FS Brew is the region's first podcast dedicated to insurance and insurtech across the UAE and the broader Middle East.
In this episode, hosts Renjit Philip, Managing Partner at Futureu Strategy Group, and Vidya, Founder of FWD, sit down with Max Robbie, CEO of Markel International Dubai, to mark ten years of Markel's presence in the region and unpack where specialty insurance is headed next.
Topics covered:
Markel's ten years in the Middle East and how the market has evolved
DIFC's premium growth to 4.2 billion dollars in 2025, and how much reflects genuinely new risk versus relocated business
Saudi Arabia's RHQ mandates and local retention rules, and their effect on Dubai-brokered business
Lessons from the April 2024 UAE and Oman floods and whether underwriting terms have structurally changed
Marine and political risk across the Red Sea and Strait of Hormuz, and how Ports & Terminals and War & Terrorism are assessed together
Cyber insurance demand across MENA and whether it is broadening beyond financial institutions and data centres
Underwriting exposure at GCC data centre megaprojects, spanning construction, cyber and business interruption risk
Whether current conflict-driven demand is a genuine tailwind for specialty insurers or an understated risk
Markel's Q2 combined ratio and the effect of Middle East conflict events on loss ratios
What makes a risk unacceptable, even with a strong broker relationship
Early-stage collaboration between underwriters, brokers and engineering teams on MENA energy transition megaprojects
Competition from Liberty, Zurich, Chubb and AIG in energy and construction, and what sets Markel apart
Markel's outlook for the GCC by 2030
The episode closes with rapid fire questions on career lessons, leadership style and the innovations shaping the future of insurance in the region.
00:00 – Introduction & Welcome
01:10 – Max Robbie's Journey: Moving from London to Dubai
04:11 – DIFC’s Premium Surge: New Risk vs. Market Relocation
05:35 – Expanding Beyond Monoline: Cyber, Trade Credit & Growth
06:15 – NatCAT & Flood Exposures: Rethinking Regional Risk & BI
09:54 – Marine War Risk, Geopolitics & Supply Chain Disruption
13:06 – How Markel Integrates AI & Data in Underwriting
16:28 – The Data Center Boom: Multi-Line Risks & Sovereign AI
18:19 – Energy Transition & Mega Projects in MENA
20:10 – Financial Discipline: Balancing Growth, Reserves & Pricing
23:34 – Specialty Capacity Influx: Acumen vs. Price Wars
24:55 – Vision 2030: Why Talent is the Key Differentiator
26:40 – Rapid Fire Round: Lessons, Leadership & Personal Risks
Subscribe to FS Brew for more conversations with CEOs and experts shaping insurance and insurtech in the Middle East.
Renjit Philip:
work: https://www.futureu.co
Newsletter: https://www.onemorethinginai.com
Socials:
Twitter / X: @renjitphilip
LinkedIn:
https://www.linkedin.com/in/renjit-philip
Vidya Veerapandian:
https://www.linkedin.com/in/vidya-veerapandian/
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