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Exchange and cooperation benefit Asian and African insurers and reinsurers

2013-04-11 14:16:12

Interview with Mr. Hammam. Badr, General-Secretary of FAIR

  The 23rd Conference of the Federation of Afro-Asian Insurers & Reinsurers (FAIR) will be held in Beijing, China from 15th to 21st September 2013, with the theme of “New Technology and Products Innovation: Meeting the Opportunities and Challenges in Afro-Asian Insurance & Reinsurance Development”.China Reinsurance (Group) Corporation was invited by FAIR to host this conference, which is the second time that Fair conference was hosted in China. The first time was back to the 9th conference held by the then China People’s Insurance Company.

  Mr. Hammam. Badr, General-Secretary of The Federation of Afro-Asian Insurers and Reinsurers (FAIR), was interviewed recently by our journalist.

  Mr. Hamman Badr first introduced to us the history of FAIR. FAIR was initiated according to the spirit of Bandung Conference, which was held in 1955 and was participated by 340 delegates from 29 Asian and African countries. FAIR was established in September 1964, to promote communication and cooperation among insurance and reinsurance companies in Africa and Asia, so as to promote the economic interest of developing countries in Asia and Africa as well as to promote the common development of these two continents.

  FAIR serves as a bridge to connect Asia and Africa, so that we can support and help each other, said Mr. Hammam. Badr.

  Now FAIR has 269 members from 57 countries and regions. It has Non-Life Reinsurance Pool, FAIR Aviation Pool, FAIR Oil & Energy Insurance Syndicate, six sub-committees covering Financial, Educational, Agricultural Insurance, Life Insurance, Risk Management & Loss Prevention and Development & Cooperation. Furthermore, it also has an insurance broker company and a consulting association.

  Members among FAIR work through insurance and reinsurance arrangements to diversify risks in Asia and Africa as well as to keep the premium income within the FAIR. In this way, FAIR makes Asian and African countries more independent and self-dependent. Through mutual communication in aspects of knowledge, expertise and experience, FAIR also promotes the healthy development of insurance and reinsurance industries in developing countries.

  Mr. Hammam. Badr gave us an example of how to cooperate. As China is increasing its financial support for African countries and there are more infrastructure aiding projects like hydroelectric power station and oil pipelines, these projects produce huge insurance demand and are underwrote by African local insurance companies. Meanwhile, in order to better control risk, China has become priority for reinsurance market.

  By the end of 2012, total asset of China’s insurance companies had reached 7.35 trillion yuan and China has become the most important emerging insurance country, with an increasing influence and competitiveness in financial market at home and abroad. According to Mr. Hammam. Badr, the rapid development of China’s insurance industry has provided precious experience. For example, experience on developing policy agricultural insurance benefits many African countries. Promoting petty insurance in the countryside is also meaningful for the developing countries in Africa.

  Since 2011, China’s insurance industry ended the era of high-speed growth and entered a new era of transition. Mr. Hammam. Badr said that he had noticed this new situation, but he believes that there is a positive correlation between macro economic development and insurance industry in China. As China is still keeping a robust growth and is witnessing an increasing improvement of people’s living standard, demand for more various insurance products will keep growing and that is why the insurance industry in China is expected to keep on growing.

  African countries are expecting support and help from Asian countries, especially from China, Mr. Hammam. Badr said. He hopes that FAIR conference can better promote exchange and cooperation between Asia and Africa and can better promote the development of insurance industry in both regions in a better and faster way.


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