Neil B J Irwin

Is your organization considering Technology as a way to Bridge the Protection Gap in your Country? #Insurtech #Insurance #protectionGap #Innovation #Technology #InclusiveInsurance https://wix.to/bTA3fLx

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Individual Life and Group Life Insurance schemes are gaining popularity in the UAE with easier implementation processes developed by multiple insurers and digitizing the overall arrangements through simplified underwriting techniques with strengthened re-insurance backing. Easier implementation ensures that the costs to procure such plans at an individual and a group level are affordable. If you haven't purchased one yet, do check out life plans options at InsuranceMarket.ae™ available for both individuals and employers.

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Meet the speakers: Parallel session 11 - Growing #global #actuarial capacity to support #sustainable #economic and #inclusive #insurance #development In recent years, the United Nations has recognized the importance of effective #risk management in #sustainable #development and the critical role of #insurance in achieving this goal. A key component underlying risk management and insurance is actuarial capacity. However, in most developing countries, actuarial capability is weak or non-existent. The challenges these countries face in building actuarial capacity arise from lack of a) supply of actuaries; b) demand for actuaries; and c) the enabling regulatory environment. This session will explore the importance of building actuarial capacity in conventional and inclusive insurance markets. It will discuss key challenges faced by different players and the various interventions adopted to develop actuarial professions in some of the developing countries highlighting #Nepal’s experience as part of the UNDP-Milliman Global Actuarial Initiative. It will also examine the critical role of insurance #regulators and developing agencies in addressing the actuarial gaps in a more systematic way to ensure sustainable development of actuarial profession and delivery of inclusive insurance.  Prechhya Mathema International Actuarial Association Actuarial Society of Nepal Michael J. McCord MicroInsurance Centre at Milliman Pujan Dhungel #ICII2024 https://lnkd.in/d4zSZegm The #ICII2024 will take place from 21-25 October 2024 in Kathmandu, #Nepal. 400+ experts from 50+ countries will discuss and identify ways of accelerating growth and #economic #viability for households in inclusive insurance for emerging markets. The conference will be hosted by the NEPAL INSURANCE AUTHORITY (Insurance Regulatory), Nepal Insurers' Association, Nepal Microinsurance Association and the Life Insurance Association of Nepal in cooperation with Munich Re Foundation and The Microinsurance Network. REGISTER NOW! #microinsurance #sdgs #climate #insurancefordevelopment

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LOCALISED REINSURANCE IN THE MIDDLE EAST&North AFRICA: PIONEERING GROWTH AMID CHALLENGES AND OPPORTUNITIES The reinsurance industry in the Middle East and North Africa (MENA) region began its initial stages during the 20th century but has seen rapid and significant growth since the 1990s. Several factors have contributed to this accelerated expansion, including rapid economic growth,infrastructure development, and increased awareness of business risks. Over time, regional companies began establishing their own reinsurance entities, which strengthened the local reinsurance market and enhanced its capacity to manage regional risks. However, the market is not without challenges, including economic and political factors that hinder its growth. Political crises and regional conflicts can increase risks and instability, negatively impacting the reinsurance sector. Additionally, global and local economic fluctuations affect insurance and reinsurance pricing, necessitating flexible strategies. THE RISE IN NATURAL DISASTERS AND CLIMATE CHANGE ELEVATES RISK LEVELS,REQUIRING ADJUSTMENTS IN REINSURANCE STRATEGIES. There is a need for cooperation between local and regional reinsurance companies to enhance their ability to manage shared risks and create opportunities for innovation. Developing specialized insurance solutions for natural disasters, such as expanding flood and earthquake insurance products, and investing in technology to improve data collection and analysis, enables reinsurance companies to offer more effective and tailored solutions. Current trends indicate that the reinsurance sector in the MENA region will continue to grow in the future, driven by increased investment in infrastructure and technological innovationThe sector can achieve sustainability and long-term success by localizing reinsurance in the MENA region. Reinsurance plays a crucial role in the insurance industry by spreading risks and enhancing the financial stability of insurance companies. In the MENA region, localizing the reinsurance industry has become a central issue for achieving sustainable development and meeting the growing needs of the regional market. Localizing the reinsurance industry strengthens financial independence, allowing countries to reduce reliance on global companies,which contributes to financial independence and the stability of the local sector. Localizing the industry contributes to job creation and enhances economic development through local investments. Additionally,developing the reinsurance industry locally boosts foreign direct investment and increases investor confidence in the regional market. A local presence improves the speed and effectiveness of service delivery, directly meeting customer needs more efficiently.👇 https://lnkd.in/dmWQWymT

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Meet the speakers: Plenary 7 - #20th International Conference on Inclusive Insurance: Looking back at key #trends, #successes and #failures in selected countries The ICII 2024 marks the 20th International #Conference on #Inclusive #Insurance. Over the past 20 years, microinsurance has emerged as a critical tool for financial #inclusion and #risk mitigation in #underserved communities worldwide. Several key lessons have been learned during this time around the world. The session will highlight the Inclusive Insurance journey in countries that hosted the ICII in the past and aims at developing #lessons #learnt.   Eduardo Morón Farzanah Chowdhury Lemmy Manje Dirk Reinhard Craig Churchill #ICII2024 https://lnkd.in/d4zSZegm The #ICII2024 will take place from 21-25 October 2024 in Kathmandu, #Nepal. 400+ experts from 50+ countries will discuss and identify ways of accelerating growth and #economic #viability for households in inclusive insurance for emerging markets. The conference will be hosted by the NEPAL INSURANCE AUTHORITY (Insurance Regulatory), Nepal Insurers' Association, Nepal Microinsurance Association and the Life Insurance Association of Nepal in cooperation with Munich Re Foundation and The Microinsurance Network. REGISTER NOW! #microinsurance #sdgs #climate #insurancefordevelopment

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🚨 Invitation: Join Us at the Next Plenary Meeting of the Open & Embedded Insurance Observatory 🚨 After overwhelming demand, we are doubling down on our London plenaries this year! 🌍 The upcoming session promises to be packed with insightful discussions on the latest trends and opportunities in embedded and open insurance. For details see below ⬇️ 📢 Seats are limited — Apply now to reserve your spot and be part of this exclusive event. Looking forward to seeing many of you there! #EmbeddedInsurance #OpenInsurance #InsuranceInnovation

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Is your organization equipped to tackle emerging global challenges? Our Client Trends Report sheds light on navigating geopolitical risks, AI innovations, and more. Learn strategies for leveraging these dynamics to your organization’s advantage. Read the report here: https://ow.ly/lSLc30sHZhI #MegaTrends #BusinessResilience #Aon

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TURNING THE TIDE: RE/INSURANCE & TECH BREAKTHROUGH BOLSTER CLIMATE RESILIENCE IN THE MENA REGION Since the onset of severe flooding in Oman on April 14th, 2024 claiming the lives of at least 18 people and leaving several missing, insurance companies are bracing for potential claims from affected homes and businesses. The extensive damage to infrastructure, including water and wastewater networks, as well as roads and properties, underscores the urgent need for comprehensive action. With such flooding incidents becoming more frequent in the Sultanate, it's imperative to allocate resources for both immediate relief efforts and long-term strategies aimed at enhancing resilience and mitigating future risks. On April 16, 2024, the United Arab Emirates witnessed a sudden climatic event where the country was affected by an unusual weather phenomenon, resulting in heavy rainfall and strong thunderstorms. These phenomena persisted for hours, leading to flooding in some areas and negative impacts on daily life. As for the insurance sector, the volume of claims for compensation for damages resulting from floods and heavy rainfall is expected to increase. This may lead to changes in risk assessments and insurance costs, requiring insurance companies to reassess their strategies and update insurance policies to adapt to changing climatic conditions. •Climate change poses challenges to energy systems in the Middle East and North Africa The Middle East and North Africa (MENA) is one of the world’s regions most affected by climate change, imposing challenges on energy systems that are already straining to meet the demands of economic growth, energy security and social welfare. Between 1980 and 2023, temperatures across MENA increased 0.46°C per decade, well above the world average of 0.18°C1. Precipitation patterns have also changed significantly, aggravating existing water scarcity in some MENA countries, with droughts in Morocco in 2022 and Tunisia in 2023, while causing intense floods in 2022 in the United Arab Emirates, Iran, Saudi Arabia, Qatar, Oman and Yemen. Even as they expand renewables generation to meet rising electricity demand and emission reduction goals, the region’s energy systems will also have to build in more climate resilience to cope with expected increases in climate impacts. With that goal in mind, the International Energy Agency has worked with regional partners (Egypt, Morocco and Oman) to conduct its first climate hazard and exposure assessment for MENA, based on the latest climate models and Graphic Information System (GIS) analyses. #climatechange #resilience #AI #ML #predictivemodeling #renewableenergy #hazards #insurance #reinsurance #exposure

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Demystifying Insurance: FAQs on Inclusive Insurance, Insurtech, and Digital Advancements #InclusiveInsurance #Insurance #Insurtech #DigitalInsurance #Innovation #ProtectionGap https://lnkd.in/gRXQ9YTu

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I’m not sure I see the point of this webinar. I mean it’s not like we have any legacy in insurance. Right!? Right? Ok. So now you are all raging at me and while you’re waiting for your eyes to roll back into the right place, why not sign-up for this session and see how #lowcode can address your legacy challenges. And no, OutSystems is not your typical low code tool, this builds proper scalable stable software - otherwise we wouldn’t be using it to build our own systems! Tim and Manish really know their stuff in this space, and really worth a listen to the discussion with Claire Agutter and Tim Kennedy. And Tim and Manish should know what they are talking about as they’ve designed and built out two new pieces of software for the CGI #insurance team over the last year, faster and better than doing it old school. And if you don’t listen you’ll never know how #AI fits into it all! And no we aren’t just mentioning #AI for the algorithm. And if you don’t believe us, give us a challenge - talk to us about one of those applications that always sits on the back of your IT project list, has been frustrating your users for years but never quite makes it to the top of the list. See what we can do to help with that, and you never know it could be the start of something interesting. Ping me and let’s have a chat, as I don’t know about you but we are so done with legacy as I’m sure you are. Or if you are at The ITC DIA Europe Community event in Amsterdam then come and see me at stand 19. #WeAreCGI #legacy #FitForTheFuture

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🔥 Ready to elevate your insurance game? 🌐 Discover how B4E Insurtech is reshaping the industry for reinsurers, insurers, MGAs, and brokers. Let's start a conversation in the comments below! #Innovation #Insurance #Insurtech #DigitalTransformation #InclusiveInsurance https://lnkd.in/gpNCBCYm

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Amid economic uncertainty, organizations in the #aviation sector may be searching for new opportunities elsewhere or require a better understanding of how to address the risks of operating in potentially volatile regions. Discover how Marsh Credit Specialties can provide advice and solutions to these organizations to protect their assets, improve the return on their investments, and unlock opportunities for growth: bit.ly/3xI2Tj4 #sustainability #riskmanagement

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In recent years, the Middle East has witnessed a surge in climate-related hazards, exacerbating the region's vulnerability to environmental risks. Among these, global warming stands out as a significant catalyst, intensifying extreme weather events and amplifying the frequency and severity of natural disasters. As insurance underwriters, it is imperative to grasp the intricate dynamics of climate change and its profound implications on risk assessment and mitigation strategies. Global warming, driven predominantly by human activities such as burning fossil fuels and deforestation, has triggered a cascade of climatic anomalies across the Middle East. From soaring temperatures and prolonged droughts to erratic rainfall patterns and increased desertification, these phenomena pose formidable challenges to the insurance industry. The need for a proactive approach to risk management has never been more pressing. Hazard mapping emerges as a pivotal tool in navigating the complexities of climate-related risks. By meticulously delineating high-risk zones and identifying vulnerable areas prone to flooding, storms, and other natural perils, insurers can optimize underwriting decisions and enhance resilience against potential losses. Leveraging advanced geospatial technologies and data analytics, hazard mapping enables insurers to quantify and mitigate risks

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🔍 This week, Allianz Research looks at what the Excessive Deficit Procedure could mean for countries named and shamed by the European Commission, the potential fiscal pinch of the left in France and overcapacities in China 👉 Read the full report here: https://ow.ly/SQnE50SnZsJ

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In the recent AM Best video interview, Jamil R. Elbahou, our Group CEO, shared valuable insights with Richard Bank. During their engaging discussion, he highlighted the unique advantages that Managing General Agents (MGAs) bring to the insurance industry and provided his perspective on the current and future state of the reinsurance market. #Reinsurance #RVS2024 #InsuranceIndustry #InsuranceProfessionals #InsuranceInnovation #IndustryLeadersMGA #MGAInnovation #MGALeaders #InsuranceMGA #ReinsuranceMarket #RiskManagement #ReinsuranceSolutions

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REINSURANCE RESILIENCE 2025: GLOBAL & MENA STRATEGIES FOR CLIMATE DISASTER READINESS A NEW CLIMATE REALITY Facing escalating climate risks, the global and MENA reinsurance sectors must adopt data-driven, customized strategies for survival and stability in 2025. This guide navigates the unique threats and adaptations needed across regions. SURGING NATURAL DISASTERS: A 2025 OUTLOOK Global Threats & Economic Impact From hurricanes to wildfires, the cost of natural disasters is soaring. MENA, while shielded from hurricanes, faces rising heatwaves, droughts, and devastating flash floods. DATA ANALYTICS & CROSS-BORDER INSIGHT Predictive models and regional data-sharing boost accuracy in climate risk assessments, essential for preparing MENA reinsurers for future dust storms, droughts, and floods. INNOVATIVE HEDGING: FROM CAT BONDS TO TAKAFUL With cat bonds capturing capital for climate events and Takaful models rising in the MENA region, reinsurance adapts to manage unprecedented climate-related risks. STRENGTHENING REGULATORY FOUNDATIONS Stricter climate standards and resilience criteria, from Solvency II in Europe to new solvency frameworks in MENA, drive financial readiness for severe climate losses. LESSONS FROM DISASTERS: MOROCCO & MENA FLOODS Recent events spotlight the critical need for emergency reserves, infrastructure resilience, and proactive disaster response to safeguard MENA's economic stability. 2025 ACTION PLAN: GLOBAL & MENA INITIATIVES Strengthening reserves, investing in R&D, and promoting public-private partnerships are pivotal globally. MENA's infrastructure upgrades and microinsurance growth bolster community resilience. BUILDING A RESILIENT FUTURE With advanced analytics, financial innovation, and strategic planning, reinsurers are well-positioned to navigate climate risks, securing economic stability in a warming world. #reinsurance #Naturaldisasters #resilience #modeling #analytics

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A digital insurance platform such as Marsh’s Bluestream can help reduce costs by streamlining processes, automating tasks, and eliminating manual paperwork. Discover how we can help you generate a new revenue stream to support your business strategy: bit.ly/3T99yu0 #MarshAffinity #insurance #digitalinsurance

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