Assets of the Arab War Risks Insurance Syndicate Reach USD 182 million
Thursday, 05 21 2015, Category: Insurance and Reinsurance, Country: Middle East
The Arab War Risks Insurance Syndicate (AWRIS) celebrates 35 years since its establishment today, Wednesday, May 20.
Mr. Ashraf Bseisu, Chairman of the Technical Committee of AWRIS, said that AWRIS was established after the Iraqi-Iranian war broke out in 1980 and foreign insurance companies raised prices to excessively high levels. As a result, various insurance companies in the region held a meeting and decided to establish a fund that protects the interests of Arab countries through the establishment of an organization, with these countries as its members, that would provide them with insurance against the dangers of war and other political risks.
Bseisu also added that AWRIS has grown dramatically since the beginning of its establishment and now includes nearly 183 members, consisting of Arab companies, and its assets currently stand at USD 182 million.
Source: Al Ayam