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THE PRESENCE OF INSURANCE COMPANIES NOT SUFFICIENTLY CAPITALIZED REFLECTS NEGATIVELY ON THE MENA MARKETS
November 03 2014
NEXTCARE IS ONE OF THE OLDEST TPA ORGANIZATIONS IN THE MENA REGION. FORMED IN 1999 IN BEIRUT. THE COMPANY HAS BYNOWEXPANDED TO SEVERAL COUNTRIES IN THE MENA REGION. ITS PERFORMANCE HAS BEEN SO SUCCESSFUL THAT IT ATTRACTED “ALLIANZ” OF GERMANY TO ACQUIRE A SIZEABLE SHARE OF THE COMPANY.
CHRISTIAN GREGOROWICZ ANSWERED OUR QUESTIONS AS HE WAS PREPARING HIS TRIP TO SHARM EL SHEIKH, EGYPT.

* Is there a particular message you would wish to address to the participants in GAIF Conference and Monte Carlo Rendez Vous ?
- We would like to see additional collaborations across the region between regulators and the private sector to introduce where necessary new regulations to enhance our markets, in light of the various economic challenges, and allow healthier competitions which will reflect positively on the overall results of the insurance sector, in addition to a more stringent approach towards companies not meeting the minimum requirements in terms of solvency margins and capital requirements as this is negatively affecting our markets and putting clients at risk. Medical insurance is the fastest growing line in our region, with high volatility when it’s not properly underwritten and managed, insurance companies need to have a strong underwriting discipline and good claims management to allow for profitable growth.

* GCC council resolved recently to form a new Gulf Reinsurance Company. Is there need in your view for a new gulf reinsurer? And would you find such a venture viable?
- We don’t see a need for an additional reinsurer to increase the capacity in our region, our markets are already crowded and there is a lot of competition. We see however an opportunity to tap into the global and generate premiums from outside the region especially in areas where there is a need for additional capacity. In order to make this venture viable this will require a strong market player meeting international guidelines of capital and solvency requirements, it will also need an experienced management team.

* How do you evaluate GAIF and M O N T E C A R L O r e s p e c t i v e per formance in the last 50 years?
- Networking plays a key role in the industry allowing further collaboration and sharing best practices so we can challenge further the way we do business, whilst identifying innovative solutions.
Both events have been very successfully active over the past years, with many participants from the region and across the world various providing great networking opportunities and engaging key players. NEXtCARE has been actively present at the GAIF participating as we do believe and encourage in having open ongoing dialogue with our partners. The industry is in need of exchanging knowledge and expertise in order to respond positively to change.

* What can you tell participants about the progress made by your company in the recent years?
- From the beginning NEXtCARE has grown to become the leader in the region and we have continuously been at the forefront of bringing new ideas to our markets.
- 2014 have been another successful year for our company with many milestones, the portfolio that we manage across the region crossed $1 Billion equivalent of gross premium, we now employ more than 750 talented people with more than two third being medical professionals, we have recently launched our operations in Tunisia with promising outlook and introduced new services in some of our markets, consolidating our number 1 in the MENA region.
Gregorowicz concluded saying: NEXtCARE is already established in in the UAE, Lebanon, KSA, Egypt, Bahrain, Oman, Qatar, Kuwait and Morocco.
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