Organization of the 29th Conference of the General Arab Insurance Federation (GAIF) : 24/05/2012

Organization of the 29th Conference of the General Arab Insurance Federation (GAIF)

Mr. Driss EL AZAMI EL IDRISSI, Minister delegate to the Minister of economy and finance in charge of the budget, argued in favor of setting up an efficient strategy for the promotion and the generalization of dependants, property and businesses insurance sector so as to face potential dangers arising from the liberalization of the Arab markets.

At the opening session of the 29th Conference of (GAIF), an event placed under the High Patronage of HM king Mohammed VI, Mr. EL AZAMI EL IDRISSI, indicated, Monday, May 21st 2012 in Marrakech, that this strategy should enhance the professionalism and the good governance of the services provided by the insurance and reinsurance companies and to renew their regulation and control mechanisms and tools.

Within this framework, he called on the Arab countries to maintain protectionist legislations and control tools so as to meet the criteria in force in the most developed countries and markets. This will preserve the policy-holders? rights and avoid any negative impact on the stability of the Arab financial markets.

Bearing in mind that insurance and reinsurance have a significant role in savings mobilization and the guarantee of goods and services in the Arab world, Mr. EL AZAMI EL IDRISSI pointed out that the insurance contribution in the Arab countries remains weak and below expectations if compared to the average of economic growth, stressing the need to find appropriate solutions to ensure the development of this activity.

With regard to Morocco, the Minister recalled that the Kingdom attached particular importance to strengthening and developing this sector, through adjusting the law governing it to the development recorded in the insurance techniques field and the international standards regulating this sector.

Within this framework, he outlined the steps taken by Morocco for the development of this sector, noting, in addition, that this conference is an opportunity to review and share good practices in terms of management and good governance as well as the new proposed mechanisms covering natural hazards.

Nearly 1,800 speakers, including experts, specialists and managers of the insurance industry from the (MENA) region, Asia, and Europe attended this three days meeting that tackle the theme: "insurance with mutations in the Arab world".

The objectives of this meeting, initiated by the Central Company of Reinsurance (SCR) under the Deposit and Management Fund (CDG), the Secretary-General of the GAIF, and the Moroccan Federation of the Insurance and Reinsurance companies (FMSAR), are the review of some issues related to the insurance sector in the Arab world, the exchange of experiences and expertise and openness on the last news in this field.

The impact of the Arab spring on the Arab insurance industry (challenges and solutions), and the risk management by the reinsurance and insurance companies: current state and prospects are the two main axes around which the debates will be concentrated

In parallel, the GAIF will hold its General Assembly, with several items on the agenda, including the nomination of the new President of this organization.