ASL: A Decade in Dubai
From cheques to cybercrime: the Middle East risk landscape has changed, and with developments, fresh vulnerabilities inevitably surface. The next decade will be defined by how businesses adapt to new challenges and opportunities. ASL continue to combine global expertise with local insight to help the insurance market navigate these evolving challenges and prepare for what lies ahead.
This year marks a decade since we opened our Dubai office. Reaching this milestone has given us an opportunity to reflect on how the risk landscape has shifted and where it’s heading next.
While some themes have remained constant, the scope and variety of claims dealt with by our multi-disciplinary team of qualified lawyers and chartered accountants has widened. Our focus is still very much on providing specialist loss adjusting, forensic accounting and legal support services.
The main driver of Financial Institution claims remains employee dishonesty, followed by loan fraud, forgery, and ever-increasingly computer crime. In the Middle East, cheque fraud continues to surface – a reminder of the region’s historic and continuing use of cheques as a form of security, even if the criminal penalties for writing a bounced cheque have been done away with.
But the real story is how digital transformation has created new risk frontiers. Mobile banking and payment apps have revolutionised the customer experience – yet they’ve also opened the door to fraudsters. We’ve seen numerous cases of SIM-swap attacks enabling unauthorised transfers, incidents of so-called “SMS Pumping” frauds, glitches in apps being exploited for dishonest gain, and even deliberate manipulation of core banking systems to bypass controls. Whilst innovation is inevitable and essential, each leap forward brings fresh vulnerabilities.
In Commercial Crime, we have seen an increasing volume of claims notified by businesses across the region. This includes several claims notified by large Emirati conglomerates and some of the largest holding companies in the Middle East.
Beyond fraud and cybercrime, notifications under Professional Indemnity and Directors & Officers policies are rising, driven by shareholder disputes, mismanaged investments, and governance failures.
Meanwhile, Political Risk and Credit claims are becoming more frequent as instances of sovereign defaults and commercial non-payments ripple through the Middle East and Africa. These issues are often cross-border, protracted, and influenced by global economic pressures, making resolution more complex.
At ASL, recoveries are considered from day one. Travel bans and account freezes against dishonest employees and external fraudsters can aid recovery, though stolen cash often moves abroad quickly. Even though civil and criminal proceedings can take years to conclude, they are often the most cost-effective route to secure a recovery in the MENA region – which is why we work closely with local parties to balance recovery prospects against costs.
Our first decade in Dubai has shown how much can change in a relatively short time. At ASL we are excited for what’s in store – whatever that may be. What is clear is that the next decade will be defined by how well we adapt to the continuingly evolving risk landscape.
We look forward to continuing to add value for our clients, leveraging our technical expertise and local knowledge to assist the insurance market’s delivery of a first-class claims service.
What risks do you think will shape the next 10 years in the Middle East? We’d love to hear your thoughts.
