Bahrain Insurance Association's Marine Committee organizes workshop on War Risks Insurance- Facts & Acts

BIA members from different insurance companies in the Kingdom of Bahrain attended the workshop where they were given the opportunity to partake and understand various war insurance covers provided which are of concern to marine insurers, such as war, strikes, riots, civil commotion for cargo shipped by sea, air & land and sabotage & terrorism cover for properties.

The workshop also reviewed AWRIS foundation history, information about its members from different insurance and reinsurance companies in the Arab countries and the advantage of taking part on the AWRIS membership. The main speaker at the workshop was Mr. Mahdi Al Aradi D.G.M AWRIS and assisted by the co-speaker Mr. Ghassan Hamama, Technical Manager of AWRIS.

Representing Bahrain Insurance Association at the workshop, Mr. Radhi Al Kamil, Marine Committee Chairperson, who welcomed the participants and thanked them for taking part in this workshop.

Commenting on the workshop Mr. Mahdi Al Aradi D.G.M AWARIS, said: 'We succeeded in achieving our aim with the workshop through giving the participants the opportunity to explore War Risk Insurance benefits for the Arab countries and the different insurance covers provided to them such as Marine Hull War Risks, Marine Cargo War Risks and Aviation Hull War Risks.

'The Arab War Risks Insurance Syndicate (AWRIS) was established in 1981 to provide War & S.R.C.C. covers and played instrumental role during the Iraq-Iran War and subsequent wars occurred in area, with an emphasis on providing adequate war covers with fair and reasonable prices to its members. Based in Bahrain, AWRIS is a syndicate of approximately 145 members from insurance and reinsurance companies from 18 Arab countries. The member companies share retention on quota share basis and arrange retrocession protection placed with excellent securities in the International Reinsurance Market. Added Mr. Al Aradi

Ashraf Bseisu, BIA Chairman said: 'We are thankful to AWRIS and BIA's Marine Committee for their joint efforts in organizing the workshop for BIA's members and providing them with the knowledge they need to be able to serve the insurance industry with the best practices. This workshop is one of a series of workshops that are being organized by the BIA committees to further develop the insurance industry in Bahrain. We value our members' dedication in participating on these workshops and we commit to further develop the industry through all available opportunities.'