The good news is that 2008 MENA insurance premium figures would report growth ahead of prior year. The bad news is that 2009 may struggle to see growth. But certain insurance companies may reap the benefits and still record double digit figures by reconsidering the way they do business, simply:

·         Focus internally, especially on processes and procedures.

·         Be ahead of competition. 

If we continue to see the markets decline a further quarter, we are then witnessing a global recession. When governments of the wealthiest nations have had to come up with rescue packages to bail out their financial systems, while oil prices slumping, credit lines choking, stock markets declining, exchange rates moving fast, then business sense indicates that all this could impact business activity and would certainly affect the bottom-line of many companies.

A global recession triggered by various causes is certainly bad news for all businesses in an increasingly global economy. Holding the grip together and acting on alternative solutions versus those traditional ones of reducing headcount, freezing budgets or following competitors’ trends should be avoided and replaced by common sense and smart logic. By being positive and far-sighted companies can un-lock blocked growth paths at the present time and when markets recover again. Companies should take this opportunity of a downturn to review, assess, review actuarial assumptions and re-engineer them-selves for streamlining and improvement and consider how they can be best positioned for growing despite the crises. At Chedid Corporate Solutions we assist our clients take a microscopic look at items requiring change, while viewing the larger picture required for market growth.

Considering the current economic climate, business process flexibility is a key to organizational survival.  Decision makers may easily mistake investing in a corrective action by decisions that tilt towards complex expensive IT systems. We recommend reviewing existing business processes and address alternatives.

The bottom line is that only audacious decision makers, those who invest in viable alternatives to old practices, would win in crises when others are loosing. They see a lucrative market opportunity, when others are suffering. These same leaders also enable the rejuvenation of companies for the next wave of growth.

Elias Chedid is Director of Chedid Corporate Solutions, LLP “CCS” a management consultancy firm specializes in providing business solutions to the insurance industry