AFIRC 2011 brings together insurers and regulators

Since early morning, the conference hall started welcoming large numbers of chairmen, general managers, decision-makers and key figures of the insurance sector in the Arab world, as well as several representatives of European insurance companies, gathered here to be part of this landmark event for the future of the sector. This heavy attendance rate was a clear indicator of the conference's promising impact. In addition, the huge interest surrounding the event since its inauguration was solid proof that Middle Eastern and North African leaders in the insurance sector considered AFIRC 2011 as the ideal occasion for exchange and dialogue, opening the way for cooperation to encourage growth across Arab insurance markets.

Representing the President of the Council of Ministers, HE Mr. Nicolas Nahas, Minister of Economy and Trade, took part in the ceremony alongside Mr. Walid Genadry, Chairman of the Arab Forum of Insurance Regulatory Commissions; Mr. Peter Braumuller, Chairman of the International Association of Insurance Supervisors (IAIS); and Mr. Albert Aoun, Chairman and General Manager of International Fairs and Promotions, organizers of the event. Also attending were heads of insurance regulatory authorities from Jordan, the United Arab Emirates, Tunisia, Morocco, Syria, Libya, the Kingdom of Saudi Arabia and Palestine, as well as several presidents of Arab insurance associations, including Mr. Asaad Mirza, President of the Lebanese Insurance Association.

With some of the most prominent names in the insurance sector attending the conference, it would not be exaggerated to describe the event as an international platform in the full sense of the word. The organizers have prepared an all-inclusive program addressing all the most vital issues in the sector, and have invited an elite panel of leading speakers and experts to channel ideas that will pave the way for the sector's future in the next few years.

"The AFIRC 2011 conference ushers in a new beginning in the region's insurance sector", said Mr. Genadry. "The conference's rich program and the carefully selected speakers clearly highlight the comprehensiveness of this event and its impact on shaping the future of the sector in the Middle East and North Africa", he explained.

Cooperation between insurers and regulators was the key topic of discussion on the first day of the conference, echoed in the speeches and sessions held throughout the day and which included current issues such as disclosure and transparency. In his speech, Mr. Braumüller elaborated on the strategic basis for an exemplary relationship between insurers and regulators, building on his vast experience related to the subject, as well as on his studies and notes gathered in the course his years occupying key positions in international insurance companies.

The first day of the conference also hosted several interventions and discussion panels revolving around this same axis, with different Arab and international experts exchanging their views concerning the foundations of the relationship between insurers and regulators in an open dialogue, perhaps the first of its kind on such a high level.

While discussing the relationship between insurers and regulators, Mr. Mirza said he was grateful for the conference being the opportunity for all concerned parties to meet and talk openly. He affirmed his belief that this gathering would have a positive impact on improving the knowledge and abilities of Arab insurance companies in the near future.

Assessing this first day, Mr. Aoun estimates that AFIRC 2011 would be a reference for any similar event in the future, which is setting the bar very high considering the quality of the conference's speakers and attendees, and taking into account the favorable atmosphere it created for business, initiating dynamics that will definitely lead to new opportunities, thus encouraging market growth.

Issues such as solvency and actuarial studies are among the conference agenda's other topics for the next day. To conclude the event, a plenary session gathering Arab experts in insurance will be held to find ways of developing competitiveness among Arab insurance companies.

Recapitulating, the conference comprises two days of cooperation and exchange during which AFIRC 2011 will be the destination of choice for experts in the field, giving rise to new ideas and visions that will lead Arab insurance markets on the path of growth.