Gulf – 4 requirements to nationalize reinsurance
Monday, 09 18 2017, Category: Insurance and Reinsurance, Country: U.A.E
Mr. Omer Elamin, president of the “Orient Insurance” group, which is a member of the “Al-Futtaim” Group said that establishing a national or gulf reinsurance group would be the most successful and important strategically if 4 conditions are met. It needs a large capital of at least 3 to 5 billion dollars, a government contribution to guarantee sustainability. Moreover, it need technical and management staff that can support such a large project. Additionally, the investors should be patient on the long term before profits are generated by underwriting risks in the local, gulf, Arab and international markets with sound pricing.
Furthermore, Mr. Eamin said “a decision was previously issued by the ministers of finance of the Gulf Cooperation Countries in order to study the establishment of a Gulf reinsurer, so a committee was established to study the launch of such a company”.
Source: Economic Al Khaleej