Read Full Magazine Here. United Insurance Brokers Limited (UIBL) began operation in 1987 and is an integral part of one of the largest privately-owned independent international insurance and reinsurance brokers headquartered in London. UIB Group’s team boasts over 20 nationalities.
Supported by a network of local offices, and strategic business partners, the UIB Group (UIB) provides clients with the platform to access insurance and reinsurance markets globally.
UIB clients benefit from a dedicated and exceptionally culture sensitive team of specialists who can provide global solutions supported by a personal drive and focus for which UIB has established an unrivalled reputation.
Over time UIB has established and sustained strong relationships with its client base and built a strong network through its international arm, UIB International, and UIBL’s own strategic offices. The result is local expertise with global capability to deliver specialist know-how, strategic risk management advice and outstanding claims management. The founding directors, many of whom are still active in UIB, have worked together since the 1970s providing a depth of knowledge and continuity seldom seen in the insurance business today. The accredited Lloyd’s insurance broker and UIB’s centre of excellence for specialty business is United Insurance Brokers Limited.
Isaac Sahhar, Business Development Director for Africa, and the Middle East within the Energy and Construction Division of United Insurance Brokers Ltd (UIBL) is a competent professional with over 36 years of experience in the insurance and reinsurance industry.
Isaac is a highly accomplished professional with a proven track record in creating and implementing business strategies that consistently drive cost reduction and improve profitability while ensuring the highest service quality standards. With extensive cross-cultural experience in the insurance industry, Isaac excels in exceeding financial objectives for clients, assessing risk tolerance, and providing optimal solutions.
His proactive approach to client engagement has significantly increased renewal business. Isaac has successfully devised and executed sales strategies to enhance both insurance and channel partner businesses. His expertise extends to designing and launching new sales models, channels, and products.
Isaac's leadership skills are exemplified by his ability to motivate and guide talented professionals to deliver exceptional results. His proficiency in insurance business operations and business development branch management is outstanding. Isaac is influential in client relationship management, claims, and revenue generation, reflecting his deep commitment to fostering positive and enduring business relationships.
Work Experience
Isaac joined UIB, a Lloyd’s of London Insurance and Reinsurance Brokers, in 1987 where he was responsible for looking after the company’s key energy and construction clients in various parts of the world particularly in the Middle East and North Africa and across all classes of business but with deep understanding for Downstream Energy as well as Construction and Engineering Insurance and Reinsurance. Over the years, Isaac has held different positions in the UIB Group and including the Chairman of the UIB Middle East Production Group.
In 2012, Isaac was appointed as the Chief Operating Officer of UIB Saudi for Insurance and Reinsurance Brokers Limited based in Jeddah and then in Riyadh to help set up the operations and ensure smooth running.
Upon returning to London, Isaac was appointed as responsible for the UIBL’s development in Africa particularly in Sub Saharan Africa as well as responsible for several oil producing Middle Eastern countries with great emphasis on Iraq and Libya where Isaac has been assisting several international oil companies to manage their insurance and reinsurance arrangements in Iraq which included extensive work on compliance based on the information released by the Iraqi Insurance Diwan (the insurance regulatory authority set up in accordance with the Insurance Business Regulation Law 2005.
In addition to this, his work included the setting up and implementing of Bidding among locally registered insurance companies to respond to the needs of Contractual Agreements and to comply with Local Content Requirements. He has been able to share his experience with a wide range of National and International Oil Companies through various international conferences, workshops, and webinars.
Isaac holds a bachelor’s degree in financial economics from the University of London and a Masters in Insurance and Risk Management from Bayes Business School, University of London and he is fluent in Arabic.
One field of mine I am very passionate about is how fast technology is shaping not just Insurance, but how industries are evolving. From IT-based data to usage-based and personalized insurance products, AI and other advanced technologies are already transforming the insurance industry in ways that were unimaginable a short time ago and are likely to continue to do so in years to come.
That’s why the best way to build resilience, “future proof” insurance products and systems, and lay the foundation for long-term success is by designing flexibility and adaptability into their infrastructure.
Furthermore, Climate change is projected to increase the frequency and severity of extreme weather events. As a consequence, economic losses caused by natural catastrophes could increase significantly. This will have considerable consequences for the insurance sector. On the one hand, increased risk from weather extremes requires assessing expected changes in damage and including adequate climate change projections in risk management. On the other hand, climate change can also bring new business opportunities for insurers.
Moving forward, BUSINESS LIFE conducted an exclusive interview with the highly reputed Isaac Sahhar, Business Development Director for Africa and Middle East within the Energy and Construction Divion at UIBL, who has taken the company to a higher level.
Isaac explains how the company has evolved into a corporate company boasting a continuously expanding geographical footprint and leading brands.
BL: Is the insurance industry changing?
Isaac Sahhar: Today, the insurance game is shifting. A new reality is taking shape. Insurance company models will continue to evolve and innovate to meet evolving client needs and respond to macroeconomic and profitability concerns. Shifting risk assessments featuring ESG regulations, the evolution and reliance on Artificial Intelligence, and a shift in risks factors an example, self-driving cars could see a decrease in car insurance due to the less likelihood of human errors but drive Cyber Security insurance higher.
BL: What is the evolution and nature of insurance?
Isaac Sahhar: Where do I start? Contrary to popular belief insurance has been around for many years. Back in 4000–3000 BCE it was common to practice bottomry contracts, a form of maritime insurance. This concept was also familiar to Hindus in 600 BCE and well understood in ancient Greece by the 4th century BCE. Under bottomry, loans to merchants were forgiven if the shipment was lost at sea, with interest covering the insurance risk. Then we move to Rome, burial societies emerged, covering funeral costs through monthly dues. The insurance contract itself developed early, recognized in ancient Greece and among maritime nations in contact with Greece. The evolution continued in England, with fire insurance gaining momentum after the Great Fire of London in 1666. Despite fraudulent schemes during the 1711 "bubble era," the London Assurance Corporation and the Royal Exchange Assurance Corporation emerged as successful pioneers, marking the start of modern property and liability insurance. There will always be a need for insurance the more mankind evolves. I wonder what there will be in 100 years from now!
BL: What is the biggest threat to the insurance industry?
Isaac Sahhar: The insurance industry faces several future risks and addressing them is crucial for sustainable growth. Among the top concerns are the potential for cyber-attacks or data breaches, the impact of climate change and weather-related disasters, challenges in attracting and retaining top talent, and the uncertainties tied to economic slowdowns or slow recovery with inflation added to the mix. Navigating these risks requires a thoughtful and proactive approach, ensuring that our industry remains resilient and adaptive in the face of evolving challenges. As we work together to mitigate these threats, we strengthen the foundation of trust and reliability that defines the heart of the insurance sector.
BL: What is affecting the insurance industry?
Isaac Sahhar: The business of insurance, which once was stable and predictable, isn't that way anymore. Growth without sacrificing profitability is challenging, climate change is irrevocably impacting certain risk profiles, distribution needs have become truly omnichannel and customers expect products tailored just for them.
BL: How is technology transforming the insurance industry?
Isaac Sahhar: Technology has revolutionized the insurance sector, streamlined processes, and enhanced customer experiences. Insurtech startups are leveraging artificial intelligence and blockchain to create innovative risk assessment and claims processing solutions.
BL: What is the future of the insurance workforce?
Isaac Sahhar: Reskilling the workforce of tomorrow as technology, risks, and process evolve so will our own personal skill sets! More diversity is also needed with fresh new talent to lead the way in the future of insurance.
BL: Considering your main areas of work, how would you describe last year with regards to the placing of Construction and Engineering programmes?
Isaac Sahhar: The construction insurance market has followed a similar path to the global insurance market. Rate increases and cover restrictions have continued to be imposed largely driven by poorly performing prior years, social inflation and a large number of catastrophic events. Some reinsurer s anticipate insured losses from natural catastrophes will exceed US$100 billion. The hardening market has seen an unprecedented number of insurers withdraw from writing construction risks since 2018, with 12 major construction insurers withdrawing capacity equating to over US$1 billion of lost capacity for any single project. With regards to capacity, there have been few new entrants to the construction market and those still writing construction insurance have tightened their underwriting discipline, resulting in a further reduction in appetite and capacity and Premium rates are expected to continue to stay high in the short to medium term, with higher deductibles being required, lower sub-limits for cover extensions and smaller lines being offered.
We do expect the market to maintain more stringent underwriting practices for some time to come and a refusal to follow overly competitive terms being offered in other territories. Other contributing factors to the hard market will include Low interest rates for several years prior to 2023, Reserve inadequacy and Higher reinsurance costs, particularly for natural catastrophe perils.
BL: Lastly, UIB has a significant portfolio of Energy clients in several parts of the world. Are you able to highlight the renewal challenges that the Energy Team faced?
Isaac Sahhar: Following the hard market between 2017 and 2019, we started to see minor rate reductions for loss free/well engineered risks in 2023 for international business (excluding North America).
During 2023 and relative to the prior year, Downstream Oil & Gas loss activity has overall, been far less volatile and the industry maybe profitable for reinsurers for the first time since 2020 and 2015 before that. It is expected that total claims will not exceed global Downstream premiums in 2023. At 1st January 2024 all renewals on expiring terms and conditions saw a single digit rate decreases. International capacity has remained stable with approximately £4 and there is no significant capacity shortfall was noticed.
Finally, ESG is clearly still a topic to be concerned with, however at this stage there is still no clear picture of how it will impact underwriting strategies, and no consistency in approach. We expect the first signs of impact to occur in 2025 with reduced deployment of capacity from downstream markets for insureds that are not providing clear ESG policies.
