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To focus on the UAE, Qatar, Saudi Arabia, Turkey & Egypt
Dubai, October 24, 2016: Axco Insurance Information Services (Axco), the world’s leading provider of business intelligence and information services to the insurance industry, today 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 Mr. 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 the UAE, Iran, Qatar, 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 Mr. Ken Maw, 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’s range of services to meet the specific information requirements of MENA based users. “ Mr. 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.
The new regional presence will provide an augmented understanding of in-country issues and Refpoint will assist Axco in developing regional specific solutions to complement their existing range of services which are currently utilised by leading (re)insurers, brokers and consultants across the globe. Also relevant to Middle Eastern users, Axco’s existing offering of territorial reports, data services and compliance tools will provide subscribers in the MENA region with a unique level of business intelligence and insight.
Axco is the leading supplier of global insurance market information with over 50 years’ experience in researching and publishing industry intelligence on insurance and employee benefits. Its unique business model and methods of research have enabled the development of an extensive suite of products comprising in-depth reports, focused profiles, Q&A databases, intelligent questioning tools, and email services which are delivered to every corner of the globe. From a data services perspective, Axco facilitates market analysis through the provision of standardised information datasets, structured and translated from source language.Users can compare profitability across markets and lines of business, assisting in the identification of key growth areas and M&A opportunities.Axco’s territorial reports summarise market trends and provide information on insurance penetration, market size, key market players and methods of distribution as well as in-depth detail on individual lines of business and products. Axco also has compliance tools, which will help users quickly understand the regulatory landscape in foreign markets as well as any relevant taxes and charges.
RefPoint Business Consultants
RefPoint Business Consultants is a business consultancy firm based in the Dubai, UAE, that aims to provide robust market entry and start up consultancy services to individuals and firms alike who wish to set up base in the Middle East. Led by Ken Maw, an influential powerhouse in the MENA region, the team undertakes a transparent, professional and streamlined approach to provide holistic advisory services from initiation through to delivery. RefPoint is well versed with the procedures and the legalities of the countries in the Middle East and is committed to ensure that its advice and consultancy is based on thorough research.Ken Maw who heads RefPoint has 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.