Amid challenging underwriting conditions and ongoing market consolidation, the GCC insurance sector continued to adapt and evolve in the third quarter of 2024. While profit growth slowed due to weaker underwriting performance, rising investment income and higher insurance revenue offered a measure of stability to listed insurers across the region. In this blog, we explore the key developments shaping the GCC insurance landscape in Q3 2024. Drawing insights from the latest GCC Performance Periodical by Insurance Monitor and Lux Actuaries & Consultants, we delve into regional highlights, industry challenges, and the strategic initiatives reshaping the sector’s trajectory.

When people think of actuaries, they often picture us crunching numbers in insurance companies or financial firms. However, the actuarial skill set can be applied to much broader challenges. Recently, I had the opportunity to use my actuarial expertise to assist stateless individuals in their quest for citizenship, particularly among the Kenyan-Asian community. What began as a technical assignment became a deeply human experience, reminding me of how our profession can create lasting, positive change.

In today's rapidly evolving business landscape, prioritizing sustainability is essential for achieving long-term success and resilience. Many countries are now legally mandating companies to conduct sustainability reports. A key component of these sustainable strategies is the comprehensive assessment of a company’s environmental impact. Additionally, companies must investigate the social return on investment (SROI) to measure the societal benefits generated by their activities.

Crafting a sustainability report requires strategic planning. It must outline a comprehensive approach for embedding sustainability into a company’s core operations. A well-prepared report not only serves as a statement of commitment towards a sustainable future but also acts as a tool for engaging with stakeholders on sustainable development.

A sustainability report encourages organizations to adopt sustainable practices and transparently communicate their efforts. It prompts companies to engage with stakeholders and take actionable steps in their operations. Additionally, a sustainability report addresses Environmental, Social, and Governance (ESG) issues, providing a comprehensive overview of a company's current state, commitments, strategies, and performance in sustainability. It details how the company plans to operate amidst the climate crisis and socio-economic changes.

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.