Welcome to this month’s edition of our newsletter, where we celebrate the theme “One community, infinite possibilities.” As insurance professionals, members of the DIFC Insurance Association, and industry stakeholders, we are empowered by our collective efforts and the diverse perspectives that drive innovative solutions and foster a supportive environment. In this issue, we bring you inspiring stories from our community, share valuable resources, and highlight achievements.
Together, let’s illustrate how our connections translate into real-world initiatives, encouraging further participation in our collective journey. When each individual contribution is combined, it leads to extraordinary outcomes that reflect our shared vision and commitment to growth. Let us continue to be trusted advisors, community leaders, and experts in our field, fostering a future filled with endless possibilities.
Enjoy!
The DIFCIA Team
In this era of accelerated disruption, leaders across the insurance spectrum—from traditional insurers and reinsurers to fast-moving Insurtech and Reinsurtech startups—face a shared reality: the leadership that brought us here will not be enough to take us forward.
This article isn’t about products, platforms, or go-to-market strategies. Others can write those better. What I offer is something more personal: a provocative reflection—and hopefully, a moment of inspiration—for those navigating uncertainty.
Traditional leaders are feeling the heat: sharper, louder clients, rapidly commoditizing products, and technological debt that’s hard to repay. Meanwhile, Insurtech founders are neck-deep in disruption, short on resources, and caught between vision and survival.
I’ve seen this tension up close: traditional insurance often feels like trying to turn a massive cruise ship—legacy-laden, slow-moving, paralyzed by fear of failure, and disconnected from the real customer.
On the other hand, entrepreneurs often lack the relationships and institutional weight to break through a market still dominated by the old guard. But if we truly believe in our vision, it’s time to break the mold, face the criticism, and move forward anyway.
In his Harvard Business Review article ‘The Seven Seismic Shifts of Perspective and Responsibility,’ Michael Watkins outlines the essential transitions:
– From specialist to generalist
– From tactical to strategic
– From builder to architect
– From problem-solver to direction-setter
– From warrior to diplomat
– From supporting actor to lead
These aren’t optional—they’re the entry ticket to the future.
I grew up a warrior—and I still am. But I’ve learned the hard way: being a warrior doesn’t always win the war. My mother used to say: ‘Ten percent of zero is still zero.’ Leadership today means knowing how to win with diplomacy, collaboration, and long-term vision.
Leadership is not just operational—it’s deeply human. And one of its hardest shifts is moving from compliance to commitment.
People don’t commit to things they don’t understand or perceive as meaningful. The path to transformation is simple: Understanding → Positive Perception → Experience → Action → Commitment.
Jacob Morgan, in The Future Leader, identified two universal leadership challenges:
– Being future-ready
– Staying human
And in insurance, our biggest obstacle is often ourselves. We resist automation. We overload systems with exceptions. We act as if every product line or geography is too unique to standardize. We’re killing innovation before it begins.
It’s time to evolve from an ego-system to an eco-system.
Chris and Lyndon Brown, in The Customer Culture Imperative (Wiley, 2014), remind us that true transformation begins with the customer—and succeeds only through cultural alignment.
– Listen deeply
– Empower your teams
– Break the silos
– Design for tomorrow’s customer
Too often, we aren’t even sure who the real customer is—or how fast they expect results.
Transformation is not just structural—it’s cultural.
We must:
– Measure what truly matters
– Recognize daily effort
– Coach constantly
– Build diverse and resilient teams
– Lead with ESG as a non-negotiable
Especially now—when conservative backlashes threaten the progress we’ve made on inclusion, sustainability, and equity—leadership must stand firm.
Whether you’re leading a 100-year-old insurer or a six-month-old startup—you are not alone. We’re all in the same storm. Just sailing in different ships.
Real leadership doesn’t wait for calm seas. Real leadership learns to navigate the waves.
Let’s talk to each other. Let’s support one another. Because we don’t need to lead in silence. We need to lead in solidarity.
And that’s exactly why we exist at the Miami Insurtech Advocates Hub (MIA Hub): A safe space to share, evolve, and grow together through changing times.
Website: MIA HUB
When I first stepped into the world of reinsurance, I never imagined the journey would take me from the bustling floors of Oil & Gas placements to the dynamic frontiers of renewable energy. But like all great stories, mine is about evolution—both personal and professional.
Currently, I work as a Client Manager at Lockton Re in the DIFC, where I specialize in power and infrastructure risks, with a strong focus on renewable energy and project finance. My role blends technical structuring with relationship management, helping sponsors and lenders de-risk some of the most innovative and impactful projects in the region—including green hydrogen and utility-scale solar.
Before joining Lockton, I spent several years at Marsh McLennan, where I worked across some of the region’s largest oil & gas clients. From RFPs to roadshows, my days were packed with adrenaline, spreadsheets, and strategy sessions. One of the highlights? Spending time in London’s Lloyd’s market, soaking in the energy and expertise that comes with broking at the heart of the global insurance world.
What I’ve come to appreciate most is the art of translating complex risks into clear, actionable coverage strategies. Whether it’s a wind farm in Morocco or a petrochemical plant in Abu Dhabi, every client brings a different story—and I’m here to help them write it with resilience.
Outside of the spreadsheets, I’m passionate about interiors and storytelling. I even launched my own boutique concept, Table Tales, combining my love for aesthetics with a side of entrepreneurial spirit (shameless plug: check us out @tabletales.dxb 😊).
The insurance world may not always make the headlines, but behind every infrastructure milestone or energy transition, there’s a group of us quietly ensuring the story goes on.
Here’s to more stories, more sustainability, and a community that keeps sharing both.
In today’s competitive corporate environment, where the pressure to perform continues to intensify, employee wellbeing is no longer an optional benefit. It’s a strategic necessity for organisational success and long-term growth. Employee wellbeing is becoming an increasing priority for businesses in the UAE, with organisations recognising its vital role in productivity, retention, and overall resilience. Our latest survey reveals that 88% of UAE organisations plan to increase their wellbeing budgets in the coming year, with one in five intending to raise their investment by more than 15%. This shift highlights a stronger commitment to supporting healthier and more engaged workplaces.
A transformative shift in UAE organisations
Employee wellbeing is becoming an increasing priority for businesses in the UAE, with organisations recognising its vital role in productivity, retention, and overall resilience. Our latest survey reveals that 88% of UAE organisations plan to increase their wellbeing budgets in the coming year, with one in five intending to raise their investment by more than 15%. This shift highlights a stronger commitment to supporting healthier and more engaged workplaces.
Return on Wellbeing Investment (ROWI)
This shift reflects a growing awareness among senior leaders of the tangible benefits that come from prioritising employee health. Supporting mental, physical, and emotional wellbeing not only enhances job satisfaction but also delivers measurable results. Nearly 94% of senior leaders reported improvements in productivity and reduced turnover rates, underscoring the vital role of wellbeing in business performance.
Employees value wellbeing more than ever
Employees are equally recognising the value of these initiatives. 60% report that wellbeing initiatives have significantly improved their work-life balance, and over 90% say it is becoming a deciding factor when considering new job opportunities. Flexibility and comprehensive support remain priorities, with 85% of employees seeking adaptable working arrangements, 88% advocating for wider health screenings, and 89% prioritising expanded insurance benefits.
Addressing the challenges
Despite these encouraging results, challenges persist. Budget limitations and low participation rates remain key obstacles for organisations. To overcome these challenges, it is crucial to align wellbeing initiatives with broader business strategies while ensuring programmes are accessible and relevant to employees’ needs.
Bupa Global’s commitment to holistic wellbeing
At Bupa Global, in partnership with Sukoon Insurance, we are addressing these evolving demands through international health insurance plans tailored for the UAE. Our innovative platforms, such as Blua, provide convenient access to virtual doctor consultations and digital health programmes, combining local expertise with global healthcare solutions. These initiatives reflect our commitment to delivering high-quality, flexible care to support holistic employee wellbeing.
Future of employee wellbeing
Our survey on Return on Wellbeing Investment (ROWI) in the UAE is a clear indicator that prioritising employee health is not only beneficial for individuals but also a strategic move for businesses. When companies invest in holistic wellbeing initiatives, they experience tangible health returns, both in terms of reduced employee absenteeism and improved engagement and performance. Wellbeing programmes are no longer a luxury but a necessary investment to foster a healthier, more resilient workforce, ultimately driving business success.
Employee wellbeing has become a key driver of organisational success, enhancing productivity, improving retention, and strengthening business resilience. As organisations continue to invest in their workforce’s health and happiness, they position themselves for long-term success in an evolving and competitive market.
About the Survey:
The Return on Wellbeing Investment in the UAE Survey was conducted by Bupa Global through an online survey by YouGov. It took place from 21st to 28th August, 2024, and reached a total of 408 full-time employees, encompassing a wide range of age groups, industries, and backgrounds.
Follow this link to learn more about the survey.
In an era defined by economic volatility and shifting trade patterns, the Coface Country Risk Conference held April 15th at Dubai’s One&Only Royal Mirage Hotel delivered critical insights for businesses navigating uncertain waters. The gathering brought together financial leaders, economists, and executives seeking strategies to build resilience amid growing global challenges. “The ‘great moderation’ – the economic golden age characterized by robust growth, low inflation, and weak volatility over the last 30 years – is definitely over,” warned Jean-Christophe Caffet, Coface Group Chief Economist, in his keynote address.
His stark assessment highlighted how ongoing trade conflicts are reshaping the global landscape: “The current trade war will lead to significant supply chain disruptions, lower growth, and higher inflation, hence to a more stagflationary and volatile environment.”
A notable point of concern for attendees was Jean-Christophe Caffet’s forecast, suggesting that “corporate insolvencies are likely to keep rising over the next several quarters, and possibly even years.” driven by the dual pressures of compressed operating margins and rising interest expenses. His analysis underscored the conference’s central theme: businesses must adapt to fundamentally changed economic conditions.
Seltem Iyigun, Coface Middle East and Turkey Economist, offered a more optimistic outlook for the GCC region: “Despite global headwinds, GCC economies continue to demonstrate remarkable resilience. Diversification efforts, strategic investments in key sectors, and robust fiscal positions have created a buffer against global volatility. We anticipate moderate but stable growth across the Gulf region through 2025, with the UAE and Saudi Arabia leading economic expansion driven by non-oil sectors.”
A distinguished expert panel featuring:
expanded on these themes, examining how innovation and Artificial Intelligence are transforming risk management approaches across industries.
“Our goal is to deliver crucial insights into the geopolitical, economic, and technological trends that will shape tomorrow’s business landscape,” explained Sandrine Sarikey, CEO Middle East at Coface, describing the conference as the organization’s “flagship event.”
The conference exemplified Coface’s commitment to providing business leaders with the analytical tools and strategic perspectives necessary for success in today’s complex markets. Through its comprehensive suite of trade credit insurance, debt collection, and business information services, Coface continues to offer valuable guidance for companies seeking sustainable growth amid economic turbulence.
For more information, please visit our website: Coface
DIFC recently hosted the 8th Dubai World Insurance Congress, touted as one of the largest and most impactful global insurance events. The Congress was attended by over 1,700 insurance and reinsurance professionals from 82 countries. Alya AlZarouni, Chief Operating Officer at DIFC Authority, opened the event with a big announcement, sharing the Centre’s record-breaking 2024 performance within its insurance and reinsurance sector. Gross written premiums reached USD 3.5bn in 2024, up 35 per cent from a previous high of USD 2.6bn.
The impressive figures highlight DIFC’s role as a leading global hub for insurance and reinsurance in the Middle East, Africa and South Asia (MEASA) region.
During the first day of DWIC, DIFC also announced the launch its first-ever report on the outlook for the USD 8trn global insurance industry. Titled ‘Embedding Resilience: Opportunities for the Global Insurance Industry’, the report uncovers emerging opportunities and ways to build long-term resilience within the sector. This is the second publication within the Centre’s flagship Future of Finance series being produced in partnership with leading global think tank, Asia House.
The report’s key findings, informed by network-based research and candid discussions with business leaders from Lloyd’s, Zurich Insurance, and Korean Re, were unveiled at a DIFC-hosted roundtable at the event. These include the impact of climate change and cyber risk; opportunities resulting from the transition to net-zero; evolving AI, Web3 and crypto asset landscape; the Middle East’s strong pipeline of infrastructure, energy, and tourism mega-projects; the burgeoning MGA sector; evolving role of governments and regulators, and more.
DIFC continues to position Dubai as the destination-of-choice for insurance firms including MGAs, captive insurers and InsurTechs. The Emirate’s insurance market is primed for growth and DIFC is strategically positioned to drive this growth with its progressive legal framework, innovative regulations, and collaborative ecosystem.
Download your copy of the report here: https://tinyurl.com/3k58fews
Website: DIFC
The resilience of the insurance industry notwithstanding, recent years have been filled with both challenges and opportunities that are altering how brokers operate. ACE Gallagher’s CEO Ms. Yolla El Khoury shares her views on the critical role of adaptability, client-centric strategies, and sustainability in securing the sector’s future with Middle East Insurance Review. The insurance market was built on resilience. But that alone is no longer enough if you are in the insurance brokerage business. The rules of the game are being rewritten in the face of manifold risks, regulatory overhauls, and game-changing technologies.
Challenges Facing Insurance Brokers
The insurance brokerage industry is navigating a complex and fluid landscape. Increasing competition from direct insurers and digital platforms is changing the way insurance products are distributed and accessed. Adapting to evolving regulatory requirements and compliance standards has become crucial, as these demands significantly impact operational frameworks.
Other pressing risks include cyber threats, environmental liabilities, and political uncertainties—all of which require customized solutions. Having the right expertise and a proactive approach can make all the difference. For instance, brokers who can simplify cyber insurance for clients and tailor solutions to their specific needs are positioning themselves as indispensable partners.
Additionally, the rapid pace of technological advancements presents a double-edged sword for insurance brokers. While it opens avenues for improved client servicing and operational efficiency, it also raises the bar for digital fluency and cybersecurity within brokerage firms. This necessitates continuous investment in technology and staff training to remain competitive.
Brokers who thrive are those willing to embrace continuous learning. Staying curious, adaptable, and client-focused helps in overcoming obstacles and turning them into opportunities.
Opportunities for Growth in Revenue
Opportunities for growth in this competitive environment lie in focusing on value-added advisory services and offering comprehensive risk management solutions. Diversifying offerings and targeting specialized sectors can create a significant edge.
Strengthening client relationships through enhanced communication and trust-building remains vital, as does exploring innovative partnerships with insurers to develop tailored products that meet specific client needs. Aligning these initiatives with evolving market demands enables brokers to unlock new revenue streams and foster long-term, sustainable growth.
Expanding into underserved markets or regions also presents significant growth opportunities, allowing brokers to tap into areas with unmet insurance needs and develop bespoke solutions to address unique local challenges and risks.
Walking the Tightrope of Innovation and Stability
Balancing innovation with stability requires a disciplined approach to risk management and due diligence. It involves continuously refining offerings to address new and emerging risks while maintaining compliance with regulatory frameworks. Innovation can be pursued by investing in automation and digital tools to enhance efficiency and improve client experiences.
Recent Developments Impacting Operations and Strategies
We have adapted our offerings to address new and complex risks, ensuring our solutions remain relevant and effective in a rapidly changing market. Leveraging our partnership with Gallagher has been instrumental, allowing us to access larger clients and effectively place risks on a global scale.
We have also prioritized client education by hosting workshops and webinars that enhance their understanding of specialized insurance lines, such as directors and officers (D&O) liability, cyber risks, and decennial liability.
Internally, we are committed to the professional and personal development of our employees. We’ve implemented a digital platform where employees complete five soft skills training modules to enhance their communication and interpersonal abilities. Additionally, we offer a specialized commercial program where external consultants train selected commercial employees on customer acquisition and retention.
We also support our employees in pursuing the Chartered Insurance Institute (CII) Award in Insurance, further fostering career growth and industry expertise. Investing in employee education not only enhances skills and career advancement but also promotes loyalty and job satisfaction—making it a powerful driver for retention within the organisation.
CSR and Sustainability
As a company, we are deeply committed to ESG practices. In 2024, we joined forces with the Tree of Life Social Charity Society to provide essential support to orphans in Bahrain, focusing on food and education. We also partnered with the Royal Humanitarian Foundation for the same cause.
In the UAE, our team volunteered at an event organized by the Al Noor Training Centre to create memorable experiences for persons with disabilities. Additionally, we have contributed through blood donation drives in the UAE—underscoring our dedication to social responsibility and our commitment to positively impacting the communities in which we operate.
Website: Ace Gallagher
Tysers Insurance Brokers is bidding a sad and very fond farewell to Anthony Harris*, the longest-serving insurance SEO in the DIFC who has headed up Tysers’ office in Dubai and steered our business development in the Middle East since 2005. Anthony was perfectly placed to do this, and not just geographically. He has spent nearly 60 years in the Middle East, 34 of those years working at the Foreign and Commonwealth Office (FCO), which he joined from Oxford University, culminating in his appointment as British Ambassador to the UAE in 1994.
The skills that made Anthony such a success in the FCO – expert communicator, resilient with the ability to work at pace, a relationship builder and a leader – proved to be just as effective in broking. And his top-level contacts in the Middle East’s political, security and diplomatic communities have been invaluable to Tysers’ expansion in the region.
Anthony blazed a broking trail across the Middle East following his appointment as SEO in Dubai in 2005, obtaining RFIB’s licence in March 2006 (RFIB was acquired by Tysers). He set up an office in Saudi Arabia in 2011 and opened offices in Riyadh and Baghdad in 2011 and 2014.
As SEO in Dubai, Anthony oversaw Tysers’ activities in the Middle East region, including our strategic expansion across the Gulf Cooperation countries, Iraq, the Levant and Yemen, the sub-continent and into northern and central Africa.
Anthony’s farewell to Tysers party was held, most fittingly, at the British Embassy in Dubai and attended by colleagues and friends from Tysers, the wider insurance and business community and Edward Hobart CMG, His Majesty’s Ambassador to the UAE.
Tom Wilson, CEO Tysers, commented: “Anthony has made the most enormous contribution to the great success and reputation of Tysers’ office in Dubai and spearheaded our expansion in the Middle East, Africa and Asia. He will be sorely missed and leaves a long-lasting legacy on our business and the teams fortunate enough to work with him. I would like to thank him personally for his hard work, commitment and great generosity of spirit and wish him all the best in his future plans.”
Amin Basbous, Director Marine & Aviation in Dubai added: “I have been very lucky to work with Anthony for 10 years. His leadership, wisdom, and diplomacy shaped by his ambassadorial experience have inspired us all. I wish him fulfilment and joy in his next chapter.”
Anthony will be missed very much by everyone at Tysers who was fortunate enough to have the pleasure of working with him and we wish him the very best.
A few memorable moments from an extraordinary career
Anthony’s career with the Foreign & Commonwealth Office culminated in his appointment as British Ambassador to the UAE in 1994. Other postings included Lebanon, Sudan, Saudi Arabia, the UN in Geneva and Egypt. From 1990 to 1994 Anthony was responsible for the British Government’s relations with the foreign press worldwide and the management of the BBC Overseas Service.
Seconded from the FCO to the Ministry of Defence for three years, Anthony was responsible for bilateral defence relations with the GCC States, and helped to negotiate the Al-Yamamah Air Defence contract with the Saudi Arabian Government (the biggest arms deal in British history). Anthony worked with a team drafting papers for negotiators, and flew between London and Riyadh almost every week before the deal was struck, with occasional trips on private aircraft, to talk to the “middle men” in Geneva. He attended the party thrown by Margaret Thatcher (the then British Prime Minister) at Number 10 Downing Street to celebrate the signing.
When Chargé D’Affaires in Cairo, in August 1990, Anthony was asked to take a secret letter from Margaret Thatcher to the Saudi Foreign Minister requesting that he and the Arab League take a common view with the UK. It was the morning after Saddam Hussein had invaded Kuwait, and that letter was the beginning of the coalition that led to Operation Desert Storm and the expulsion of the Iraqi Dictator’s forces back to Baghdad.
*Anthony retires from Tysers in June 2025.
Website: Tysers Dubai
AM Best’s Stable outlook on the insurance markets of the Gulf Co-operation Council (GCC) reflects the region’s resilient economic conditions, growing demand for insurance products and healthy M&A pipeline.
We expect growth in the GCC insurance market in 2025 as a byproduct of the economic conditions in the region directly contributing to the increasing demand for insurance, forecast population growth, expansion of mandatory schemes, and innovative new insurance solutions.
M&A activity does not appear to be slowing down – for either conventional or takaful players – with an increase in cross-country transactions taking place as companies identify attractive opportunities in other GCC countries, often led by regulatory changes and increased premium prospects.
AM Best expects further consolidation during 2025 given the pressures on small- and mid-tier players from increased regulatory and capital requirements, rising operating costs and weak technical performance.
There are a number of considerations that temper our outlook: Although current economic conditions remain resilient to regional geopolitical tensions, should there be an escalation, the GCC could be adversely impacted by second order effects.
Elevated oil price fluctuation brings potential economic uncertainty, particularly for countries – such as the UAE – with higher dependence on the hydrocarbon sector, as well as those with higher breakeven oil prices.
At the same time intense competition in the highly concentrated markets continues to drive pricing pressure and threatening technical margins.
And reliance on reinsurance leaves insurance companies profit margins vulnerable to changes in regional reinsurance market conditions.
Vasilis Katsipis is General Manager, AM Best Europe – Rating Services Ltd – DIFC Branch
Website: AM Best Dubai
Despite strong regulatory frameworks and rising interest in digital solutions, resistance to change still exists, stemming from the use of, and familiarity with, outdated technologies and workflows.
The re/insurance industry is undergoing significant digital transformation, with markets around the world looking for new ways to enhance efficiency and connectivity. Tim Rayner, CEO and president of specialist business solutions at Verisk, is at the forefront of this evolution, particularly in regions such as the Middle East, where adoption of the digital trading platforms is gaining rapid momentum. Read about these changes by clicking below.