Afro-Asian Federation asks for political insurance pool
Wednesday, 03 09 2016, Category: Insurance and Reinsurance, Country: World
Dr. Adel Mounir the Secretary General of the Federation of Afro-Asian Insurers & Reinsurers confirmed the importance of establishing insurance pools which help the market in securing capacity for insurance and reinsurance activities in order to limit the monopoly of insurance companies. He said that that the past period witnessed the establishment of four insurance pools that include 60 companies: FAIR Non-Life Reinsurance Pool, FAIR Oil & Energy Insurance Syndicate, the Aviation Reinsurance Pool, and the Natural Catastrophe Risk Pool. These pools operate at the level of member countries in the Afro-Asian Federation, which covers 51 countries and 260 companies. Egypt is a member in all of the four pools, bearing in mind that the joining the pools is optional. Dr. Mounir said that the Federation was successful in providing numerous solutions to its members. For example the Natural Catastrophe Risk Pool came as result of the increases of the natural catastrophes which took place in African and Asian countries along the climate change that happened in these regions. Dr. Mounir also confirms the importance of developing and updating continuously the role of the Federation by creating new pools such as a pool covering political violence given the increase in violence in all the countries of the world especially in the Middle East and a pool covering credit risk.
Source: Al Ahram