GAIF member countries and membership
GAIF member countries
On 1 January 2023, GAIF counted twenty member countries: Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tunisia, United Arab Emirates and Yemen.
The founding countries are Algeria, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Qatar and Syria.
| Country | Members | Number of insurance companies | |||
|---|---|---|---|---|---|
| Ordinary | Associates | Observers | Total | ||
| Lebanon | - | - | - | 43 | 47 |
| United Arab Emirates | - | - | - | 37 | 62 |
| Libya | - | - | - | 33 | 30 |
| Egypt | 18 | 7 | - | 25 | 39 |
| Jordan | 21 | 3 | 1 | 25 | 21 |
| Saudi Arabia | 18 | 3 | - | 21 | 26 |
| Kuwait | 17 | - | - | 17 | 26 |
| Syria | 14 | 3 | - | 17 | 13 |
| Tunisia | 14 | 3 | - | 17 | 22 |
| Algeria | 15 | 1 | - | 16 | 20 |
| Oman | 11 | 2 | - | 13 | 19 |
| Bahrain | 11 | 1 | - | 12 | 36 |
| Yemen | 11 | 1 | - | 12 | 13 |
| Palestine | 8 | 3 | - | 11 | 12 |
| Qatar | 8 | 1 | - | 9 | 13 |
| Morocco | 5 | 1 | 1 | 7 | 24 |
| Iraq | 5 | 1 | - | 6 | 36 |
| Mauritania | NA | NA | NA | 1 | 17 |
| Somalia | NA | NA | NA | 1 | NA |
| Sudan | NA | NA | NA | 7 | 13 |
| Total | 330 | 489 | |||
NA : Not available
Source : GAIF
GAIF members
GAIF comprises insurance and reinsurance companies, insurance supervisory bodies and insurance federations. All these entities are broken down into ordinary members, associate members and observer members.
The number of members of all categories is constantly growing, going from 190 members in 1998 up to 268 in 2007 and 330 by 1 January 2023 (1).
Insurance companies are free to join the GAIF. Not all companies in a given market are GAIF members.
There are 24 founding companies and organizations, namely (2):
- Kuwait Insurance Co, Kuwait
- Gulf Insurance Group, Kuwait
- Al-Ahleia Insurance Company, Kuwait
- El Ahlia Insurance and Reinsurance Co (Ahli), Lebanon
- Libya Insurance Company, Libya
- Jordan Insurance Company, Jordan
- Compagnie Algérienne d’Assurance et de Réassurance (formerly Caisse d’Assurance et de Réassurance), Algeria
- Société Nationale d'Assurance (SAA), Algeria
- Algerian Ministry of Economy, Algeria
- Iraq General Insurance Corporation, Iraq
- Iraq Reinsurance Company, Iraq
- Bagdad Insurance Company, Iraq
- Egypt General Insurance Corporation, Egypt
- Alexandria Insurance Company, Egypt
- Al-Shark Insurance Company, Egypt
- The Egyptian Reinsurance Company, Egypt
- Al Muttahida Insurance Company, Egypt
- Misr Insurance, Egypt
- Ahlia Insurance Company, Egypt
- Nile Insurance Company, Egypt
- Syrian Insurance Corporation (formerly El Dhamen Insurance CO), Syria
- Qatar Insurance Co., Qatar
(1) Source: GAIF
(2) Missing from this list are two members no longer active on the market.
GAIF membership
GAIF Membership is confined to:
- Arab insurance and reinsurance companies licensed in a member country,
- Arab insurance supervisory and oversight bodies, as well as national insurance federations,
- insurance and reinsurance companies registered in a non-Arab country. This admission is subject to a double condition :
- More than 51% of the entity's capital must be held by shareholders of Arab nationality.
- The majority of the members of the Board of Directors must be Arab citizens, or be appointed by individuals holding the nationality of an Arab country.
There are three levels of membership :
- Full membership: Restricted to ordinary members. These members have voting rights at general conferences. They may also elect their own representatives to the Board.
- Associate members : These are organizations and associations that do not meet all the membership conditions. However, associate members have the right to present their contributions at General Conference meetings.
- Observers : This category comprises Arab insurance and reinsurance companies that do not meet all the conditions for membership. Like associate members, observers have the right to attend general conferences and take part in debates.
