The Federation of Afro-Asian Insurers and Reinsurers (FAIR) biennial conference has kicked off in Mumbai, under the theme of "Emerging markets - towards resilient growth'. The Conference is back in India after 20 years and is being attended by 650 delegates from 60 countries.
Speaking on the opening day yesterday of the three-day 29th FAIR Conference, Mr Sanjay Mokashi, chairman of the Conference organising committee and GM of GIC Re, in his welcome speech, said that FAIR is a guiding force for emerging markets. He highlighted the significance of hosting the event in India, which is seeing a resurgence in economic growth.
Another speaker, FAIR secretary general, Mr Mo’men Mukhtar, said that the Conference’s theme reflected the growing importance of resilience in a world marked by uncertainty. “A significant insurance gap exists in the Afro-Asian region and we need to build a future-ready insurance landscape in these markets,” he said.
In his special keynote address, Mr M Nagaraju, secretary, Department of Financial Services, Finance Ministry, called for collaboration among different stakeholders in the insurance industry. “We must target innovative risk transfer solutions—parametric, cyber, surety and other innovative products—that can strengthen resilience,” he said.
He added that insurance is also about human dignity as it gives people the courage to take risks. “We need to innovate together and commit to lifting all countries across Asia and Africa.”
During a plenary session held after the opening session, C&C Insurance group’s UK director Andrew Selous provided examples of the challenging environment for political risk insurers in a region like Africa. He also said that the continent represents a great opportunity for the (re)insurance industry. One appeal is that loss ratios are standing at a reasonable level. However, payments and currency fluctuations remain a serious challenge.
Another panelist, Saudi Reinsurance Company (Saudi Re) CEO Ahmed Al-Jabr, emphasised the importance of developing new solutions to remain in line with market needs. “Whether it’s through product innovation or partnerships… the focus should be on adaptability to market needs and to create solutions that respond to the current circumstances… This will help turn challenges into opportunities.”
The event, which runs until 8 October, is jointly organised by GIC Re. It provides opportunities for networking and business meetings and introduces delegates to the rich culture of India and the historical landmarks of Mumbai.