Deloitte and KPMG recognised at MENA Insurance Awards

19 February 2020 3 min. read

Deloitte has won Actuarial/Risk Consultancy Firm of the year at the 2020 MENA Insurance Awards, while KPMG took home the award for Audit Service Provider.

Big Four professional services firms Deloitte and KPMG have each claimed a title at the MENA Insurance Awards for 2020; Deloitte for Actuarial/Risk Consultancy Firm of the Year and KPMG as Audit Service Provider of the Year. Held at the Ritz Carlton in Dubai, the MENA IR Awards recognised regional insurers, reinsurers, brokers and consultancies for their achievements in customer service and innovative product development over the past year.

“We are delighted to be named Actuarial/Risk Consultancy Firm of the year, a testament to the work we have done in the region to ensure our clients are adequately prepared to operate effectively in this new environment,” said KSA-based Deloitte Risk Advisory partner Elias Ma’ayeh, who noted that the changing regulatory landscape and more stringent global standards are leading local insurance sector players to uplift their operations and invest in infrastructure.

“The Middle East is undergoing structural socioeconomic changes and the business environment today offers a multitude of opportunities for organisations operating in the region,” explains Hani Khoury, Deloitte Middle East managing partner for Risk Advisory. “However, these same organisations need to be able to properly manage a complex array of business risks, which includes operational, financial, regulatory, reputational, strategic, and, of critical importance, cyber risks and uncertainties.”

Audit and risk titles go to KPMG and Deloitte at MENA Insurance AwardsIn a revised category format, Deloitte took the Actuarial/Risk title from last year’s winner KPMG Lower Gulf (which included Audit Services and Claims Management Services Provider alongside Actuarial/Risk Consultancy) – but the latter has held on to its Audit Services crown, winning the award for the fifth consecutive year. “Delighted to receive the ‘Best Audit Service Provider’ award,” the firm posted on LinkedIn. “We attribute this win to our strong international and local presence with dedicated teams delivering cutting-edge services and exceptional client value.”

“Congratulations to the team and everyone for putting in tireless hours and efforts that has culminated into this recognition,” responded Rahul Vikram Singh, manager for Partner Matters at KPMG Lower Gulf, tagging Emilio Pera, the firm’s Head of Audit and Financial Services, audit partner and company veteran Rohit Rajvanshi, and Peter Haugaard, KPMG Lower Gulf Head of People, Performance and Culture. “Well done and well deserved indeed.”

In other major award categories, Oman Insurance Company took out the overall Insurer of the Year title, while Abu Dhabi National Insurance Company (ADNIC) was named as UAE Insurer of the year – the organisation having recently announced a 20 percent rise in profits for 2019, to $77 million. Marsh, meanwhile, itself an $8 billion generating global business, was awarded overall Broker/Distributor of the Year, with HFW winning the Law Firm category.

“We are excited to receive this award as it reflects our commitment to enhancing customer experience, investing in new products and championing innovation,” said Oman Insurance CEO Jean-Louis Laurent Josi, who joined the firm in 2018 after 11 years with AXA. With a great start to 2020, we will continue advocating insurance expertise, increasing profitability and most importantly, becoming the reference in the region for exceptional customer service.”