The theme for the GAIF 2012 was "Insurance and the Arab World Reform". The conference assessed the impact of the unstable political circumstances on the industry to chart the best insurance path for the insurance sector.
GIC Re as a major player in the MENA region was represented at the conference by Mr. Ashok K Roy, GM, Shri P.K. Bhagat, DGM, Mrs. Alice G. Vaidyan and Dubai Resident Manager, Mr. D.R. Arya. It was a good opportunity for GIC Re to inspect the conditions in the Arab markets which faced political upheavals, to discuss how they dealt with political violence insurance in the backdrop of imposition of restrictions by reinsurers in covering political violence risks and sanctions against Syria. At GIC Re, we are aware of the tremendous opportunity for insurers in MENA as they remain largely uninsured with penetration rates on the rise with improving awareness. We had very meaningful discussions with all major insurers/reinsurers in the market; most of whom were being serviced by our Dubai office. It was heartening to note that as the leading reinsurer in the MENA region, our Dubai Office has carved out a place for GIC Re in the insurance map of the middle-east and North Africa region.
SCR Morocco played the perfect host taking care of over 2200 attendees, organizing partner programmes as well, all planned to the minutest details. Both the evenings saw grand gala dinners organized by Trust Re and Nasscom Brokers. GAIF’s new president for the term 2012-2014, Mr. Anass Houir Alami, CEO of Morocco CDG has an ambitious vision for GAIF, integrating the macro-structural reforms arising from the Arab spring and a new outlook on the way business is done.
After a gap of 18 years, Marrakesh hosted GAIF which proved to be a huge success and a valuable opportunity for all insurance experts and professionals, to meet network and build stronger bonds. All participants could benefit from the conference by sharing and complementing available capacities, harmonizing financial system, exchanging technical expertise, promoting more training and using forums to find efficient mechanism to build co-operation and extensive networking between members.
Ranked 13thLargest Global Reinsurer Group(compiled by A M Best)