Media Partner : The Insurance Times
Mo’men Mukhtar
Secretary General, Federation of the Afro-Asian Insurers & Reinsurers, FAIR
Reflections on the Fair Conference:
The 29th FAIR Conference in Mumbai marked an important milestone for the Federation of Afro-Asian Insurers & Reinsurers (FAIR), both in terms of participation and substance. The discussions under the theme “Emerging Markets – Towards Resilient Growth” demonstrated the increasing maturity of our markets and the shared ambition to strengthen resilience amid global uncertainty.
The sessions reflected the industry’s ability to adapt, whether in navigating political and currency volatility, adopting innovative risk transfer tools, or aligning reinsurance strategies with national development goals such as India’s IRDAI Vision 2047. One of my key takeaways is that emerging markets are no longer peripheral participants in the global insurance landscape; they are shaping it through innovation, regulation, and collaboration.
Key Trends and Developments in Afro-Asian Insurance and Reinsurance:
Across Afro-Asian markets, several trends are reshaping the industry:
- Regulatory modernization is accelerating, with many jurisdictions revisiting frameworks to balance innovation with prudential oversight.
- Climate and catastrophe risks are gaining attention, prompting new models of cooperation in data sharing, capacity building, and regional pools.
- Digitalization and inclusive insurance continue to expand, supported by the growth of InsurTech and the increasing role of microinsurance.
- Reinsurance localization is also on the rise, with markets investing in local and regional capacity to reduce dependency on global cycles.
These dynamics are pushing our members to innovate while maintaining strong governance and sustainable underwriting practices.
Future Initiatives and Outlook:
FAIR remains committed to facilitating collaboration, knowledge exchange, and capacity development among its 200+ member institutions across more than 50 countries. We are focusing on strengthening technical committees and further developing FAIR’s established Pools and Syndicate, which have proven to be vital mechanisms for enhancing cooperation, retaining business within the region, and building underwriting capacity among member companies. These collective initiatives not only promote solidarity and experience-sharing but also contribute to the long-term resilience of Afro-Asian insurance markets.
As we look ahead, our priority is to help members navigate the evolving risk landscape through partnerships, innovation, and a shared vision of resilience-driven growth.”
About Mr. Mukhtar
Mo’men Mukhtar, the 7th Secretary General of FAIR, is a distinguished insurance leader with 35 years of experience across Egypt and Saudi Arabia. He began his career in 1986 with Misr Insurance Company before moving to Mohandes Insurance and later joining Tawuniya in Saudi Arabia, where he rose to senior leadership roles including Reinsurance Manager and General Manager of Property & Casualty. In 2013, he established Tawuniya’s internal actuarial function while overseeing company-wide reinsurance operations. In 2015, he transitioned to Saudi Re as Chief Underwriting Officer, managing a diverse portfolio across 35+ countries and leading retrocession and actuarial pricing. Returning to Egypt in 2019, he served as Chairman & Managing Director of Misr Insurance Company and currently sits on the Board of Mohandes Insurance Company, heading its Audit Committee and serving on the Risk Committee.
Alaa El-Zoheiry
Managing Director, GIG Egypt & Vice chairman, Federation of the Afro-Asian Insurers & Reinsurers, FAIR
Reflections on the Fair Conference:
- FAIR insurance and Reinsurance companies should work on opportunities in the emerging markets as these markets will help the growth of these companies. Although emerging markets are exposed to climate changes and associated risks to that, but insurers should be able to set up with new solutions including risk transfer. The conference shed the lights on the regulatory reforms in these markets towards mor liberalization and digitalization, with these in mind, the markets in FAIR countries should be able to attract mor investors in Insurance and Reinsurance. The conference included sessions on Innovative Risk Transfer solutions, the aim was to adapt models to the realities of emerging markets in view of the new tech disruptions, hence the resilience rather than just growth. One of the strongest messages of the conference was the call for cooperation and partnerships among different players in the emerging markets including regulators and other stakeholders.
The main key trends impacting the insurance sector in Egypt are :
- Strong written premium ( GWP) rose significantly with a minimum of 25% on a yearly basis.
- Regulatory reform and market restructuring specially with the new unified law that was passed in July 2024 which includes nine different compulsory schemes in addition to other encouraging items to grow the market sensationally.
- Digital Transformation & Insurtech Growth, this a very important factor that will be driving the market towards growth. Insurers that invest in tech/Insurtech will gain competitive advantage with the encouragement coming form the regulator in addition to the decisions taken towards the facilitation of using technology.
- In addition to the above three major points, we can also mention that the under penetration as a huge opportunity as well as the need for new and diversified products.
The Insurance market in the Africa and Asia regions could play a pivotal role in rising the economy in such regions.
The insurance awareness in Africa is a file that should take a priority from both the regulators and the insurance associations. I here want to emphasis on the efforts done from the Insurers Federation of Egypt (IFE) under the patronage of the Financial Regulatory Authority (FRA) where we started a huge insurance awareness campaign that will last for 18 months with an investment of $ 3 million. We are very excited and optimistic that the campaign will bring very positive results and increase the penetration.
About Mr. El-Zoheiry
Mr. El Zoheiry is the longstanding Chairman of the Insurers Federation of Egypt and Vice Chairman of FAIR, with a distinguished leadership record across major regional bodies including GAIF and the American Chamber of Commerce’s Insurance Committee. He serves on multiple boards across Egypt, Jordan, and Turkey, and has been instrumental in advancing insurance and Takaful sectors in the MENA region. Widely recognised for his contribution to the industry, he has received several prestigious honours, including Insurance Man of the Year (2014), Personality of the Year (2017), and multiple regional awards up to 2025.
Fikret Utku Özdemir
Director and General Manager, Milli RE
Reflections on the Fair Conference:
FAIR is a very respectful institution which is very well known within Middle East, Africa and Asia owing to its historical relationship with the key players of these regions. As per previous conferences organized by the Federation, it has again been very efficient and fruitful. Due to its widespread list of attendees, it has given the opportunity to meet and discuss with the representatives from various markets.
Key trends & developments impacting the insurance/reinsurance sector
Across the MENA region, increasing frequency and severity of climate-driven underwriting risk are forcing more rigorous catastrophe modelling and pricing adjustments. In parallel with this, jurisdictions are strengthening solvency, reporting and capital regimes, tightening compliance requirements in their territories. This particular region has lower insurance density compared to Europe and America, however large, underinsured exposures are driving strong growth opportunities for tailored solutions and public-private risk sharing as well as infrastructure, tourism and mandatory health schemes in key markets are expanding non-life premium while seizing growth from AI and InsurTech.
About Mr. Utku Özdemir
Fikret Utku Özdemir holds an Associate Degree in Nuclear Engineering from Hacettepe University and graduated with a bachelor’s degree in Management from the Faculty of Economics and Administrative Sciences at Middle East Technical University. He holds a master’s degree from EDHEC Business School. He joined Is bank as a Member of the Board of Inspectors in 1996 and held managerial positions in various units of the Bank’s departments between 2005 and 2017. He joined Milli Re as Assistant General Manager in 2017 and on 27 August 2019, he was appointed as a Member of the Board of Directors and General Manager. Fikret Utku Özdemir is also a member of the Turkish Insurance Association Non-Life Management Committee and the Steering Committee of the Federation of Afro-Asian Insurers & Reinsurers – FAIR.
Ashwin Lobo
Head of Life & PA, ISA Insurance & Reinsurance Management (DIFC) Limited
Reflections on the Fair Conference:
- The FAIR Conference once again highlighted the power of collaboration across markets in strengthening regional capacity – particularly within life and health (re)insurance, where emerging risks demand collective innovation. There is a renewed momentum toward digital enablement, with insurers and reinsurers actively integrating technology to enhance underwriting, claims automation, and customer engagement.
- Equally important were discussions around inclusive insurance and financial literacy, both essential to improving protection penetration across the GCC, Africa, and Asia. The event also served as a valuable platform to align perspectives among regulators, insurers, reinsurers, and intermediaries, underscoring that sustainable growth depends on harmonizing prudential frameworks with innovation.
Key Trends Shaping Life Reinsurance in the Region
- The MENA region continues to face significant protection gaps in life and health coverage. Insurers are increasingly exploring simplified issue products, micro-protection, and group covers to close these gaps and reach untapped customer segments.
- A key driver of change is the shift toward data-driven underwriting. Advances in digital health records, wearable technology, and predictive analytics are allowing for more dynamic risk assessment, although data privacy and regulatory clarity remain vital enablers.
- Regulatory evolution across the GCC – with increasing alignment to international solvency and accounting standards such as IFRS 17 and RBC – is reshaping how capacity providers and cedants manage risk and capital. This has amplified the demand for reinsurance expertise, as cedants now seek partners who can offer both technical insight and advisory value, not just capacity.
- Meanwhile, longevity and health solutions are gaining prominence as rising life expectancy, medical inflation, and post-pandemic health awareness drive product innovation in areas like critical illness and long-term care.
Broader Perspectives and Future Directions
- The region is entering a phase where collaboration among insurers, reinsurers, and intermediaries is no longer optional but essential. There is growing momentum to develop regional mortality tables, experience studies, and data-sharing frameworks that better reflect local realities rather than imported assumptions.
- Significant opportunity also lies in addressing under-served segments – from SMEs to women-focused protection and migrant worker benefits – supported by modular and flexible reinsurance structures.
- Post-pandemic shifts in consumer behavior have accelerated digital adoption and altered perceptions of risk. Insurers that respond to these insights, supported by agile reinsurance solutions, will lead the next growth cycle.
- At the same time, the role of reinsurance brokers such as ISA Solutions is evolving beyond traditional placement – toward solution design, analytics, and knowledge sharing. By bridging client needs with reinsurer innovation, brokers are helping shape a more adaptive and data-informed market.
- Finally, greater connectivity among Middle Eastern, African and Asian markets – enabled by platforms such as FAIR – will be central to diversifying risk pools and building sustainable capacity across the Global South.
About Mr. Lobo
Ashwin Lobo, Head of Life & PA, ISA Solutions, affiliated with ISA Insurance & Reinsurance Management in DIFC and regulated by the DFSA, combines MGA agility and reinsurance expertise to serve partners across the Middle East, Africa, and Asia.
Ranjay Verma
Managing Director – Operations & Re-Insurance, NewTech Insurance Brokers LLC, Dubai, United Arab Emirates
Reflections on the Fair Conference:
Attending the FAIR (Federation of Afro-Asian Insurers and Reinsurers) Conference offered valuable insights into the evolving insurance and reinsurance landscape across emerging markets. The key reflections include:
1. Regional Collaboration & Capacity Building
2. Reinsurance Market Outlook
3. Emerging Risks & Innovation
4. Digital Transformation
5. Sustainability & ESG Focus
6. Human Capital & Knowledge Exchange
In conclusion, the FAIR Conference reaffirmed the importance of regional cooperation, innovation, and disciplined underwriting to navigate today’s complex risk environment. It was a timely reminder that emerging markets hold vast potential-provided the industry continues to invest in knowledge, technology, and partnership. Going forward, the FAIR Conference 2025 reinforced a unifying vision that the future of insurance in emerging markets will be shaped by collaboration, innovation, and disciplined underwriting. As regional players strengthen ties and adopt forward-looking practices, the Afro-Asian insurance community stands well-positioned to play a defining role in the next phase of global market development.
About Mr. Verma
Ranjay Verma is the Managing Director – Operations and Reinsurance at NewTech Insurance Brokers LLC, based in Dubai. He brings deep expertise in reinsurance and operations management within the insurance brokerage industry. Over his career, he has built a professional reputation through leadership in the MENA insurance sector and a strong academic foundation from Patna University.
Shashi Kant Dahuja
FIII, FCII, Chartered Insurer, Executive Director & Chief Underwriting Officer, Shriram General Insurance Co. Ltd
Reflections on the Fair Conference:
Attending the FAIR Conference held in India was a truly enriching experience. I found it to be a great platform to connect with new reinsurers, especially those operating across the Middle East, Africa, and Asia.The same provided an excellent opportunity to interact with peers from different markets and understand how they are reshaping the insurance landscape in their respective regions.
A special mention to GIC Re for the wonderful cultural program – it was refreshing, vibrant, and beautifully showcased India’s diversity and warmth.
Key trends & developments impacting the insurance/reinsurance sector in your region
There are several key trends shaping the insurance and reinsurance landscape in India.
One of the most significant developments is the growing presence of new reinsurers setting up offices in GIFT City. Many, including CBRs and other global players, have already received licenses to operate. This will increase competition, enhance reinsurance capacity within India, and have a positive impact on RI pricing and market stability.
Another important shift is the growing focus on parametric products, as insurers respond to the rising frequency and severity of catastrophic (CAT) events. These innovative covers are helping the industry move toward more data-driven, transparent, and faster claim settlements.
Moreover Indian insurers are increasingly adopting AI, machine learning, and automation across underwriting, claims, and operations, leading to better risk assessment, efficiency, and customer experience.With these developments, India is steadily progressing toward becoming a regional insurance and reinsurance hub, supported by regulatory reforms, innovation, and strong market fundamentals.
About Mr. Dahuja
Shashi Kant Dahuja is the Executive Director & Chief Underwriting Officer at Shriram General Insurance, bringing over 24 years of extensive experience in the insurance industry. He holds advanced qualifications in commerce and finance, along with prestigious fellowships from the Insurance Institute of India and CII London, earning him the Chartered Insurer status. A strategic leader, he oversees underwriting, reinsurance, product development, IT, and non-motor claims. He has also been recognised by the Insurance Institute of India and NIA Pune for his award-winning research contributions.
Rasha Zayed
Reinsurance Manager, Kuwait International Takaful Insurance Company K.S.C.C
Reflections on the Fair Conference:
The timing of the 29th FAIR Conference was excellent, particularly as we approach the renewal season for our bouquet treaties for Underwriting Year 2026. It provided an ideal opportunity to meet and engage with many of our reinsurance partners who participate in our programmes.
It was truly an honour to attend the conference on behalf of KITI. I would like to extend our sincere thanks to the organizers and staff for their outstanding professionalism and the excellent arrangements throughout the event.
Insights on Current Trends and Developments in the Insurance/Reinsurance Sector in Our Region
The insurance and reinsurance landscape in our region continues to evolve, with increasing emphasis on digital transformation, regulatory enhancement, and risk diversification. We are also witnessing greater interest in Takaful and ethical insurance solutions, along with stronger collaboration between regional and global reinsurers to build more resilient portfolios.
Relevant Initiatives we are undertaking
At KITI, we are committed to strengthening our financial position and market competitiveness. We recently increased our paid-up capital from KWD 5,000,000 to KWD 6,250,000 – a milestone that reflects our sustainable growth and long-term commitment to our clients and partners.
We are also focused on digital innovation and improving operational efficiency to better serve our policyholders and reinsurance partners. Additionally, we are actively expanding our reinsurance programme and exploring new strategic partnerships for UY 2026 and beyond.
About Rasha Zayed
Rasha Zayed is the Reinsurance Manager at Kuwait International Takaful Insurance Company (KITI), a position she has held since 2022. With over a decade of experience in the reinsurance sector, she specialises in treaty and facultative placements, claims coordination, and strengthening global reinsurance relationships. Her expertise spans technical, operational, and relationship-driven aspects of reinsurance management.
Riddhi Biswas
VP – Reinsurance, Tata Motors Insurance Advisory and Broking Services
Reflections on the Fair Conference:
Standing at the throes of fast changing geopolitical equation, trade tariff tirades, political upheavals and commerce chaos across the globe, the world is facing a myriad of complexities and challenges.
3 Cs namely climate risk, cyber onslaught and currency volatility have just exacerbated the problems. While at one end of the continuum remains uncertainty, the other end has the certainty of contract, the (Re)insurance, which has the capacity and capability to face it head-on and tap the opportunities. This is exactly what the FAIR conclave this year highlights – how to be more tech savvy, foster innovation and collaboration to navigate the turbulence. The vision 2047 of India ‘Insurance for All by 2047′ is not only limited to ”Bharat’ but to each of the member states of the bloc to make insurance affordable and accessible to all.
As the common thread of accessibility and affordability weaves this ambitious goal, the typical denominator, the FAIR, can play a vital role to embroider the fabrics of the North star. Time is ripe to act swiftly and stupendously, embracing the proverbial doing the hay while the sun is shining.
About Mr. Biswas
Riddhi Biswas is an engineer, management graduate, and Level-3 certified yoga teacher, with a mechanical engineering degree from NIT Kurukshetra and an MBA from IIM Kozhikode. Currently associated with the Tata Group, he has worked with leading MNCs and earned multiple recognitions for his professional contributions. An internationally acclaimed writer, his award-winning papers and articles have been featured in reputed journals, and he is the author of Worded Wonder – A Lexicon of Flair and Flamboyancy. In his leisure time, he enjoys hosting events, cultural programmes, and sports commentary.
