COVID-19 Measure: Read Full Magazine Here. In recent decades, public health policy and practice have been increasingly challenged by globalization, even as global financing for health has increased dramatically. It is time to focus on the increased global flows (of pathogens, information, trade, finance, and people) as driving, and driven by, global market integration.
This integration requires a shift in public health thinking from a singular focus on international health (the higher disease burden in poor countries) to a more nuanced analysis of global health (in which health risks in both poor and rich countries are seen as having inherently global causes and consequences).
Several globalization-related pathways to health exist, two key ones of which are described: globalized diseases and economic vulnerabilities. Therefore, national governments, especially those of wealthier nations, should take greater account of global health and its social determinants in all their foreign policies.
The increase in human mobility has accelerated the speed and distance at which microbes are able to travel, while urbanization—which in some contexts is accelerated by globalization's effects on rural livelihoods—has facilitated the spread of infectious diseases. Historically, infectious diseases such as the plague, smallpox, and cholera have spread owing to human migrations associated with trade, military campaigns, and religious pilgrimages. With modern transportation, pathogens can spread faster and in a less uniform pattern.
Travel and migration are not the only global factors influencing infectious diseases. Major international public goods for health, notably communicable disease control (including vaccination) and control of antibiotic resistance but also disease surveillance, are conspicuously undersupplied by today's economic institutions, reflecting the “dramatic decay in local and global public health capacity” identified by a United Nations panel. And increasing evidence indicates that climate change is playing a role in the spread of infectious diseases: Rising temperatures will increase transmission rates of vector- and rodent-borne diseases, including malaria, dengue fever, and schistosomiasis.
Global health may be well-positioned to influence how globalization re-emerges from its present economic crisis; but how well it accomplishes this will be determined in part by the capacities and skills of global public health diplomats and by which of the policy arguments they choose to emphasize. The challenges acquire urgency if the financial crisis accelerates and involve at least partly interconnected patterns of economic volatility, food price increases, and fossil-fuel dependency/climate change.
The global life insurance industry has seen significant changes over the past decade. Developing economies—predominantly emerging markets in Asia that were formerly small contributors—have become global growth drivers and now account for more than half of global premium growth and 84 percent of individual annuities growth. The availability of data has skyrocketed, and insurers have made progress in advanced analytics and artificial intelligence. Digital and mobile advances have raised the bar on transparency and service quality: customers can now file claims and access agents, insurance quotes, and policy information with a few taps on a screen.
Finally, technology played and will always play an important part in this transition. The proliferation of data and connected devices, particularly wearables, will continue to make it easier for insurance companies to play an active role in shaping customer health—to everyone’s benefit.
Reading the above information, it is important to know that Alaa El Zoheiry Is the Managing Director of Arab Misr Insurance Group gig, Chairman of The Insurance Federation of Egypt and President of Sharm Rendezvous Organizing Committee
Alaa Al-Zoheiry is a member of the Gulf Insurance Company of Kuwait and he has been elected as Chairman of the Insurance Federation of Egypt (IFE) starting from 2017 until the current date.
Alaa El Zoheiry is conferred the Personality of the Year award (2017) in recognition of his outstanding contribution in enhancing insurance industry standards, his unwavering commitment to bring about regulatory change, and for his exemplary organizational skills with practical wisdom.
He has high studies diploma in non-life Insurance from Cairo University (1989) and a BA in Business Administration from Sadat Academy for Management Sciences, Faculty of Management (1986). He has attended a lot of training and courses arranged by the largest reinsurance companies in the globe as well as reinsurance brokers; such as: Munich Re; Swiss Re, SCOR; AXA; ACE; United Insurance Brokers; Marsh; and AON.
El Zoheiry has been in the insurance market for more than 30 years, moving through the reinsurance department at MISR insurance Company to practicing all lines of engineering business within Suez Canal Insurance Company.
He also gained experience of professional indemnity insurance in the US market Starting with ACE Egypt as a Technical manager in 2001 and heading Arab MISR insurance Group gig as a Managing Director as of 2005 until the current date.
Alaa El Zoheiry is a member of the Board of the Egyptian Insurance Federation since 2005 until 2013, a member of the Egyptian Lebanese Businessmen association since 2002 , a member of the Egyptian Turkish Businessmen association since 2007, a member of the American Chamber Commerce in Egypt since2005, a member of the Egyptian Junior Businessmen Association since 2006, a representative of the Egyptian Insurance Market at the G A I F since 2008, a member of the Board of Director of Arab Orient Insurance Company (Jordan) Since 2009,a Chairman of the Audit Committee at Arab Orient Insurance Company (Jordan), since 2008., a Chairman of the Insurance Committee at the American Chamber of Commerce in Egypt since 2009, a Vice Chairman of the Egyptian Takaful Life insurance Company since 2011, a Chairman of the General Arab Insurance Federation (GAIF) 2014.
Alaa El Zoheiry is a widely known and highly respected leader who believes that there is hope for the industry as a whole to rise to new heights despite COVID-19. “We should all come together as insurers and reinsurers to make sure that we make strategic moves that will appeal to our various target audiences that will bring innovation and diversity in our product offering as we grow the industry to new heights,” he adds.
His leadership style-lead from the front, not the back— not only is he a highly ethical Managing Director, but he has empathy and the desire to make the world a better place to live. From spearheading Sharm Rendezvous Organizing Committee to increase insurance awareness in the Arab world to collaborating with organizations including in Egypt and the international world to ensure that his gig’s plans become a reality.
In his view, the twinning of the two reputable conferences continues regional and global efforts to develop and promote the insurance and reinsurance industry.
This point truly embodied an unparalleled global collaboration of the brightest minds in the industry and the academia.
The IFE 3rd Sharm El Sheikh Rendezvous & the FAIR 27th Conference was held under the theme: “New Insurance and Reinsurance Trends: Post Covid-19 Opportunities”.
As such, a panel of distinguished experts addressed the above-mentioned subject from different perspectives. The conference deliberated and discussed all the different facets of this exciting topic and came up with recommendations that led to better inspiring and successful ideas.
The IFE 3rd Sharm El Sheikh Rendezvous & the FAIR 27th conference has attracted a large and diverse group of speakers and participants, combining intellectual brilliance with practical experience.
The organizing committee of the 3rd Sharm Rendezvous and the 27th FAIR Conference spared no effort to create a truly exciting and memorable event.
On the other hand, it is also important to mention that gig - Egypt is an Egyptian Insurance company established in 1994 under the Egyptian Insurance Law No. 10 of 1981, gig - Egypt is a member of the Egyptian Insurance Federation {IFE} and started business since July 1st, 1994. Its issued capital is EGP 500 M and paid-up capital is EGP 315 M.
gig - Egypt is rated a Financial Strength Rating B++ and Issuer Credit Rating bbb+ by A.M. Best. The outlook for both ratings is stable.
Due to our exceptional financial strength, our rating from Moody’s is Ba2 with stable outlook.
The ratings of gig - Egypt reflect its good level of risk-adjusted capitalization, good financial performance and improving business position in Egypt.
BL: Now that the IFE 3rd Sharm El Sheikh Rendezvous & the FAIR 27th conference has ended as planned, what are your insights for The IFE 4th Sharm El Sheikh Rendezvous & the FAIR 27th conference?
Alaa El Zoheiry: The 4th Sharm El Sheikh Rendezvous is going to be a different one, since the Rendezvous succeeded to be an international Insurance and Reinsurance Conference. I do expect to have more attendees especially from the international insurance market since we have received a lot of messages following the Rendezvous from various companies addressing their regret that they couldn’t make it this year due to the travel restrictions.
We will see a different and yet unique one for the next year event.
BL: What is your objective criticism?
Alaa El Zoheiry: We do believe that the insurance market has seen a lot of challenges during the last two years and our objective is to put the Egyptian Insurance market into the speed required to meet all the challenges and provide solutions
It is obvious that the Egyptian market has already started the journey and with the support of the different stakeholders.
We do also believe that the Sharm Rendezvous has gone miles ahead and we want to keep this distance and even exceed it.
BL: What did we learn about “New Insurance and Reinsurance Trends: Post Covid-19 Opportunities”?
Alaa El Zoheiry: The main issue is that COVID-19 is going to continue for a while and therefore, companies have to be prepared to deal with this fact and start putting together the suitable risk mitigation steps. Products innovation, system updates, transformation into digitalization, merger and acquisitions where possible, corporate governance applications, reinsurance capacity building, balanced portfolio, claims handling enhancement, suitable investment portfolio mix, advanced training modules, alternative risk solutions, capital adequacy and the most important lesson learned is to always expect the unexpected.
BL: How were you able to run a remarkable event despite the surrounding financial, economic and medical challenges? What pushed you to continue with the event despite the odds? What are the strategies implemented for the control of the COVID-19 pandemic during such a well-attended event?
Alaa El Zoheiry: Having the conference this time was a great challenge, we have put many scenarios for the conference and have already issued an event cancellation policy. We have chosen the perfect timing - third week of September - since a lot of people expected a fourth wave of COVID-19 to hit the World in October. Sharm hotels have strict steps in terms of dealing with the situation including vaccinated all the staff. We have taken all the precautions and started marketing for the conference. We were surprised by the endless support of the sponsors, the local market players as well as the Governmental Authorities.
We started the announcement and we thought that the conference will attract only 400-500 attendees. We have almost 1000 attendees representing 38 Countries and we had to close registrations a week prior the conference.
We have been able to arrange the conference and have taken all the required steps to have a very successful conference that will be remembered by all who got the chance to attend.
We did have one of our sponsors who were ready 24/7 to provide medical services to the attendees and we have contacted with a PCR test lab that was available at the venue of the conference to arrange the service for those have to do a PCR prior traveling back home.
BL: What is the growing impact of globalization for health and public health practice?
Alaa El Zoheiry: I believe that Worldwide people have become more cautious with the way of dealing with each other, some habits have to disappear and social distancing has become a must. A lot of people weren’t prepared to accept the fact that they have to get vaccinated but traveling abroad won’t be easy without vaccination, this has helped a lot in having more vaccinated people around and have reduced the spread of the COVID-19. Warning masks has become a norm and even those who have been vaccinated still believe it is better to use a mask while moving around or meeting people. The importance of practicing sports has been increasing, people tend to take care more of the life style of having food.
BL: Many countries now face multiple crises—a health crisis, a financial crisis, and a collapse in commodity prices, how to resolve such challenges in Egypt and the Arab world?
Alaa El Zoheiry: I believe that Egypt has gone miles ahead of many countries, while the majority of the World Countries have failed to achieve any growth in the GDP; Egypt was able last year to achieve a growth of 3.6%. Many projects have been introduced by the Government that exceeds Billions of Egyptian pounds. This helps a lot in creating more than four million jobs The Government invested a lot in the infrastructure projects and this have paved the roads for a lot of requests of Foreign Direct Investment to come to the Country. Also, Tourism have been resumed specially form Europe and this has helped a lot in having the hotels activities return back to its normal.
Also, the Government has taken certain actions to assist the export companies to be able to have more export exposure.
I believe that the Government steps and the projects initiation were the main key that assists in mitigating the risks faced during such a very hard time.
Countries should try to take the same steps and this will help a lot.
BL: What are the recent trends in insurance? What are the opportunities in insurance sector?
Alaa El Zoheiry: We have seen some trends in the insurance markets including mergers and acquisitions also we have noticed rates increase in some line of business such as Oil & Gas, Aviation, Financial lines, Property and Engineering. Also, we have noticed that most Regulars have asked companies not distribute profits for the shareholders or reduce the distribution element to strengthen the financial positions of the Insurance companies. Digital transformation also has become an important part of the day-to-day business life of the Insurance markets. In addition to that and as far as the Egyptian market is concerned, we have seen also raise in the Insurance awareness that help the market grow in a very noticeable manner in addition to the adaptation of micro insurance concept where almost six million policies have been issued in the are only.
BL: Is it true that Work opportunities in the insurance sector are enormous?
Alaa El Zoheiry: The insurance markets in general have seen an enormous number of job opportunities due to the fact that the markets are expanding be it Insurers, Reinsurers, brokers and also some business related such as TPA companies as well loss adjusters.
In the Middle East markets, we have noticed some companies who have decided to grow by expansions in other markets creating new job opportunities. Historically, the insurance markets weren’t attracting new graduates and companies used to count on headhunting staff from other companies. This situation still but not as much as before as new comers now are available and fresh graduates can easily get interested in finding opportunities at the Insurance market.
BL: How has Covid-19 affected the health insurance industry?
Alaa El Zoheiry: COVID-19 has put more pressure on the health insurance companies and has already changed the insurance schemes required by the clients.
We have seen clear requests from clients to include COVID-19 within the health insurance contract, some other clients asked to get Pandemic coverage in general.
The insurance markets find it as an opportunity to restructure the pricing models considering the effect of adding such coverages and we have seen increase in the premium written in the medical insurance line of business. Also, loss ratio has increased in some areas which should lead to another rates adjustment.
COVID-19 has also helped in some countries in raising the importance of having health insurance schemes particularly in place where companies weren’t keen in providing suitable medical insurance to their employees.
BL: What are the major issues in the future for insurance firms?
Alaa El Zoheiry: Insurance firms are facing some difficulties related to premium collections and this will put pressure on the solvency margins and this may have an effect on the financial strength of the companies. In addition to that the implementation of IFR 17 will also add to the hard work of the companies to be more efficient in the collection and will have other effects on the balance sheet and the financial statements. Insurance companies also are facing some challenges in terms of Reinsurance placement for some lines business particularly the financial lines, Aviation, Oil & Gas. The other challenge is also the Cyber Security as the Insurance companies have to be ready to deal with this great threat. Also, the data protection is an important issue and has to be taken seriously.
In fact, one of the challenges is investing in the digital transformation and this is has already started but companies need to pay more attention to it.
BL: The world economy is recovering strongly from the COVID-19 crisis, what are your comments?
Alaa El Zoheiry: At the beginning of the COVID-19, there was a big amount of uncertainty, people were not sure who to deal with the situation, the majority of the World opted to close down either partially or totally, that has resulted a lot of economic problems and effected the income of many people.
Having the vaccination available and some sort of medicines for the COVID-19 being produced, life is coming back slowly to normal. People decided to live with the fact that COVID-19 will continue to be there for some time. The life style has changed a bit but the economies of many countries are resuming and the trade among countries is getting back to normal. The World economy will see a recovery soon specially with the fact that travel is going back to be normalized and the tourism industry will help that.
BL: What is the future of life insurance post COVID-19 crisis?
Alaa El Zoheiry: The life insurance market is going to increase big time since people realized it is an important tool to face such unexpected pandemics. We do expect to see new products in the life insurance markets as well as plans for investment that can help the clients especially when the interest rates are being reduced. We do believe that we will see more investments to come to the life market as well as expansions especially in the emerging markets.
BL: Who were the winners of SharmRend Competition? What were the subjects of their research?
Alaa El Zoheiry: Alaa El Zoheiry: 3rd Competition for Creative Professionals
"Azza Arfeen Competition"
I as The Chairman of Insurance Federation of Egypt and President of the Organizing Committee of IFE 3rd Sharm Rendezvous and FAIR 27th Conference and the Secretary General of the Federation of Afro-Asian Insurers and Reinsurers Dr. Adel Mounir, announced the 3rd Round of SPI Competition for creative professionals, which has become one of the main features of Sharm Rendezvous, and one of the insurance world's most prestigious awards.
As you may know, this competition is held annually. It was held for two consecutive years in 1st Sharm Rendezvous 2018 and in 2nd Sharm Rendezvous 2019.
This year, the organizing committee has named the Competition in honor of Azza Arfeen, the former Executive Director of IFE marking the first anniversary of her passing. The success of the 1st and the 2nd Sharm Rendezvous is credited to her sincere and remarkable efforts. She was the Originator of the idea of "SPI Educational Competition" which was held in the two past Sharm Rendezvous.
It is our pleasure to announce the winners of “Azza Arfeen research Competition”. We have received 20 entries. We sincerely thank all entrants for their valuable and creative input. It was taken into due consideration.
Names of Winners:
The First Winner is the entry by Yasmine El Kadi , GAIF.
The Second Winner is the entry by Hani Kurdi , APEX.
The Third Winner is the entry by Irini Ayman , Cairo University.
- Winners received letters by emails to attend the award event.
- The organizing committee of Sharm Rendezvous offered the winners free registration to the event and free accommodation during the official days of the conference.
We were surprised form the unexpected success of the 1st and 2nd SPI competitions as we had around 20 competitors from all over the world….
This was amazing for the first two years! Our objective for the 3rd edition of the SPI competition was to continue this success and give the chance for all creative professionals to spread their precious ideas through the SPIs topics of IFE 3rd Sharm Rendezvous and FAIR 27th Conference.
The Criteria of the 3rd SPI Competition:
The process is transparent, the criteria and categories are clearly defined, the referees are distinguished domestic and international figures among the session experts, and the results were independently audited.
The subject of the Research had to be related to one of the SPIs included in the Conference Agenda, which are:
SPI-1 : insurance regulatory & supervisory response, post covid 19.
SPI-2 : Insurtech and digitalization driving the future of insurance industry .
SPI-3 : Sustainable insurance and inclusion strategies.
SPI-4 : Business model challenges: new way of working .
SPI-5 : Re-engagement and Transformation of the Insurance Industry.
Each competitor had to choose a subject which best suits his/her particular knowledge and enthusiasm, and according to the competition rules the competitors have to treat their subjects in an original way, not simply quoting or collating the ideas of others.
The Rules of the competition are as follows:
1. The participant should not be more than 50 years old in September 2021.
2.. The submitted research should not have previously won any other research or scientific competition.
3. The research should be original and not quoted.
4. The contestant should not have won one of the "Sharm Rendezvous" competition prizes for the last year.
5. The research should be scientifically documented with references and sources.
6. Research submitted for the competition is not returned, whether it won or not.
7. All IFE employees are not allowed to participate in this competition
BL: What are the most recent updates on gig-Egypt?
Alaa El Zoheiry: GIG Egypt has closed the financial year ended June 30th 2021 with an increase of 12% in GPW compared to last year and a combined ratio of 83%. The Gross profit of the company was 233 Million in Egyptian pounds and return on capital of 56%.
