Neil B J Irwin

Dubai expat, single mother, secures her family's future and retirement with IUL insurance. How? Our latest case study breaks down the tailored Indexed Universal Life (IUL) solution we crafted for Sarah, unlocking a financial plan that seemed out of her reach. Here's what we accomplished for Sarah and her financial adviser: + Family protected: $5.1 million tax-free death benefit for her daughters + Retirement secured: $50,000 annual income starting at age 60 + Peace of mind: Market growth potential with downside protection + Legacy built: Tax-efficient wealth transfer Sarah's words: "Income for Life gave me peace of mind knowing my children's future and my retirement are taken care of." If you have high-earning clients struggling to balance family protection with their retirement dreams, our Income for Life case study shows how you can do it. https://lnkd.in/e4NrNF7Y #financialplanning #lifeinsurance #expatlife #wealthmanagement #familyprotection #retirementplanning #financialadviser #capitalforlife

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Honour to launch Global Association of InsureTek Professionals (GAIP), in Saudi Arabia a nonprofit international organization earlier launched in Dubai, United Arab Emirates marking a milestone in the insurance industry, particularly in technology. GAIP’s inception stems from the transformative impact of technology on insurance, highlighted during the global pandemic. As traditional models were disrupted, technology became a lifeline, enabling remote claims processing and telehealth services, and revealing the need for a dedicated organization to support and regulate InsureTech. This necessity inspired the creation of GAIP to advocate for InsureTech development and provide a framework to support and regulate this dynamic sector. GAIP aims to usher in a new era where technology and innovation lead to comprehensive, efficient, and accessible insurance protection globally. GAIP is a movement establishing chapters worldwide to foster local and international collaboration. These chapters will serve as hubs for knowledge exchange, professional development, and regulatory guidance, ensuring rapid yet responsible advancements in InsureTech. Thank you for your overwhelming support and commitment to this vital cause. Together, we will make GAIP a beacon of progress and innovation in the global insurance landscape. Join us as we embark on this transformative journey to drive progress, foster collaboration, and shape the future of InsureTech. www.gaip.co #GAIPLaunch #InsureTechRevolution #FutureOfInsurance #InnovationInInsurance #TechInInsurance #InsureTechSaudi #GAIP2024 #InsuranceInnovation #GlobalInsureTech #InsureTechCommunity

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Preliminary estimated #insured #property #losses arising from the #floods in #April in the #UAE are likely to exceed US$650m, they could reach as high as $850m, with the most #affected #emirate being #Dubai. Estimated number of motor vehicles affected by floods is between 30,000 and 50,000 in the UAE, mostly concentrated in Dubai. Only the vehicles with comprehensive policies will be covered by insurance companies (TPL policies typically do not cover Nat Cat perils). The estimated preliminary #insured loss for motor is likely to exceed $150m but could reach as high as $250m for the UAE. Claims are still developing, and this estimated number is subject to further change. #motor #insurance #claims #assesment #reinsurance

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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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Claim process checklist. A quick and simple guide to navigate the claim process

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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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REINSURANCE REIMAGINED: THE MIDDLE EAST'S TECHNOLOGICAL ADVANCEMENTS AND FUTURE INNOVATIONS The Middle East's reinsurance sector is rapidly integrating advanced communication technologies. These innovations are enhancing efficiency and resilience in the sector, particularly through: 1. Blockchain Technology: Enhances trust and efficiency in reinsurance contracts with decentralized, transparent ledgers and automated smart contracts. 2. Big Data Analytics: Provides precise risk assessment and pricing by analyzing extensive data to identify patterns and predict risks. 3. AI and Machine Learning: Processes complex datasets to identify emerging risks and trends, improving risk assessment models continuously. 4. IoT: Offers real-time data on insured assets, aiding in proactive risk management. 5. Telematics: Monitors driving behavior for tailored auto insurance premiums. For the Middle East to maximize these innovations, it needs to develop supportive regulatory frameworks, foster collaboration between key stakeholders, and invest in local talent skilled in emerging technologies. Embracing these advancements will bolster the region's reinsurance capabilities, enhancing economic stability and resilience against risks.#reinsurance #communications #Innovation 👇👇👇 https://lnkd.in/dgeFZFa3

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REINSURANCE REIMAGINED: THE MIDDLE EAST'S TECHNOLOGICAL ADVANCEMENTS AND FUTURE INNOVATIONS The Middle East's reinsurance sector is rapidly integrating advanced communication technologies. These innovations are enhancing efficiency and resilience in the sector, particularly through: 1. Blockchain Technology: Enhances trust and efficiency in reinsurance contracts with decentralized, transparent ledgers and automated smart contracts. 2. Big Data Analytics: Provides precise risk assessment and pricing by analyzing extensive data to identify patterns and predict risks. 3. AI and Machine Learning: Processes complex datasets to identify emerging risks and trends, improving risk assessment models continuously. 4. IoT: Offers real-time data on insured assets, aiding in proactive risk management. 5. Telematics: Monitors driving behavior for tailored auto insurance premiums. For the Middle East to maximize these innovations, it needs to develop supportive regulatory frameworks, foster collaboration between key stakeholders, and invest in local talent skilled in emerging technologies. Embracing these advancements will bolster the region's reinsurance capabilities, enhancing economic stability and resilience against risks.#reinsurance #communications #Innovation 👇👇👇 https://lnkd.in/dgeFZFa3

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At B4E Insurtech, we understand the unique challenges of the Middle Eastern insurance market, where low penetration and awareness have historically limited the reach of traditional insurance. Our innovative Insurance Infrastructure-as-a-Service model is designed to bridge the protection gap by providing scalable, technology-driven insurance solutions that cater to the diverse needs of this region. While traditional insurers have played a vital role in the industry, their models are not typically equipped to serve the low-ticket mass-market segments effectively. These segments require a different approach—one that is agile, cost-effective, and customer-centric. That’s where B4E Insurtech comes in. Our approach is not just about offering insurance products; it’s about transforming the insurance landscape through digital innovation. We enable traditional insurers to overcome their legacy constraints and connect with a wider audience, thus driving up insurance penetration rates. #Insurance #Insurtech #ProtectionGap #DigitalInsurance #EmbeddedInsurance #InclusiveInsurance Shivani Singh Raxon D'Souza Romik Makavana Jashan S.

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Please share this message - it's for the better of our industry! Yesterday we launched an industry-wide initiative - a central place to register vehicles with flood claims - this for many reasons: 𝗣𝗿𝗲𝘃𝗲𝗻𝘁 𝗙𝗿𝗮𝘂𝗱: A centralized repository helps insurers quickly verify a vehicle's flood history and reduce fraudulent claims. 𝗣𝗿𝗼𝗺𝗼𝘁𝗲 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻: A unified approach bolsters the industry’s credibility and enables insurers to address this issue collectively. 𝗘𝗻𝗵𝗮𝗻𝗰𝗲 𝗥𝗼𝗮𝗱 𝗦𝗮𝗳𝗲𝘁𝘆: By preventing compromised vehicles from re-entering the market, we improve public safety. This initiative require all insurers to collaborate on improving our industry, and I'm very proud that we have a double-digit number of insurers on board already, less then 18 hours after launch! Send a message a message directly to participate!

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How to choose the best pet insurance in UAE ? 🐶 Very good guide from Gulf news on how to select the best pet insurance in UAE in 2024 #OsloInsurance #PetInsurance #UAE

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The Central Bank of the UAE's recent report reveals significant growth in the local insurance market, with turnover reaching 21.1 billion AED (5.7 billion USD) as of 31 March 2024, an 18.5% increase from the previous year. Claims paid by insurers also rose by 18.3%, totaling 8.4 billion AED (2.3 billion USD). Technical reserves have grown to 78.8 billion AED (21.5 billion USD), marking a 6.9% increase over the past year. Additionally, the assets and shareholders' equity of all insurers in the UAE stood at 131.7 billion AED (35.9 billion USD) and 27.9 billion AED (7.6 billion USD) respectively. The recent heavy rains in April underscore the critical role of insurance in supporting communities during unforeseen challenges. The expected surge in claims will test the industry's resilience and commitment to providing timely assistance. The robust growth and strong financial foundation highlighted in the CBUAE report will be crucial in navigating these challenges and ensuring that policyholders receive the support they need. #UAEInsurance #MarketGrowth #Resilience #CustomerSupport #CommunityCommitment

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At the beginning of each year Allianz Commercial come out with their Risk Barometer based on a survey with over 3,000 risk management professionals across 92 countries. Half way in the year I revisited these to evaluate market strategy. Looking at the top 3 risks there are pros and cons for Insureds across the GCC: 1) Cyber premiums are decreasing; 2) Business Interruption cover was not always available following the intens floods earlier in the year as there was no direct cause; 3) Premiums are on the rise for Natural catastrophe losses due to increased losses around the globe explained by global warming. With the acceleration of Gen AI it's surprising to see 'shortage of skilled workforce' making the top 10. What is your top Risk? #insurance #risk #riskmanagement

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Managing natural catastrophe risk in the Middle East: challenges and opportunities The unprecedented flooding in April highlights the region's exposure to weather-related losses and the opportunities for insurers to adopt more robust risk management practices and differentiate themselves in a crowded marketplace I am delighted to hear my dear colleagues talk about the following topics: 📌 Outlook for weather-related risks in the region and insurers' exposure 📌 Impact of the recent NatCat events on regional insurers 📌 How insurers' risk management practices are evolving 📌 Opportunities to improve NatCat risk management To register: https://lnkd.in/es3QcMPw

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A.M. Best believes that the recent flooding in the UAE will be manageable for insurers, despite the challenges of low insurance penetration rates and the lack of standardized flood coverage. This is because reinsurers will likely shoulder most of the financial burden. The article highlights that low insurance penetration rates, particularly for flood coverage, could lead to a surge in claims following the recent flooding. This is because many property owners may not have flood insurance, leaving them financially vulnerable in the aftermath of the disaster. The absence of standardized flood coverage further complicates the situation. Without a clear definition of what constitutes flood damage, insurers may be hesitant to pay out claims, leading to disputes with policyholders. However, the article also points out that reinsurers will likely play a significant role in mitigating the financial impact of the flooding on UAE insurers. Reinsurance is a form of insurance that protects insurance companies from major losses. By reinsuring a portion of their risk, UAE insurers can transfer some of the financial burden associated with flood claims to reinsurers. In conclusion, while the recent flooding in the UAE poses challenges for insurers due to low penetration rates and the lack of standardized flood coverage, the presence of reinsurers will likely help to make the event manageable for the insurance industry. #insurance #flood #uae #Dubai #reinsurance

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In the aftermath of a flood in Dubai or any other location, business owners should prioritize several key actions: Immediately advice the brokers, insurance company during the rain intimating of potential loss exposure and seek immediate loss prevention guidance as may be relevant. For e.g. warehouse in low lying areas must be secured by creating water bunds to prevent water inflow within the warehouse .Pump out flood water from the premises , dehumidify it aggressively. Sponge out water from the floor and restack the goods lying directly on the floor over a raised platform. Have 24hrs security to secure your premises from suffering theft /burglary. Try to send sensitive materials in a container van to alternate premises in another emirates .Ensure minimum exposure to wet weather. Another important risk is of new branded cars stored in open and more particularly in a low lying areas. The first causality is the engine when water and sand/debris gets in through the exhaust and contaminate the engine cylinders. Once you ignite it damages the engine permanently. Never start a car when is in the midst of inundation. Sometimes the dealers resort to retain slow moving vehicles exposed to this flood and claim CTL. Even otherwise underwriters would take refugee citing this reason. Construction industry would be the worst hit and the materials stored in open onsite facility for immediate erection needs suffer this flood /causality and form the bulk of the claim. Underwriters must insist that they be rested on a raised platform at least a foot above the highest terrain level and covered by tarpaulin or should be moved wherever possible to the onsite covered storage facility. Failure to do so might prejudice the full recovery. There are several issues that the insured needs to face and document the loss. If any should need proactive guidance may feel free to reach me at v_krish_1@yahoo.co.in for suggestion and guidance. Any timely assistance now might earn the best claim resolution. Your business in Dubai could be guided to obtain best claim outcome and relief.

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The recent unexpected rains in the UAE last month have led to a significant surge in water damage claims for motor insurance. From submerged vehicles to waterlogged engines, the impact on the insurance industry is unexpected and considerable. 🌧️🚗 Short-Term Impacts: Premium Increases: Immediate hikes in premiums as insurers adjust to cover the sudden surge in claims. Claims Processing Delays: Even though insurance companies are putting best efforts to settle the claims , spike in claims can overwhelm claims departments, leading to longer processing times and potential delays in settlements . Stricter Underwriting: Quick tightening of underwriting criteria, particularly in high-risk areas, impacting coverage availability and terms. Long-Term Impacts: Sustained Higher Premiums: Long-term adjustments to premium rates as insurers recalibrate their risk models to account for increased water damage incidents. Revised Terms and Conditions: Even though natural perils like flood are covered in Comprehensive motor policies, insurers have not yet put specific exclusions in this scenario . Example : Scenario where the engine is damaged due to the deliberate attempt in driving the vehicle over the flood. Product Innovation: Development of new insurance products and coverage options specifically addressing water damage and flood risks. Preventative Measures and Discounts: Increased emphasis on preventative measures, with insurers offering discounts or incentives for policyholders who take steps to mitigate flood risks. Regulatory Changes: Potential regulatory shifts to ensure that insurance products and pricing remain fair and accessible in light of changing environmental risks. As climate change continues to influence weather patterns, the motor insurance industry in the UAE must adapt to these new challenges. Collaborative efforts, both within the industry and with policyholders, will be essential in navigating this evolving landscape. #Insurance #MotorInsurance #FloodDamage #UAE #UnexpectedRain #RiskManagement #InsuranceIndustry #CustomerSatisfaction

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TACKLING CLIMATE CHANGE: HOW INSURANCE COMPANIES CAN LEAD THE WAY Climate change poses significant challenges in the Middle East and North Africa (MENA) region, including rising temperatures, shifting rainfall patterns, and more frequent extreme weather events. The insurance sector is crucial in mitigating climate risks and enhancing resilience through data analytics, collaborative partnerships, and innovative tools. #Climate Change Trends: 1. Rising Temperatures: Increased heat risks health, boosts cooling demands, and strains agricultural and water resources. 2. Shifting Rainfall Patterns: More variability and intensity in rainfall lead to water scarcity, soil erosion, and heightened flood and landslide risks. 3. Extreme Weather Events: More frequent and severe events, such as heatwaves and floods, damage infrastructure and livelihoods. #Insurance Claims from Climate Events: 1. Flood Damage: Increased claims for property damage, business interruption, and infrastructure losses. 2. Heat-Related Illnesses: Higher health insurance claims due to heat-related conditions. 3. Crop Losses: More agricultural insurance claims due to water scarcity and soil degradation. #Risk Mitigation Strategies: 1. Infrastructure Investment: Building robust infrastructure to mitigate climate risks. 2. Sustainable Urban Planning: Enhancing urban resilience through green spaces and efficient land use. 3. Comprehensive Insurance Coverage: Providing financial protection against climate risks. 4. Natural Catastrophe Pools: Spreading risks and ensuring resources for disaster response. #Role of Insurance: 1. Risk Transfer: Shifting climate risks to the broader financial market. 2. Incentivizing Adaptation: Encouraging investment in resilient infrastructure. 3. Data Analytics and Reinsurance: Using data for accurate risk assessment and leveraging reinsurance for capacity and expertise. #AI-Powered Tools for Climate Resilience: 1. Risk Assessment and Forecasting: Analyzing data for better risk prediction. 2. Early Warning Systems: Providing timely disaster alerts. 3. Infrastructure Optimization: Improving planning and identifying vulnerabilities. 4. Resource Management: Optimizing strategies for agricultural resilience. 5. Insurance Innovation: Enhancing risk assessment and claims processing. #Benefits of AI and ML: 1. Improved Accuracy: Better risk models for underwriting and pricing. 2. Real-Time Monitoring: Early risk detection and response. 3. Adaptive Planning: Dynamic risk management. 4.Cost Efficiency: Enhanced operational efficiency. #AI and predictive modeling significantly enhance climate resilience and disaster preparedness in the MENA region. Insurers and stakeholders can better predict, mitigate, and manage catastrophic events, fostering a more resilient future for all.

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