Building on 50 years of co-operation: FAIR
The Federation of Afro-Asian Insurers & Reinsurers (FAIR) is set to hold its conference in Cairo in October. Intelligent Insurer spoke to the secretary general about what is on offer.
Speaking to Intelligent Insurer at MultaQa Qatar 2015, Hammam M Badr, an industry veteran, said: “The theme of our conference this year is building on 50 years of co-operation. We will look back over the past 50 years, from our beginnings in 1964, to what the future will hold.”
Around 700 delegates are expected to attend the conference, which takes place on October 12-14, 2015. He believes that re/insurance executives from all levels will benefit from being able to meet and exchange ideas.
Badr explained that a number of founding members, which were originally branded as underdeveloped/developing, have now become developed countries with sophisticated insurance markets.
The federation was launched to deepen ties and champion co-operation between countries that were perhaps not treated appropriately by the larger and more developed markets, said Badr.
FAIR originally set up a non-life reinsurance pool, quickly followed by an aviation pool and an energy syndicate. Last year, the federation established a natural catastrophe pool.
He said: “However, there are still some challenges to overcome between the countries in the pools. It is sometimes difficult for them to conduct business with each other because of local regulations.”
On the subject of consolidation, Badr explained that whereas previously in the GCC, certain markets had two or three players, now there are many more well established companies. He believes that merger and acquisition (M&A) activity is imminent throughout the African re/insurance market as economies have changed from state run to a free market, encouraging the set up of many insurance companies.
