FAIR membership grew by 10% this year, currently having presence in 52 markets. The Federation is in contact with new markets such as Senegal and Côte d’Ivoire to invite them to join in. “The interest of some of our ex-members to re-join FAIR is an indication of the progress we have made. Having key players from new markets, such as Russia, who are interested in joining FAIR and keen to attend its conferences is another good sign,” said Dr Mounir.
This year’s conference theme, “Insurance Transformation in FAIR-Land”, focuses on the growing role of technology in the insurance industry. The global insurance and reinsurance industry is witnessing sweeping technological and operational transformation that will redefine the future of the industry, said Dr Mounir. “Accordingly, the theme has been chosen to reflect the current characteristics of the market and find ways to adapt to these changes.
“All markets are now very aware of the importance of using technology and applications in both marketing and operations as technology increases effectiveness and save resources. Who doesn’t want to be more effective, efficient and better stewards of resources? The crux is knowing how to create a technology plan.”
Over the years, FAIR has been able to adapt to changes, review its priorities and redefine its strategies, while preserving its identity and principal goals.
“FAIR plans to widen its scope on all levels. We are tapping new markets in the best interest of our members. FAIR is planning to visit three markets annually and arrange a Meet with FAIR Rendezvous to provide Afro-Asian markets information about our organisation.
“We also invite our members to join this rendezvous to learn more about the markets they are interested in.”
Notable milestones
This year, FAIR’s Oil & Energy Insurance Syndicate gained a rating, thanks to Trust Reinsurance Co, the manager of the Syndicate, said Dr Mounir.
In addition, FAIR succeeded in getting approval from the supervisory authorities in India and China to allow the FAIR Pools & Syndicate to conduct business in their respective markets without being rated.
“However, having a rated Syndicate will take us to new horizons and allow the Syndicate to compete fairly with the reinsurance companies. This will positively affect the business of the Syndicate and give the Pools the opportunity to be rated as well,” he said.
Part of the FAIR strategic plan (2016-2020) is to design and develop more advanced electronic deliverables in five areas: updating the FAIR website; issuing a monthly e-newsletter, the first issue will be out next month; publishing the FAIR Quarterly Review; producing a FAIR Members’ Directory every two years; and enhancing its presence on social media, including Facebook, Twitter and LinkedIn.
In the next two years, education gets top priority on the agenda of FAIR. The Federation seeks to uplift the skills of practitioners to higher levels and to continuously upgrade their technical and managerial expertise to match those of the developed world.
“We have training institutes among our member countries in Bahrain, Egypt, India, Malaysia, Turkey and Pakistan. We are planning more initiatives with these training academies and are keen on organising manpower capacity building programmes for members. We will be presenting these plans to the General Assembly (GA) this year and will have more details after getting the approval of the GA.”
An opportunity to strengthen ties
This year will be the first time for a GCC state to host the FAIR Conference. “The GCC is one of the fastest-growing markets among FAIR member countries. We are thankful to the Bahrain Insurance Association for inviting us. The GCC countries have been actively involved with FAIR since its establishment. Kuwait is one of the founding countries of FAIR. Also, Bahrain and Oman have hosted many FAIR meetings and seminars and have representatives on our Executive Board. Broadly speaking, almost 50% of FAIR members are from the Arab World.”
Keeping up the momentum
It is not an easy mission to preserve the FAIR identity while striving to add value to members, especially in these days of rapidly changing environment, said Dr Mounir. Yet there are positive signs in the FAIR community. “It is heartening to see four Afro-Asian countries among the world’s Top 10 and note their increasing global share of the market. In 2016, the market share of Africa and Asia formed about 33% of the global market premiums. We will continue to work with FAIR members to enable Afro-Asian countries grow their market shares rapidly and remarkably.
“The FAIR operating arms, Pools & Syndicate, are covering important risks which are extremely needed these days, ie, Nat CAT, oil & energy and cyber risks. The increase in activities of the Pools/Syndicate will add value to the FAIR members,” he said. M