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EB met clients and partners across the US this summer, in a roadshow that kicked off in San Francisco, and touched down in Houston and New York, to present the Middle East & Africa (MEA) insurance market and to share knowledge, best practices and opportunities across this extensive area.
Andrea Valacchi, EMEA Director of GEB Network, and George Allen, Head of Hollard Group Risk International, the main GEB local partner across the African continent, jointly presented one of the fastest growing insurance market in the world to a diversified audience. Attendees ranged from American corporations already established in the region (i.e. oil and gas companies) to new entrants and consultants in search of expertise of the insurance industry across the MEA region.
Among key questions raised, were updates on major trends, market developments and GEB compliant capabilities across the region.
With growth rates consistently rising since the ‘90s, up to 10,4% in Ethiopia and 7,3% in Nigeria in 2013, and a steadily increasing expats and/or TCN population up to 70% in UAE (World Bank), Middle East and African markets have great upside potential and businesses operating from the different countries across the area are in increasing need of a coordinate approach in terms of provision of employee benefits insurances.
Key challenges lie ahead. The MEA region is extremely diversified, with regulatory environments still in progress (as in the case of the recent Dubai Health Regulation), and is affected by rapid changes and uncertainties of an industry at its early stages of development.
What strongly emerged from discussions is the need for benefits benchmarking, a growing interest in a multi-country coordinated approach and information on how best accommodate healthcare insurance requirements. Combining the leverage of an international portfolio with strong knowledge of, and presence in, the territory through its global network, GEB is best placed to support companies achieving their employee benefits strategy and objectives in MEA markets.
The roadshow took place in three different cities to tailor contents to the information needs of each geographic area, and its educational and informative value have been strongly appreciated by the attendees.