Magazine date:
Jul 2014 At the end of the four-day conference of the 30th General Arab Insurance Federation (GAIF) in Sharm El-Sheikh, the new president of the entity has been chosen, in the person of Alaa El-Zoheiry, Egypt's representative at the GAIF and managing director of Arab Misr Insurance Group. He will preside the federation during the next two years.
The two upcoming conferences of the GAIF will be held in Lebanon (2016) and Tunisia (2018).
The federation has also transmitted its recommandations for an optimal enhancement of the industry in Arab countries. Those include, inter alia, the following points:
- Urge regulatory bodies in their countries to set limits on motor TPL indemnities
- Support efforts by GAIF and its Arab Reinsurers Association in establishing a commission to take care of rating Arab insurance and reinsurance companies
- Urge Arab insurance companies to raise their retention levels in line with their capital
- Develop risk management systems to ensure prudent management
- Regulate takaful and resolve challenges which hinder the development of Islamic insurance by setting out a clear strategy for takaful
- Confirm the importance of microinsurance
- Work towards creating higher professional degrees in takaful.