MENA: GAIF proposes a regional Nat CAT insurance pool
Source: Middle East Insurance Review | Nov 2022
The General Arab Insurance Federation (GAIF) has raised the possibility of forming a regional Nat CAT insurance pool at a forum on insurance coverage for natural disasters.
The forum with the theme ‘An Arab Initiative for Insurance against the Risks of Natural Disasters’ was held on the sidelines of the 4th Sharm Rendezvous that took place on 2-4 October. It was organised by GAIF in cooperation with the Insurance Federation of Egypt.
GAIF secretary-general Chakib Abuzaid highlighted the need to pay attention to insurance against natural disasters in light of the increase in the severity of natural disasters in Arab countries, reported Al Mal News. He also indicated the need to study the natural perils facing Arab countries, including floods, earthquakes, tropical storms, drought and forest fires.
Mr Abuzaid suggested that an Arab pool be created by insurers and reinsurers to bolster underwriting capacity at the regional level, instead of at the level of each country separately.
Participants were also given a detailed presentation on the models and mechanisms for covering natural disasters at the global level and how they are financed.
The forum was held ahead of the United Nations Climate Change Conference (COP 27) that is scheduled to take place in November 2022 in Sharm El Sheikh. M