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Dec 2017

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It's FAIR time again!

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Source: Asia Insurance Review | Oct 2017

Global

The Federation of Afro-Asian Insurers and Reinsurers (FAIR) holds its 25th Conference in Bahrain this month with the theme, “Insurance transformation in FAIR-Land.” We speak to Dr Adel Mounir, its Secretary General, on the organisation’s accomplishments, future plans and what delegates can look forward to in Bahrain. 
By Jimmy John
 
 
FAIR was born in 1964, with the purpose of boosting alliances and for dynamic cooperation among its members who are mostly drawn from the Afro-Asian markets and currently there are 260 members from 60 countries. 
 
   FAIR’s biennial conference is being hosted for the very first time in the GCC region and Bahrain has been chosen to showcase to the world the rapid strides the region has taken in the insurance and reinsurance arena. 
 
A FAIR-ly challenging environment 
The insurance industry worldwide is going through a challenging phase and FAIR, through these conferences, provide opportunities for members to share their experiences and work together to better realise their mutual interests. 
 
   “Boosting alliances and dynamic cooperation among FAIR members and to combine resources and mobilise capabilities of the Afro-Asian markets is the key issue for us,” said Dr Adel Mounir, who took over as FAIR Secretary General in April 2015. In this difficult environment, he advised insurers to prepare for the future by reorienting their strategies to contain costs through rational and strict methodology. 
 
Welcome to FAIR-land!
Bahrain is a multi-cultural, multi-ethnic and multi-denominational society with a strong insurance and financial services sector. The conference will bring together insurance leaders and experts from 60 markets from around the world and this will be a great opportunity to further the FAIR goals. 
 
   “Apart from the invaluable networking opportunities, the smartly chosen topics under the timely theme of the conference, the high profile invited speakers and the excellent programme, makes this year’s FAIR conference in Bahrain an unique event,” said Dr Mounir. He believes that the event will underline the key solutions to the current challenges and shed light for a road map for future opportunities. 
 
FAIR exists for regional co-operation
Being a professional business association registered in the UNCTAD, FAIR is dedicated to the cause of regional cooperation and the development of the insurance Industry in the Afro-Asian region. “It encourages its members to be genuine partners to profit from the various opportunities, which exist in our region,” said Dr Mounir. 
 
   Since its establishment, FAIR has set up four pools (see box). All are devoted to FAIR’s ultimate goal of regional cooperation and the development of the insurance industry in the Afro-Asian countries. “The visionary members who established these Pools and Syndicate and those who joined and contributed to its growth and success will be highly pleased with the performance and results they have achieved,” said Dr Mounir. 
 
   He added that concerted efforts are continuously being made to increase their efficiency and to take these Pools to greater heights. FAIR Brokers & Consultants Society was also established to develop the profession and to have a progressive arm, capable to spur regional cooperation and to encourage business exchange among FAIR members.
 
   FAIR has certainly done much to boost partnership between the two key economic regions of the world, as well as implement appropriate risk-transfer and risk-sharing mechanisms, but the road ahead is full of uncertainties as the world becomes increasingly nationalistic and protectionist. The next decade will require greater agility and adaptability on the organisations’ part and it will need to use all means necessary to raise its profile and trumpet the cause of cooperation all across the world. A 
 
FAIR Pools and Society 
  • Non-life Reinsurance Pool – managed by Milli Re (Turkey)
  • Aviation Pool – managed by Société Centrale de Réassurance (Morocco)
  • Oil & Energy Syndicate – managed by Trust Re (Bahrain)
  • Nat CAT Risk Pool – managed by GIC Re (India)
  • Brokers & Consultants Society
 
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