Members in the DIFC will be well acquainted with DEWS – a defined contribution saving scheme that replaced the old unfunded end of service gratuity system. But what about the UAE Mainland? Last October, the MoHRE (The UAE Ministry for Human Resources & Emiratization) published the details for the long-awaited Voluntary End-of-service Gratuity Scheme in Cabinet Resolution 96, which will introduce a defined contribution scheme to the Mainland, though with limited similarities to DEWS.

Amidst a backdrop of dynamic market conditions and strategic shifts, the GCC insurance sector has demonstrated noteworthy growth in the first quarter of 2024. With a significant boost in investment income, the earnings of listed insurers have seen remarkable improvement, underscoring the evolving landscape of the regional insurance industry.

Lux Actuaries & Consultants proudly sponsored the inaugural Institute and Faculty of Actuaries (IFoA) Middle East Conference, held in Riyadh and Dubai in May 2024. The event brought together industry professionals, thought leaders, and experts from across the region to discuss current topics and opportunities for professional development.

The UAE recently experienced unprecedented rainfall, with record single-day levels unseen in over seventy years of available data. The rainfall disrupted life across the emirates, and the insurance industry was not spared from its devastating impacts.

Amidst robust expansions in key markets, regulatory shifts, and strategic manoeuvres, the GCC insurance industry has undergone significant growth and transformation in the past year. The dynamic tableau it presents is ripe for analysis, especially considering the ongoing journey towards full compliance with the International Financial Reporting Standard 17 (IFRS 17). In this blog, we delve into the transformative dynamics of the GCC insurance industry in 2023, highlighting remarkable growth, persistent challenges, and emerging trends that shape the regional landscape.

Lux is thrilled to announce our latest venture in Riyadh, Saudi Arabia—a new office location that signifies an exciting chapter in our journey. Since the beginning of this month, our KSA team has proudly established its official home in the heart of Riyadh, marking a significant milestone in our expansion efforts and commitment to the Saudi market.