|
MİLLÎ REASÜRANS T.A.Ş.
Managers for FAIR Reinsurance Pool
FACTS ABOUT FAIR REINSURANCE POOL
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BACKGROUND
The 3rd Meeting of the FAIR (Federation of Afro-Asian
Insurers & Reinsurers)General Assembly was held in
Istanbul on the 11th-14th September 1972 and it was unanimously
decided to set up the FAIR Non-Life Reinsurance Pool with
effect from 1.1.1974. The General Assembly also unanimously
entrusted the management of the Pool to Millî Reasürans
T.A.Ş., Istanbul .
The Pool is aimed to achieve the following objectives:
to promote cooperation among member companies;
to provide an additional underwriting capacity in Asia
and Africa and to increase the same for the member companies;
to effect savings and even earnings of foreign exchange
for the member countries and companies;
to provide the same standard of reinsurance service
as offered by international market;
to accelerate the process of achieving increased self-reliance
in the field of insurance and reinsurance through cooperation;
to improve the reinsurance terms for national insurance
companies as much as possible.
The Pool had 24 members (11 from Africa and 13 from Asia)
in its 1st year of operation providing a premium income
of Stg 857,527 whereas the total accounted premium, for
the period from 01.01.1974 to 31.12.2010, has reached the amount of Stg 651,049,311 and the profit percentage was
3.25 % of the net premium. In 2011 it has 50 members (19
from Africa and 31 from Asia) and the estimated premium
income is 46,170,000 Stg.
(The list showing the Pool's premium income and continent-wise
membership position from inception as well as the list of
FAIR Pool members in 2011 are
given hereafter.)
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OBJECTS
The principal object of the Pool is to accept reinsurance
and retrocession business from the African and Asian markets
in the following classes of insurance business:
Fire;
Accident, excluding motor, credit, bonds, liability
and aviation business unless when incidental or part of
a bouquet;
Engineering;
Marine Hull and Marine Cargo;
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ORGANS
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General Assembly
The General Assembly is the supreme authority of the
Pool and it is composed of all the members of the Pool
and the Secretary General of FAIR as ex-officio member.
The General Assembly meets once every two years at the
same venue and during the same period of the FAIR
General Meeting.
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Technical Board
The Technical Board consists of 8 member companies wherein
either Africa or Asia elected by the Pool's General Assembly
for a period of 4 years subject to extension. The Managers
of the Pool, the Secretary General, the President of the
FAIR are also the ex-officio members of the Technical
Board.
The Technical Board meets regularly at least once a year
at the Pool's office.
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|
The Managers
The Managers are appointed by the Pool's General Assembly
to do all the administrative work necessary for the proper
functioning of the Pool for a term of 4 years subject
to renewal.
Millî Reasürans T.A.Ş. is entrusted with the management
of the FAIR Reinsurance Pool since its establishment.
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| MEMBERSHIP
All the members of the FAIR willing to offer a share
from their treaties, are eligible for the membership of
the Pool. However, the full membership is realized by
entering reciprocal business exchange with the Pool, that
is, ceding business to the Pool and accepting retrocession
from the Pool's business by signing the Pool's Statute
and Quota Share Retrocession Agreement.
Any company willing to be a member of the Pool which is
not a FAIR member is requested to contact the Federation
at the following address for the necessary Federation
membership formalities:
"Attention:
The Secretary General
Federation of Afro-Asian Insurers & Reinsurers
14, Gawad Hosny Street
Cairo - EGYPT
Tel. : (202) 2392 36 30 & 2395 18 15
Fax : (202) 2392 18 48 & 2396 10 07
E-mail: central-office@fair.org.eg
Web site: www.fair.org.eg
General Secretary : Mr. Hammam M. Badr
After the realization of the FAIR membership, the
company approaches the Managers for the Pool membership
supplying necessary documents i.e. particulars and statistics
of the treaties they are willing to offer to the Pool.
All the applications are thoroughly studied by the Managers
and accepted or rejected according to the merits and demerits
of the business offered.
CEDING OFFICE
Non-member companies ceding business to the FAIR Reinsurance
Pool are denominated "ceding offices" and have
no right to receive reciprocity from the Pool.
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| UNDERWRITING
It is the underwriting policy of the FAIR Pool to
write treaty business in all branches except Life and
Aviation and to abstain from writing facultative business
where there is not enough number to have balanced results.
Aviation can be accepted as part of a bouquet.
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RECIPROCITY
All the business ceded to the Pool is
retroceded back to the members with a 100 % reciprocity.
But for individual members considerably high ceded premiums,
longstanding profitability and decent cash-flow can form
basis for a more than 100 % reciprocity or vice-versa.
The Retrocession shares to be allocated to the members
are fixed every year.
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FAIR CONFERENCE
The 23rd Conference of the Federation of Afro-Asian Insurers and Reinsurers (FAIR) will be held on October 2013 in Beijing, China.
As a professional business association, FAIR is dedicated
to the cause of regional cooperation and the development
of the insurance industry in Afro-Asian Countries.
Being part of this aim, FAIR Conferences are organized
biennially in Africa or Asia in rotation, according to
a decision from the General Meeting, which is the supreme
authority of FAIR.
FAIR General Meeting holds its sessions in the course
of the FAIR Conference, to determine inter alia the general
policy and work programme and to elect the President of
FAIR and the Executive Committee which shall meet at least
once yearly and shall exercise all the powers of the General
Meeting unless the latter is in session.
The recent past conferences have been held as follows:
1989- Beijing, China
1991- Khartoum, Sudan
1993- Kuala Lumpur, Malaysia
1995- Cairo, Egypt
1997- Bali, Indonesia
1999- Tunis, Tunisia
2001- Manila, Philippines
2003- Harare, Zimbabwe
2005- Mumbai, India
2007- Marrakesh, Morocco
2009- Kuala Lumpur, Malaysia
2011- Cairo, Egypt
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FAIR REINSURANCE POOL'S TECHNICAL BOARD MEETING
The 39th Meeting of FAIR Reinsurance
Pool's Technical Board was held in Istanbul-Turkey at
Milli Re's premises on 20th September 2011.
The Technical Board Meeting was
chaired by Mr. Datuk Ramlan (MRB-MALAYSIA), President of FAIR and attended by Mr.Hammam M.Badr (EGYPT), Mr. Yassir Al Baharna (Arig-BAHRAIN), Mr. Nabil Hajjar (Trust-BAHRAIN), Mr. S.Hun (Korean Re-KOREA), Mr. Joel Almagro (Malayan Ins.-PHILIPPINES), Mr. Yewondwossen Eteffa (Ethiopian Ins.-ETHIOPIA), Mr. Hasan Hulki Yalçın (Millî Re-TURKEY) as well as Mr. Ahmet Çelebiler, Auditor of the Pool.
The members of the Board, after
perusing and discussing the reports of the Pool's Managers,
approved the operations of the Fair Reinsurance Pool for
the year 2010, as well as the retrocession accounts
of the Pool and the financial summary.
The meeting ended with vote of thanks to the Chair.
Milli Re has been managing the FAIR Reinsurance Pool
since its inception in 1974.
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FAIR POOL'S
PREMIUM AND MEMBERSHIP-WISE EXPERIENCE
| YEAR |
PREMIUM
IN STG
|
MEMBERSHIP
|
| |
|
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Africa
|
Asia
|
Total
|
1974 |
857,527
(accounted)
|
|
11
|
13
|
24
|
1975 |
1,939,998
(accounted)
|
|
12
|
18
|
30
|
1976 |
2,608,860
(accounted)
|
|
17
|
25
|
42
|
1977 |
3,386,703
(accounted)
|
|
17
|
26
|
43
|
1978 |
4,274,209
(accounted)
|
|
19
|
31
|
50
|
1979 |
5,517,263
(accounted)
|
|
23
|
34
|
57
|
1980 |
6,640,032
(accounted)
|
|
24
|
40
|
64
|
1981 |
9,298,266
(accounted)
|
|
25
|
40
|
65
|
1982 |
8,871,891
(accounted)
|
|
27
|
39
|
66
|
1983 |
9,865,970
(accounted)
|
|
28
|
40
|
68
|
1984 |
10,327,917
(accounted)
|
|
28
|
41
|
69
|
1985 |
9,940,333
(accounted)
|
|
27
|
39
|
66
|
1986 |
11,876,728
(accounted)
|
|
30
|
38
|
68
|
1987 |
10,714,068
(accounted)
|
|
29
|
38
|
67
|
1988 |
11,700,657
(accounted)
|
|
28
|
39
|
67
|
1989 |
12,639,454
(accounted)
|
|
31
|
43
|
74
|
1990 |
13,247,108
(accounted)
|
|
36
|
43
|
79
|
1991 |
13,017,830
(accounted)
|
|
34
|
42
|
76
|
1992 |
15,871,099
(accounted)
|
|
34
|
41
|
75
|
1993 |
16,987,373
(accounted)
|
|
31
|
43
|
74
|
1994 |
16,441,623
(accounted)
|
|
27
|
41
|
68
|
1995 |
14,969,182
(accounted)
|
|
23
|
41
|
64
|
1996 |
14,707,831
(accounted)
|
|
21
|
39
|
60
|
1997 |
13,264,310
(accounted)
|
|
21
|
38
|
59
|
1998 |
12,005,795
(accounted)
|
|
23
|
37
|
60
|
1999 |
11,816,399
(accounted)
|
|
26
|
36
|
62
|
2000 |
13,402,585
(accounted)
|
|
26
|
41
|
67
|
2001 |
20,162,884 (accounted)
|
|
23
|
44
|
67
|
2002 |
26,025,340 (accounted)
|
|
23
|
42
|
65
|
2003 |
32,728,875
(accounted)
|
|
24
|
45
|
69
|
2004 |
34,865,024
(accounted)
|
|
23
|
46
|
69
|
2005 |
51,938,201(accounted)
|
|
26
|
45
|
71
|
2006 |
45,113,366
(accounted)
|
|
27
|
46
|
73
|
2007 |
38,852,000
(estimated)
|
|
24
|
41
|
65
|
2008
|
41,070,000
(estimated)
|
|
22
|
41
|
63
|
2009 |
50,557,000
(estimated)
|
|
20
|
41
|
61
|
2010 |
48,745,000
(estimated) |
|
20 |
36 |
56 |
2011 |
46,170,000
(estimated)
|
|
19
|
31
|
50
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LIST
OF MEMBERS IN 2011
| COUNTRY |
COMPANY |
| |
|
| ALGERIA |
Compagnie Centrale de Réassurance
|
| BAHRAIN |
Arab
Insurance Group
|
| |
Trust
International Insurance Company
|
| CHINA |
PICC Property & Casualty Company
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| EGYPT |
Mısır Insurance Company |
| |
Mohandes
Insurance Company
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| ETHIOPIA |
Ethiopian Insurance Corporatian
|
| GHANA |
Ghana Reinsurance Company
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| INDIA |
General Insurance Corporation of India
|
| |
National
Insurance Company
|
| |
New
India Assurance Company
|
| |
Oriental
Insurance Company
|
| |
United
India Insurance Company
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| INDONESIA |
P.T.Asuransi Central Asia |
| KENYA |
APA
Insurance Limited
|
| |
PTA
Reinsurance Company
|
| KOREA |
Korean
Reinsurance Company
|
| KUWAIT |
Al
Ahleia Insurance Company
|
| |
Gulf
Insurance Company
|
| |
Warba
Insurance Company
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| LEBANON |
Arab Reinsurance Company
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| LIBYA |
Libya
Insurance Company
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| MALDIVES |
Allied Ins. Co. |
| MALAYSIA |
Labuan
Reinsurance
|
| |
Malaysian
Reinsurance Berhad
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| MOROCCO |
Société
Centrale de Réassurance
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| NIGERIA |
African Reinsurance Corporation
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| OMAN |
Oman United Insurance Company
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| PHILIPPINES |
Malayan
Insurance Company
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| SRI
LANKA |
Ceylinco Insurance Company
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| SUDAN |
Juba
Insurance Company
|
| |
The National Reinsurance Company
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| SYRIA |
Arab Union Reinsurance Company
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| THAILAND |
Asian Reinsurance Corporation
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| TUNISIA |
BEST Reinsurance Company
|
| |
Compagnie Mediteraneenne
d'Assurances et de Réassurances
|
| |
Groupe des Assurances de Tunisie
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| |
Société Tunisienne de Réassurance
|
| |
Société Tunisienne d'Assurances et de Réassurance |
| |
Société d'Assurances Salim |
| TURKEY |
Anadolu Anonim Türk Sigorta Sirketi
|
| |
Gunes
Sigorta A.Ş.
|
| |
Millî
Reasürans T.A.Ş.
|
| U.A.E |
Al
Fujairah Insurance
|
| |
Al
Ain Ahlia Insurance Company
|
| |
Al
Khazna Insurance Company
|
| |
Dubai
Islamic Ins.&Re. Company
|
| |
Oman
Insurance Company
|
| VIETNAM |
Baominh
Insurance Corporation
|
| ZIMBABWE |
Baobab Reinsurance Corporation (Zim Re)
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LIST
OF CEDING OFFICES - 2011
| AZERBAIJAN |
Başak
İnam Sigorta
|
| CHINA |
Ancheng Insurance Company |
| |
Anhua Agricultural Ins. Co. |
| |
Chang An Insurance Company |
| |
China Coal Ins.Co. |
| |
China United Ins.Co. |
| |
Ding He Property Ins. Co. |
| |
Guoyuan Agricultural Ins. Co. |
| |
Huatai Insurance Company |
| |
Hyundai Insurance Company |
| |
Shangai Anxin Agricultural Ins. Co. |
| |
Taishan Ins.Co. |
| |
Urtrust Ins.Co. |
| INDIA |
ICICI Lombard General Ins.Co. |
| INDONESIA |
PT Asuransi Rama Satria |
| IRAN |
Hafez
Insurance Company
|
| IVORY
COAST |
Aveni
Reinsurance
|
| KUWAIT |
Kuwait Insurance Company |
| |
Ritaj Takaful Ins.Co. |
| LEBANON |
Al
Mashrek Insurance & Reinsurance SAL
|
| NEPAL |
Rastriya
Beema Insurance Company
|
| |
Sagarmatha
Insurance Company
|
| NIGERIA |
Continental Reinsurance Co. |
| SAUDI
ARABIA |
MedGulf Insurance Company
|
| SENEGAL |
Sen Reinsurance Company |
| SINGAPORE |
India International Ins.Co. |
| SRI LANKA |
Continental
Insurance Company
|
| |
Janashakthi
Insurance Company |
| TANZANIA |
Tanzindia
Assurance Company
|
| TURKEY |
Ak
Sigorta A.Ş.
|
| |
Ankara
Sigorta T.A.Ş.
|
| |
Halk (Ex Birlik)
Sigorta A.Ş.
|
| |
Demir Sigorta A.Ş. |
| |
Euro Sigorta A.Ş. |
| |
Ergo
A.Ş.
|
| |
Yapi
Kredi Sigorta A.Ş.
|
| U.A.E |
Al
Sagr Insurance
|
| |
Union Insurance Company |
| |
Takaful Reinsurance Co. |
| VIETNAM |
Vietnam
National Reinsurance
|
| YEMEN |
Al
Jazeerah Insurance
|
| |
Arab
Insurance Company |
| ZIMBABWE |
Tropical
Reinsurance Company |
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