DOHA: Axco Insurance Information Services (Axco), the world’s leading provider of business intelligence and information services to the insurance industry, yesterday announced its debut into the Middle East and North Africa (MENA) market in partnership with the Dubai-based RefPoint Business Consultants.
UK based Axco, has been providing country and region-specific critical information services to global insurance players for the last 50 years and will offer its research and data services to the MENA market through the RefPoint partnership.
“With an optimistic outlook for premium growth, Mena offers significant expansion opportunities for the insurance industry. Regulatory improvements, population expansion and the removal of sanctions in Iran all lend themselves to an increased appetite for insurance across the region,” commented Tim Yeates,Axco’s Managing Director, on the rationale of the company’s entry into the Mena market.
He said the introduction of compulsory insurances means the take-up of medical insurance is rapidly increasing, as well as motor penetration as regulations around third party liability improve and car ownership grows. Through an increasing awareness of risks around critical illness and early death, life insurance also has significant potential.
The partnership will focus on the markets of Qatar, UAE, Iran, Saudi Arabia, Turkey and Egypt. “Markets in the Middle East vary greatly with many of their inherent challenges, opportunities in waiting. Such obstacles can include geopolitical instability, differing levels of local insurance regulation, a general lack of awareness of insurance and insurance products as well as the need to adhere to EU and US sanctions. The opportunities that the Mena region offers can only be realised if relevant market players are aware of the challenges they face when expanding their operating models,” said Ken Maw (pictured), a leading regional insurance market expert and Chairman of RefPoint.
He said that via its information servicing model, Axco is committed to supplying the business critical intelligence necessary to facilitate the identification and understanding of opportunities and risks across the region as well as any barriers to entry.
“The newly formed Dubai based partnership is a demonstration of their commitment to working from within the region to develop Axco’srange of services to meet the specific information requirements of Mena based users. “ Maw added.
With more than thirty years’ experience in the Mena insurance broking business, Ken Maw has led several successful insurance businesses including HSBC Insurance Brokers and Insure Direct (Brokers) and brings with him a network of positive business relationships that comprise not only leading carriers and risk management companies, but also large government and public organisations across the Mena region.
