Arab Insurance Council
Thursday, 10 15 2015, Category: Insurance and Reinsurance, Country: Middle East
Dr. Mohamad Ghazi, the chairman of the General Arab Insurance Federation “GAIF” and Managing Director of Misr Life Insurance Co said he will present a general strategy to the board of directors of the federation during its next meeting in December and will start its implementation.
Dr. Ghazi who obtained his position two months ago made statements to “Al Mal News” and said the new strategy will include establishing a national Arab insurance and risk management council. The main functions of the council will be to set up an Arab strategy for risk management addressing the risks faced by insurance companies whether in life insurance and capitalization or the property and liabilities’ activities.
He added that all the directors of insurance supervisory authorities of the Arab countries will be members of the Arab insurance council along with the assistance of insurance and risk management experts. In parallel committees will be launched in all Arab countries that will set insurance and risk management strategies in each country according to its specifics provided it complies with the general Arab strategy agreed upon in the GAIF where risks will be addressed by both commercial insurance practiced by insurance companies or social insurance offered by public schemes, so the insurer’s expertise will be called upon.
Source: Al Mal News