The 21st General Meeting of the Federation of Afro-Asian Insurers and reinsurers (hereinafter referred to as ‘FAIR’), Kuala Lumpur, 20-21 October, 2009 unanimously adopted the recommendation of the FAIR Executive Board to establish a REINSURANCE POOL. The Pool underwrites Catastrophe Excess of Loss treaties in all classes but excluding Terrorism.
The General Assembly also unanimously entrusted the management of the Pool to General Insurance Corporation of India (GIC RE).
The Pool shall accept reinsurance business from Africa and Asian Markets (including Cyprus), including incidental interest abroad:
- To promote cooperation amongst the FAIR Member Companies. .
- To increase the penetration of catastrophe insurance in Afro-Asian countries.
- To promote additional underwriting capacity and self-reliance in the region
- To effect savings of foreign exchange for Member Companies and Afro Asian Insurance Industry
- To provide similar standards of Reinsurance rates, terms and services in the Afro Asian region as offered in US/European markets