FAIR in association with SCR Maroc, the host company, organized the 26th FAIR conference in Morocco from September 23 to 25, 2019. The conference was held in the beautiful city of Marrakech, also known as "Red City", the "Ocher City" and "the Daughter of the Desert". The theme of this year's conference was "New Economic Barriers in Afro-Asian Insurance Markets".
The FAIR Natural Catastrophe Reinsurance Pool (FNCRIP) was formed under the aegis of FAIR ( Federation of Afro-Asian Insurers and Reinsurers) to meet the reinsurance needs of insurers in the Afro-Asian region for natural disaster covers in a context of increased frequency and severity of natural disasters in the region.
GIC Re is one of the founding members of FAIR. GIC Re is also the manager of FNCRIP since the creation of the Pool which was launched at the 23rd FAIR conference held in China in September 2013.
The conference was attended by Ms. Reena Bhatnagar, GM and Co-Leader, Mr. Shashikant Narayan More, GM, Mr. Dhyanraj Gawade, CM and Miss Trishtina Hembram, AM. In addition, GIC Re Dubai Branch and GIC Re South Africa were present and were represented by Mr. Sajan Varghese, AGM, Ms. Aditi Sharda, DM and Mr. Charles Asirvatham, AGM.
The conference witnessed meetings of FAIR, Pools and the FAIR Syndicate. As an active member of FAIR, GIC Re attended the meeting of the FAIR Board of Directors, during which GIC Re, as pool manager, presented a report on the FNCRIP. GIC Re enumerated the efforts made by the pool manager to increase the activity of the pool despite many obstacles. GIC Re received praise from house members for its exemplary performance.
Mrs. Reena Bhatnagar, GM and co-lead was also invited for the first time to attend the FAIR Steering Committee meeting and present a report on the FNCRIP.
During the FAIR General Assembly, for the first time, GIC Re was selected as a member of the FAIR Steering Committee, replacing a member company from China. The selection was made on the basis of certain criteria, to name a few, namely regular participant of FAIR meetings, Pool manager, etc.
GIC Re as Manager of the FNCRIP also organized the meetings of the Technical Board and the General Assembly of the Pool. The General Assembly is the supreme authority of the Pool while the Technical Board considers the technical aspects of the Pool.
Mrs. Reena Bhatnagar, GM and Joint-in-Charge gave a presentation on FNCRIP activity and performance during the Technical Board meeting. The meeting took place in the presence of Mr. Adel Munir, Secretary General of FAIR and chaired by Mr. Malcolm Fonseca, Chairman of the technical council of the pool and Head of Retro, Trust Re, Bahrain who took up the points of the order of the day prepared by the pool manager one by one. Subsequently, these agenda items were subsequently ratified by the General Assembly. These meetings gave rise to fruitful exchanges and GIC Re as Pool Manager again received the laurels of the members of the Pool.
The meetings of FAIR Non-Life Reinsurance Pool managed by Milli Re, Turkey and FAIR Aviation Pool, managed by SCR, Morocco were attended by Ms. Reena Bhatnagar while Mr. Shashikant N. More, GM, attended the meetings of FAIR Oil and Energy Syndicate, managed by Trust Re, Bahrain.
In order to market the FNCRIP, several bilateral meetings were held with brokers, insurance and reinsurance companies in the Afro-Asian region. The conference newsletter also featured the full-page interview of Ms. Reena Bhatnagar, Managing Director and Co-Convener.
This conference provided a platform for GIC Re to meet international delegates and updated on current trends in the Afro-Asian insurance and reinsurance market. The conference was also an opportunity to market GIC Re & FNCRIP to secure new business and further consolidate existing business relationships.
Previews of the conference: