How do you see the developments of Afro- Asian Reinsurance and Insurance Industry?
FAIR achieves economic integration among Afro-Asian countries. The Federation is active in setting up reinsurance bodies (Pools & Syndicates) for members to share risk and benefit from their capacities, these in return bodies reflect the high level of cooperation among members.
Are the existing cooperation mechanism between two regions that are available under FAIR are working well? How to further improve the cooperation between two regions?
FAIR will continue to work hard to meet members’ expectations and improve the level of services in their markets, and the federation is in the process of launching the FAIR Online Insurance Academy to enhance the human capacity of the Afro-Asian markets by offering online courses “spread of knowledge through technology”. it aims to enable the spread of knowledge and skills through technology.
The Federation is also addressing timely issues and topics by organizing various conferences and workshops. Such events are gaining traction.
How are the Pools under FAIR are performing? Any new risks for which new POOLs can be formed?
FAIR pools are performing satisfactorily, overall, the revenue of the pools and syndicate is growing steadily with expectations to have reached close to $120m in the past year, and each year we have new members sharing the units of the pools’ ownership. FAIR Oil & Energy Insurance Syndicate (FOEIS) is the first of its kind to be rated so as to gain more chances to write business from new markets. The Nat CAT pool gained the approval to operate in India.
FAIR is also aware of the need for societies to secure food and basic needs, and there is a growing interest in agriculture insurance in various countries especially populous ones such as India, Sudan and Egypt, therefore this year’s conference addresses agricultural insurance as it is an emerging trend.
In addition FAIR looks to expand its members’ expertise in the microinsurance area to make insurance accessible to broader social segments
Which are the countries in Africa and MENA that are part of FAIR have shown growth in re/insurance
China now has become the biggest insurance market after the United States followed by Japan, and growth rates in the Afro Asian region is higher than the world’s growth rates average, the total worldwide insurance premium income amounted to US$ 4891.694 billion in 2017 against US$ 4702.841 billion in 2016, making an increase of 4.0%, the total premium income in Asia showed an increase in 2017, the total premium reached US$ 1591.608 billion against US$ 1487.421 billion in 2016 representing an increase of 7.0%, and for the African continent, the total premium income reached US$ 66.691 billion in 2017 against US$ 59.408 billion in 2016 with an increase of 12.3%.
Our Afro-Asian markets have great potential, and FAIR aims to continuously boost and strengthen the industry.Economies in both continents are growing rapidly;in Asia, the economy has been growing 30% faster than the global economy, while Africa’s economy is growing 10% faster.
What kind of support Asian reinsurers are able to provide to the African regions?
Asia has a number of world’s largest and leading reinsurance companies, and through the tight relations and mutual understanding between the insurance markets within the Afro-Asian region, reinsurance service can be tailored and designed more suitably to the African insurance market.
What more Indian reinsurance and insurance industry can for the for MENA region?
Indian re/insurers can help improving insurtech in the MENA region giving there great experience and capabilities within this field.