on year, and the market is expected to top the US$ 100 billion asset mark in 2026. So, what exactly, is takaful insurance, what are the trends, and where are the opportunities?
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Recent innovation and more sophisticated data analytics have seen the commercial insurance sector open up to a wider range of risk, in response to the dangers of an increasingly interconnected world. As a result, ‘parametric insurance’ has not only become an attractive component in mitigating risk of damage and loss caused by natural weather variability, but its innovation and increasingly sophisticated technology is opening up new-product areas such as business interruption from rising geopolitical risk, as well as cover for agricultural losses.
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Grid-scale battery energy storage systems (BESS) are becoming an increasingly common feature in renewable-site design, grid planning and energy policy as a means of smoothing out the intermittency of renewable energy technologies such as wind and PV solar – they are, in fact, one solution to the ‘missing link’ problem of making renewables a viable 24/7 sustainable energy solution. We have seen the rate of commercial deployment of BESS rapidly increase, but as with all fast-developing nascent and emerging markets, historical loss data is hard to come by. This presents problems for insurers looking to quantify risk. Is battery energy storage a significant risk?
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Transitioning the entire Lloyd’s market to a digital ecosystem was never going to happen overnight, given the complexities of the large underwritten commercial, corporate and speciality risks traditionally placed in the market. Despite the scale of this ambitious project, Lloyd’s promises that digitalisation “will profoundly transform the way in which customers get covered, right through to recovering from loss; this will be achieved by the redesign of the entire insurance lifecycle process – from placement through to accounting, payment, endorsements, claims, renewals and reporting – offering a seamless digital service for all Lloyd’s customers and stakeholders globally”.
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Insurance penetration across all categories in many Gulf Cooperation Council (GCC) States has consistently been seen to lag behind global norms. This represents a material opportunity for regional players to tap the latent potential for growth in the region; the GCC market is expected to grow from US$ 26 billion in 2021 to over US$ 31 billion in 2026.
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