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					                                                             N° 44
                                                          October 2007

                                        Atlas Conseil International

                             Atlas Magazine
              Insurance news from Africa and the Middle East
                                                           Editorial                                          Summary
                                                                                                   Page 1 : Editorial,
                                                     Monte-Carlo 2007,
                                                    SCOR’s consecration                              Monte-Carlo 2007,
                                                                                                    SCOR’s consecration

                                           Characterized as the business’ worldwide                Pages 2 - 5 : Atlas,
                                        event, the Monte-Carlo rendez-vous has proved                       Yemen
                                        to be the mandatory stage of the insurance pre
                                        season. It is the venue where the market’s first
                                        trends are traditionally outlined.
                                          All the business leaders rush to this meeting,
The African Reinsurer of first choice   aware that even in the absence of decision
                                        making; attendance is an absolute must for those
                                        wishing to get an overview of what is lying
                                        ahead.                                                     Pages 6 - 8 : Portrait,
                                          However, the recent editions, especially the                        ADIR
                                        2007 one have been strangely marked by a
                                        mood of unease among quite a few members.
                                                                                                   Pages 9 - 12 : Focus,
                                        This feeling of weariness is such that some are               Takaful Insurance
                                        questioning the mere usefulness of the meeting.
                                                                                                   Pages 13 - 19 : News,
                                           The first sign of this disenchantment is the
                                        decline in turnout. The delegations of the major               Insurance News
                                        international companies are less and less
                                        consistent. As to reinsurers, given the constraints        Pages 20 : Statistics,
                                        of globalisation, their number is dwindling down.                Saudi Arabia
                                        Some regions of the world are no longer                              2006
                                        represented in the meeting such as Sub-Saharan
                                        Africa, Latin America, Asia and the Middle East                    Page 21 :
                                        whose participation is limited to some brokers
                                        and regional reinsurers. The tourist and social
                                                                                                     Agenda & Reshuffle
        Floods in Africa
                                        dimension of the event seems to be taking over
                                        genuinely professional activities. In the absence
The heavy downpour that                 of any other salient fact, it is the celebration, with
has washed a large area of              great pomp, of Converium takeover by SCOR
Africa since last July caused           that has been in the spotlight of the 2007 edition.
devastating floods in 18                Nonetheless,      Monte-Carlo        shall  not    be                News
countries. The toll is alarming:        characterized as a useless meeting since we
300 casualties, over a million          have been informed that the market will remain             Cameroon :
people affected, 650 000 of             smooth, that every one should be expecting                  New insurance company
whom remained homeless,                 some tariff cuts except for some third party                              More page 13
entire villages submerged,              liability classes of business including the motor          Tunisia :
crops and food stocks                   one.                                                       STAR’s privatisation
destroyed and drinking                  In brief, not much of a novelty happening in                              More page 16
w a t e r       s o u r c e s           Monaco’s neighbourhoods
contaminated.                                                                                      Bahrain-UAE:
According to meteorologists,                                                                       Results 2006
                                                                 Atlas Conseil International                      More page 17
this major natural disaster is
accounted for by global                                                                            France :
wa r m i ng , n a m el y    the                                                                    Rugby World Cup
climatic phenomenon “La                                                                                           More page 18

ACI            5, rue Imam Sahnoun
               Le Belvédère, Tunis 1002
                                                 Tél. : (216) 71 28 70 96
                                                 Fax : (216) 71 28 76 24
                                                                                            Mail :


                 Country profile
Area : 527 970 Km2
Population (2006) : 22,4 millions inhabitants
GDP (2006) : 18.5 billion USD
GDP per capita (2006) : 826 USD
GDP growth rate (2006) : 3.9 %
Inflation rate (2006) : 18%
Main economic sectors :
Services, agriculture and fishing, oil, mining,
manufacture industries

                      Major cities
                 (by number of inhabitants)

             Sanaa (capital) : 1 510 500
                 Aden : 607 900
                  Taez : 524 200

                                          Insurance market structure in 2005

                                              Insurance companies :                12

                                               Insurance market features

                                                      Regulatory authority :
                                                    Ministry of Trade and Industry

                                              Premiums (2005) : 42.4 million USD

                                              Inssurance Density (2005) : 1.9 USD

                                                Penetration rate (2005) : 0.23 %

Atlas Magazine is published by Atlas Conseil International                              N°44 - October 2007

                                                            Turnover evolution : 2000 to 2005
                                                                                                                                                             Figures in millions USD

                                                                                                                                                                  Growth rate
   Years                2000                   2001                       2002                  2003                     2004                      2005

  Written        life      Non life     life       Non life        Life     Non life     life         Non life    life         Non life     life       Non life
                 1.9        19.8        2.3          23.8          2.8       23.5        2.9           30.8       3.3           32.6        3.5         38..9       + 18,11%

    Total                21.7                   26.1                       26.3                 33.7                     35.9                      42.4

Exchange rates YER/USD as at 31/12 : 2000 : 161.4; 2001 : 168.8; 2002 : 165.2; 2003 : 164.9; 2004 : 185.2; 2005: 182.

                                               Figures in millions USD
                             50                                                                                  35.9
                                                                                               33.7                                       42.4
                                                            26.1              26.3

                                       2000               2001              2002                2003             2004               2005

                                         Premiums split by class of business : 2000 - 2005
                                                                                                                                                       Figures in millions USD

                       Classes of business                2000                    2001             2002                  2003                2004               2005 (*)

               Motor                                        6.4                    7.6                 6.8                 9                 10.4                 13.2

               Property & miscellaneous
                                                            8.6                   10.6                11.3                13.5               13.7                 16

               Marine & aviation                            4.8                    5.6                 5.4                8.5                    8.5               9.7

               Total Non Life                             19.8                    23.8                23.5               30.8                32.6                 38.9

               Llife                                        1.9                    2.3                 2.8                2.9                    3.3               3.5

               Total Life                                   1.9                    2.3                 2.8                2.9                    3.3               3.5

               Grand total                                21.7                   26.1                 26.3               33.7                35.9                 42.4
             Exchange rate YER/USD as at 31/12 : 2000 : 161.4; 2001 : 168.8; 2002 : 165.2; 2003 : 164.9; 2004 : 185.2; 2005: 182.
             (*) ACI’s estimates

                                                 Premiums split by class of business in 2005

                                                                                     Life 8%

                                      Marine & av iation 23%
                                                                                                              Motor 31%
                                                                                                                                     Property & miscellaneous accident

                                                                                                                                     Marine & av iation

                                                     Property &
                                                   accident 38%

            Atlas Magazine is published by Atlas Conseil International                                                                             N°44 - October 2007
                                            Turnover by company : 2002 to 2005
                                                                                                                   Figures in thousands USD

  Rank                     Companies                                    2002              2003         2004                  2005

     1       United Insurance Company                                     8               9.4          11.6                  17.15

     2       Trust Yemen Insurance and Reinsurance Co.                    6.5             5.4           4.9                   5.16

     3       Mareb Yemen Insurance Company                               NA               5.2           4.5                   4.45

     4       Yemen General Insurance Company                              3.4             3.9           4                     3.85
     5       Al Watania Insurance Co.                                    1.7              2.4           3.4                   4.23

     6       Saba Yemen Insurance Company                                1.9               2            2.1                   2.27

     7       Aman Insurance Company                                      1.8              1.9           1.9                   1.80

     8       Arab Insurance Company                                      1.6              1.6           1.6                   1.6(1)

     9       Yemen Insurance Company                                     1.2              1.3           1.1                   1.1(1)
   10        Yemen Islamic Insurance Company (Y.S.C)                      0.24            0.55          0.76                  0.76
   11        Yemen insurance and reinsurance                             NA               NA            NA                    NA
   12        Al Jazeira insurance                                        NA.              NA            NA                    NA

             Total                                                       26.3             33.7         35.9                  42.4
Exchange rate YER/USD as at 31/12 : 2000 : 161.4; 2001 : 168.8; 2002 : 165.2; 2003 : 164.9; 2004 : 185.2; 2005: 182.
(1) ACI’s estimates

NA: non available

                                      Non life turnover split by company in 2005

                                                 Yemen Insurance
                          Arab Insurance             Company                    Yemen Islamic
                             Company                     3%               Insurance Company
                                4%                                                   2%
             Aman Insurance

                                                                                                             United Insurance
                Saba Yemen                                                                                        Company
            Insurance Company                                                                                       41%

                           Al Watania
                       Insurance Co.

                                                                                                      Trust Yemen
                                                                                                    Insurance and
                                     Yemen General                                                 Reinsurance Co.
                                                                   Mareb Yemen
                                    Insurance Company                                                       12%
                                                                 Insurance Company

    Atlas Magazine is published by Atlas Conseil International                                                 N°44 - October 2007

                                         The Yemenite insurance companies

             Companies                                   Addresses                               Contacts

                                                                                Tel: (967-1)425012/13
     Al Jazeera Insurance               Faj Attan
1                                                                               Fax: (967-1)418369
     & Reinsurance (Y.S.C.)             P. O. Box 1376 Sana'a Yemen

                                                                                Tel: (967-1)272874 - 2727413
     Al Watania Insurance               Tarek Zyad Building, Al-Qaser street    Fax: (967-1)272924
     Co. (Y.S.C.)                       Sana'a Yemen                            Website:

                                                                                Tel: (967-1)400881
     Aman Insurance                     Zubairy street                                     202106
     Company                            P.O. Box 21120 Sana`a Yemen             Fax: (967-1)217251 - 209452

                                        Sixtieth Road, Nearby Presendtial       Tel: (967-1)606810/5
     Arab Insurance
4                                       Palace                                  Fax: (967-1)606816
                                        P.O. Box 16049, Sana'a Yemen            E-mail:

                                                                                Tel: (967-1)206124/9
     Mareb Yemen Insurance              Al-Zubairy street, Sana'a-Yemen
5                                                                               Fax: (967-1)206118
     Company Y.S.C.                     P.O. Box 2284 Sana`a Yemen

                                                                                Tel: (967-1)240908 - 240894
     Saba Yemen Insurance               Ishaq Building, Al-Zubairy street.      Fax: (967-1)240943
     Company                            P.O. Box 19214 Sana`a Yemen             Website:

                                                                                Tel: (967-1)425007- 412592
                                        Haddah St. - Villa 14, Opp. Hadda           (967-1)412569
     Trust Yemen Insurance
7                                       Post Office                             Fax: (967-1)412570
     and Reinsurance Co.
                                        P.O. Box 18392 Sana`a Yemen             Website :
                                                                                Tel: (967-1)555555
     United Insurance                   Al-Saeed Building, Al– Zubairy street   Fax: (967-1)214012
     Company                            P.O. Box 1883 Sana`a Yemen              Website: :
                                                                                Tel: (967-1)442489 - 442074
     Yemen General Insu-                No. 25, Algeria street                  Fax: (967-1)442492
     rance Company                      P.O. Box 2709 Sana`a Yemen              Website: :
                                                                                Tel: (967-1)279787 - 272962
                                        2nd Floor, Al-Matari Building,
     Yemen Insurance                                                                        272805/6 - 272943
10                                      Al-Zubairy street
     Company                                                                    Fax: (967-1)274177
                                        P.O. Box 8437 Sana'a Yemen

     Yemen Insurance                    Al-Quaser street,                       Tel: (967-1)274297
     & Reinsurance Co.                  P.O. Box: 19891 Sana'a Yemen            Fax: (967-1)270255

                                        8th Floor SABA Islamic Bank Building,
                                                                                Tel: (967-1)284193
     Yemen Islamic Insurance            Saif Bin Thi Yazen street
12                                                                              Fax: (967-1)286503
     Company (Y.S.C)                    P.O.Box 5145 Sana'a,
                                        Republic of Yemen
     Atlas Magazine is published by Atlas Conseil International                                      N°44 - October 2007

                                          A company, a story
                               ADIR, bancassurance’s winning gamble

                                  Adonis Insurance and Reinsurance, ADIR’s creation dates back to 1983. It took
                                place in difficult times surrounding the Lebanese war. Once peace was restored, the
                                company picked up momentum achieving its takeoff in the mid 1990s.
                                   For a long time, ADIR has deliberately chosen to confine its activities to underwriting
                                only its parent company’s business. Focused on the bank’s clients’ risks, this niche
                                strategy turned out to be effective because, instead of seeking premiums, ADIR has
                                privileged return on investment, which makes it one of the most successful operators
                                on the market.
                                   ADIR equally stands as a pioneer in terms of bancassurance, the field whose
                                significance was sensed by the company from the outset.
                                   The year 2001 marks a new era in the development of the company which gets
                                allied to one of France’s leaders in bancassurance, Natixys Assurances, becoming its
                                shareholder with 34% stakes. Endowed with a well-established distribution network
                                and with one of the most efficient computer system, ADIR is consolidating its position
                                on the bancassurance segment striving after the deployment of a strategy of
                                expansion targeting the regional countries.


Semaan Bassil : Chairman & General Manager

René Klat : Managing Director & CEO
                                                                          Is in 2006 :
Jean Hleiss : Assistant General Manager
                                                                      ●    A     capital      of     5    billion    LBP
Roger Noujaim : Finance & Administrative Manager
                                                                           (3.18 million USD)
Joseph Mrad : Claims Manager                                          ●    A    turnover      of   26.3    billion   LBP
                                                                           (16 783 344 USD)
Raja Moawad : Sales Manager
                                                                      ●    A   net   result   of   4.11   billion    LBP
Jean Saad : Non Life Manager
                                                                           (2 620 342 USD)
Carla Abdo : Life Manager
                                                                      ●    57 employees
Jean-Marie Naaman : Reinsurance Manager

Marlene Abi Antoun : IT Manager

Rachid Abi Nader : Marketing Manager

                                                                           Head office : Aya commercial center
                                                                           dora highway
                    Shareholders                                           BP 90-1446 Jdeidet El Metn
                                                                           Tel : +961 1 256290
                   Byblos Bank : 64%                                       Fax : +961 1 256293
           Natixis Asuurances France : 34%                                 Email :
                   Mr. René Klat : 2%                                      Website :

 Atlas Magazine is published by Atlas Conseil International                                               N°44 - October 2007

                                        Turnover split by class of business : 2001 - 2006
                                                                                                                                       Figures in USD

Gross written
                     2001          %        2002          %          2003    %       2004        %         2005            %       2006         %

Motor             1 084 657        19     1 112 556       17     2 077 763   23    2 595 126     20     3 180 853          22    3 758 667    22

 Fire              829 095         15     1 025 061       16     1 251 102   14    1 447 884     11     1 600 980          11    1 610 472    10

 Marine            345 668          6     304 396          5      362 454     4     525 978       4      876 183           6      653 511      4

 Life             2 290 136        40     2 472 174       38     3 269 224   37    6 411 812     49     6 626 693          47    8 692 132    52

 Other risks      1 139 515        20     1 600 711       24     1 929 374   22    2 136 243     16     1 955 363          14    2 068 562    12

   TOTAL          5 689 071        100    6 514 898      100     8 889 917   100   13 117 043    100    14 240 072         100   16 783 344    100

Exchange rates USD/LBP as at 31/12 : 2001 : 1570.6; 2002 : 1554.5; 2003 : 1555.1; 2004 : 1518; 2005 : 1514; 2006: 1570.6

                                           Premiums split by class of business in 2006

                         Other risks 12%                                                                      Motor 22%

                                                                                                                   Fire 10%

                        Life 52%                                                                                    Marine 4%

               Atlas Magazine is published by Atlas Conseil International                                             N°44 - October 2007

                                              Key financial highlights : 2001 - 2006

                                                                                                                            Figures in USD

                                          2001               2002              2003           2004           2005             2006

 Gross written premiums                 5 689 071         6 514 898           8 889 917    13 117 043     14 240 072       16 783 344

 Written premiums net of
                                        2 479 480         2 711 243           4 215 568    8 158 878       8 969 606       11 436 328

 Gross earned premiums                  2 464 416         2 725 053           3 576 537    4 792 724       5 734 434         7 116 453

 Gross Incurred losses                  3 208 150         1 149 421           1 323 189    2 023 630       4 498 112         4 866 992

 Incurred losses net of
                                        1 623 972            624 902          1 080 834    1 723 630       2 116 316         3 327 955

 Loss ratio                              130.18%             42.18%             37.00%        42.22%          78.44%           68.39%

 Management fees                        1 708 968         2 304 637           2 569 153    3 076 916       3 487 289         4 135 256

 Technical results                      1 103 801         1 026 609           1 100 298    1 174 403       1 271 123         1 094 234

 Financial revenues                      675 721             753 570           814 524     1 004 784       1 133 735         1 583 126

 Net income after tax                   1 577 017         1 691 332           1 831 138    2 131 188       2 371 258         2 620 342

Exchange rates USD/LBP as at 31/12 : 2001 : 1570.6; 2002 : 1554.5; 2003 : 1555.1; 2004 : 1518; 2005 : 1514; 2006: 1570.6

                                                             Loss ratio : 2001 - 2006

                    140%         130.18%
                    100%                                                                       78.44%
                                                    42.18%           37.00%       42.22%                       68.39%
                                 2001            2002            2003            2004         2005         2006

                               Thanks : We thank ADIR for their kind assistance in the conception of this survey.

        Atlas Magazine is published by Atlas Conseil International                                                N°44 - October 2007

                                             Takaful Insurance
                                                  Islamic finance

   Being an “ethical” alternative to the conventional insurance system, Takaful insurance is
 a financial product that is currently on everybody’s lips. Its main characteristic lies in its
 compliance with the moral requirements as regulated by the religious law, the Sharia.
  Its existence is closely linked to the recent development of the Islamic financial institutions
 whose birth dates back to the 1970s through the impetus given by the Islamic Conference
 Organisation which has brought out the economic precepts of Islam.

  Sharia: in religious terms, the word “Sharia” means the path to take in order to abide by God’s rules”. This
  relates to a corpus of laws elaborated throughout centuries by theologians. This corpus regulates the lives
  of Muslims in accordance with the teachings of the religion. The term “Sharia” is also used to refer to Islamic
  rules and Muslim Law.

The expansion of the Islamic financial system

   With oil prices skyrocketing, and the rise in power of producing countries, the 1974 oil shock did trigger the
 emergence of a new generation of financial institutions keeping with the rules of Islam.
     The first institution to see the light of day, the Islamic Development Bank, whose headquarter is in Jeddah,
 (Saudi Arabia), inaugurated a mutual assistance scheme based on solidarity. It was followed by the Dubai
 Islamic Bank in 1975 then in 1979 by the overall islamization of Pakistan’s banking system. The plan, then,
 spreads to Iran and Sudan which created the first Islamic insurance company in 1979: the Islamic Insurance
 Company of Sudan.
    Ever since, the trend has continued to gather momentum in its home ground the Middle East countries
 (Saudi Arabia, United Arab Emirates) and South East Asia (Malaysia, Brunei, Indonesia) spreading even further
 to African countries and Western Europe where numerous Muslim migrant and non-migrant communities got

Keys to success

    Paradoxically, the Islamic financial system may be regarded as one of the multiple effects of financial
globalisation. Even the principle of the participatory finance that it advocates stands as an alternative to
global finance and its by-products for the populations that are getting more and more sensitive to moral
values. While its creation is accounted for by the wake up of political Islam and the revival of Islamic thought,
its current expansion pertains to factors such as technological mutations, financial innovation, and the
process of deregulation induced by capital globalisation as well as an increase in oil production which
triggers a massive flow of investments.

Atlas Magazine is published by Atlas Conseil International                                      N°44 - October 2007

The foundations of Islamic finance

  Basically, the system of Islamic finance rests on four key principles:
                             ●   risk sharing between contract parties.
                             ●   materiality: any transaction must be aimed at a “material target”, related directly
                                 or indirectly to the real economic transaction.
                             ●   non-exploitation: financial transactions should never lead to the exploitation of any
                                 contracting party.
                             ●   the ban on any move designed to financing “haram” or illicit activities in connection
                                 with alcoholic drinks, pork, pornography and gambling.

   The only investments allowed by religious law are those whose remuneration results from fate sharing between
investors and beneficiaries. These principles stem from the prohibition by religious law of three practices:
        ●   the Riba: literally meaning increase, addition. In fact, it refers to lending at usurious rates of interest for
            money borrowed or deposited in a bank account.
        ●   the Gharar: the sale of a non-owned property
        ●   the Maysir: game of chance, speculation

                                    The emergence of Islamic insurance

   For a long time, and in most Muslim countries, recourse to insurance was done through foreign companies.
The latter dispatch their products either directly, through their local subsidiaries or through national companies in
which they are shareholders.
Insurance density and penetration rate in these countries remained low due to two major reasons: one
economic and the other religious.
Insurance is still in an embryonic state given the recent economic development at the level of investment as
well as that of institutions, legislation, training …
At the religious level, the society has a negative idea of insurance that carries some elements of uncertainty
(Gharar), gambling (Maysir) and interests (Riba), which are not accepted by Islamic law.
   In the face of the challenges pertaining to modern economic development and to social and political
mutations, Islamic countries have, through the Islamic Conference Organisation (ICO), called upon legal experts
and theologians to make legislation on insurance accountancy operations in relation with religious law. The
updated concept of Takaful came up with a compromise that overcomes the discrepancy between what is
licit, (hallal), and what is not, (haram). In all the countries where the system is in force, it is submitted to the
oversight of an advisory committee made up of specialists whose task is to verify the compliance of the
practices with Sharia.
For Muslim legal experts, insurance is acceptable as long as it operates in the pattern of a cooperative.

Takaful’s definition and foundations

   Takaful is a comprehensive concept that refers to a mutual guarantee or
indemnification among members of a group who are both insurers and insured. It
advocates the fair sharing of risks and profits, a sort of associative finance.
Takaful insurance is essentially distinguished from conventional insurance by the fact that
Takaful insurance premiums are regarded as “contributions” to a mutual fund established
with a view to sharing out occurrence risk of an unfavourable event affecting a member
of the group.

       Takaful stems from the Arabic word “Kafalah” which refers to an agreement of mutual assistance
     and of solidarity among the members of a community in case of loss or damage suffered by one of the
     members. Takaful is, therefore, a mutual guarantee.

 Atlas Magazine is published by Atlas Conseil International                                            N°44 - October 2007
Takaful insurance working principles

 The takaful system operates on the basis of the separation of two entities: the affiliates or insured and the fund
manager or capital contributor.

      The affiliates’fund

                     According to the Takaful system, the insured person, the affiliate, pays a contribution. In return, the
                 fund members, the other affiliates accept to provide a collective support for the risk.
                 It is the affiliates’ fund that collects premiums and disburses claims. At the close of the year, the surplus,
                 which is not retained as technical provisions, is disbursed to the affiliates or paid in the form of “Zakat”,
                 (an Islamic tax, one of the five pillars of Islam), to a charity.

     The fund manager

  It is the fund manager who contributes to the capital required for the company’s creation and solvency.
The fund’s possible deficit is bailed out by the manager.
The remuneration of the fund manager may be achieved in two ways:
        ●       the Wakala that may be likened to an agency contract. The manager receives a fixed sum in advance
                in order to run the fund. (This sum is deducted from the premiums collected by the fund).
        ●       the Moudharaba which is an association of the fund manager to the profits reported by the fund.

 A market with great potential

    Besides the numerous surveys and publications dedicated to it, the Takaful insurance
segment is drawing the attention of a growing number of international operators. Currently, it
is the object of everyone’s desire.
  While the geographic distribution of Takaful insurance remains largely confined to the
Muslim countries, investment in western countries with large Muslim communities should, soon,
speed up the trend. Already, some European and American financial institutions are
dedicating specific counters to it.
   The International Monetary Fund (IMF) attributes the success of Takaful insurance to the growing demand by a
high number of Muslim countries, to the rising oil wealth in the Gulf countries, to the attractive nature of Islamic
financial services for non-Muslim investors seeking “ethical” investments.
   About 250 Takaful insurance companies operating in about 75 countries are currently listed.
   The Takaful direct insurance has been accompanied by a reinsurance labelled Retakaful.
Standing among the pioneers of Takaful reinsurance, the company Best Re, founded in 1985, has been the driving
force behind the creation of several Takaful insurance companies in Senegal, Egypt, Lebanon and Algeria.
  The world’s biggest insurers and reinsures are among the new kids on the block who are positioned on the
Takaful and Retakaful market.
       ●        In October 2005, ARIG created Takaful Re based in Dubai.
       ●        The Lloyd’s syndicates got positioned on the market in 2005.
       ●        In 2006, Hannover Re has opened up a specific Retakaful entity in Bahrain.
       ●        Allianz was equally established in 2006 in Bahrain to develop the Takaful niche.
       ●        In 2007, SCOR has applied for a Retakaful license in Malaysia.
       ●        Munich Re has announced at the end of September 2007 the marketing of Retakaful products in South
                East Asia through its subsidiary of Kuala Lumpur (Malaysia).

      According to a survey conducted by the international rating agency Moody’s and published in 2006, the
    total tu rnover, valued at 2.30 billion USD in 2005, is likely to rise to 7.7 billion USD in 2015. The turnover breaks
    down as follows:
            ●     2 billion USD of annual premiums in the Gulf countries
            ●     3.1 billion USD in Asia and Pacific 1.4 billion USD of which for Malaysia and Indonesia.
            ●     2.6 billion USD for the markets of Europe, China, Turkey and USA.

  Atlas Magazine is published by Atlas Conseil International                                             N°44 - October 2007

Obstacles and challenges to the Takaful system

    Despite its current growth, analysts point out that this system, still in the build-up stage, may see its development
slowed down by some obstacles pertaining mainly to the absence of specific data and regulation in terms of
control and book keeping, the key conditions required to build confidence for the market.
   To be confirmed as a major player in the insurance business, the Takaful system has to outline a comprehensive
strategy whose dimension must go beyond the strict framework of its compliance with religious principles and
subscribe to the rationale of commercial competitiveness and economic profitability.
  There is room for improvement referred to by the professionals as follows:

                            ●    the harmonisation of the legislation
                            ●    the companies’ governance and management standards
                            ●    a better readability of the system trough the improvement of communication
                            ●    the companies’ financial capacities
                            ●    the opening of the market to non-Muslim customers
                            ●    the recourse to modern commercial techniques and management tools
                            ●    the diversification of offer: bancassurance, life insurance, micro insurance
                            ●    investment in human resources, development and research

                            ●    the development of retention capacities

Takaful insurance has its reference book

  It is the World Islamic Insurance Directory (WIID) launched in March 2007 by Middle East Insurance Review in
association with the reinsurance company ARIG. The book, a data base, compiles information of a hundred
companies throughout 26 countries.
  The three countries where the system is most established are Saudi Arabia, Iran and Sudan. This top trio is followed
by Malaysia and Indonesia.
   In line with Takaful’s current financial boom, several meetings, debates and reflections have been held in order to
institute a coherent, competitive system that is integrated in the world market.
The first World Takaful Conference was held in Dubai in April 2007.
Takaful’s next summit is scheduled on 1st and 2nd November 2007 in London.

          Thanks : We thank BEST-RE for their kind assistance in the conception of this survey.

    Atlas Magazine is published by Atlas Conseil International                                         N°44 - October 2007

Regulation: The provisions contained in the new regulation, “International Insurance Act”,
henceforth, authorize the Botswana international Financial Services Center (IFSC) to develop
cross border insurance activities. In an effort to support and promote the sector at the regional
level, a specific regulatory body will be set up at the end of the year.


Partnership: The Burundi companies BICOR and SOCABU have brokered an agreement with the Rwandan
company SONARWA for a joint investment in life insurance. The project provides for the joint acquisition of a life
software called BSS Life Management System.


Communication: The company AGF Assurance Cameroon, subsidiary of Allianz Group and formerly called SNAC,
has launched a large communication campaign designed to accredit and promote its new visual identity. Devised
on several aids, the promotion campaign has picked “my insurer and I, together on the road” as a slogan.
ZEP-RE: The reinsurer Zep-Re whose headquarter is in Nairobi (Kenya) has opened a representation office for
French speaking Africa in Douala. The office management has been entrusted to Roger Bioulé (former underwriter
at CICA RE Togo and former General manager at SOCAR Cameroon).
License: Simon Ningahi, SAAR’s former General Manager has obtained an agreement from CIMA for the establish-

ment of a new insurance company in Douala. The new entity, named Assurances et Réassurances Africaines
(AREA) , is awaiting the enforcement order from the Cameroonian authorities to start operating.
License application: The NSIA group (Côte d’Ivoire) has applied to CIMA for a license in order to create a new
insurance company in Cameroon.

                                                           COTE D’IVOIRE

Contract: Following a crisis resulting from premiums recovery, the Mutuelle des Pharmaciens pour l’Assurance
(MAPHAR), which gathers about three hundred affiliates, has signed with AXA a new version of its
members’ insurance convention for a three-year period with a special body being set up for the management of
the convention.
The annual premium amounts to 350 million FCFA (775 889 USD). The insurance policies underwritten are
pharmacy professional package insurance, welfare, personal accidents, householder’s comprehensive insurance.


Brokerage: The broker Gras Savoye has been authorized to open an office in Ghana. It is the first establishment of
the French broker in English-speaking Africa. Gras Savoye is already operational in 20 African and Maghreb

Agricultural insurance: Subsidiary of East African Breweries, the company East Africa Maltings has, in
association with the broker Aon Minet’s Industry and Mining Division, devised a new harvest insurance policy aimed
at covering barley producers against climate risks. The product is marketed by a consortium of four insurers:
Insurance Company of east Africa, heritage Insurance, Lion of Kenya and UAP. Swiss re is the leading reinsurer of this

   Atlas Magazine is published by Atlas Conseil International                                   N°44 - October 2007

       Drought insurance: Swiss Re has devised a new protection to cover drought risks in ten African countries: Kenya,
       Mali, Ethiopia, Ghana, Malawi, Nigeria, Rwanda, Senegal, Tanzania and Uganda.
       This plan, named Climate Adaptation Development Programme (CADP), has been designed to cover 400 000
       village people against drought risk.


       ARO: The gross premiums reported in 2006 amount to 44.1 billion Ar (22 million USD), that is an 18.9% progression in
       comparison with 2005. The 2006 financial year’s net results amount to 6.9 billion Ar (3.4 million USD) against
       5.5 billion Ar, (2.7 million USD) in 2005, that is a 26% increase.


       Recapitalisation: Officially achieved in February 2007, the recapitalisation process of the insurance sector has
       been marred by some controversies and conflicts. A technical panel has been set up to correct the malfunctions
       On the other hand, the supervising authority NAICOM is undergoing restructuring. According to some sources, the
       companies that are definitively accredited are limited to 48 and not 71 as initially announced.

                                                                 SOUTH AFRICA

       Micro inssurance:      Specialized in the supply of solutions for life insurance and health products for the
       disadvantaged populations, the South African company Imagination is planning on developing client portfolio at
       up to 250 000 insured by the end of its first operational year.

                                                            CICA - RE
                  Compagnie Commune de Réassurance des Etats Membres de la CICA
                                 Website :

●   Underwriting all classes of business
●   Retrocessions and exchange with partners from Africa, Asia and the Middle East
●   Technical assistance to cedants

                      A reinsurer, whom you can rely on

    Head Office                                                                 Douala Branch Office
    BP 12410 Lomé -                                                             BP 1176 Douala-Bonanjo -
    TOGO                                                                        CAMEROUN
    Tel : (228) 221 62 69 - 221 63 88 - 222 28 69                               Tel : (237) 342 34 37
    Fax : (228) 221 49 64 - 221 28 46                                           Fax : (237) 342 34 23
    Email :                                                 Email :

         Atlas Magazine is published by Atlas Conseil International                                   N°44 - October 2007

         Life insurance: Being the life subsidiary of Metropolitan Group, Metropolitan Life has proceeded to a series of cuts
         of its different life tariffs. The most significant reduction regards whole-life cover which has been decreased by
         about 45%. The company justified this move by an overall improvement in the people’s standard of living and by a
         remarkable decline in the mortality rate due to HIV/AIDS virus. In an effort to boost its commercial strategy,
         Metropolitan Life has recently devised system for telephone underwriting.
         Poll: According to the results of a recent poll carried out within the business, the main obstacles and challenges
         faced by the insurance sector are related to the over regulation and the excessive control by the authorities. The
         survey points out, among other concerns, to the management methods and distribution networks shortcomings.
         Book keeping methods: On the basis of an inquiry among the insured, a reform project targeting accounting
         rules for insurance companies is currently under study. According to an official in the International Accounting
         Standards Board, the project aims at removing the gap in terms of accounting management of insurance
         contracts and at instituting a more coherent new model.


         Assistance insurance: Jubilee Insurance has brokered a deal with the Spanish Mapfre Asistencia for the
         marketing of a range of travel assistance policies named “Jubilee Safari”. among other clients, the plan targets
         pilgrims to Mecca.
         Insurance cover: A recent poll has shown that only 6% of the population is holding an insurance policy,                                    a
         number that dwindles down to 3% in rural areas. According to same source, the sector has reported                                          a
         performance decrease of 8% in 2006. the overall premium volume amounts to 51 billion UGX (29.9 million USD)                               in
         2006. In a move designed to curb the falling trend, the Uganda Insurers’ Association (UIA) has launched                                    a
         three-month awareness-raising campaign targeting, in particular, rural populations.

         Results: Two years after its privatisation, National Insurance Corporation of Uganda (NIC) has been reporting good
         results in a stagnant market. The premium volume amounts to 4.5 million USD in 2006, that is, an 18% increase in
         comparison with 2005. Pre-tax profit amounts to 858 000 USD. In order to strengthen its position on the market, NIC
         plans on utilizing the postal distribution network and launching new agricultural insurance products.

                                             Introducing “Morotania” as part of our “Technical Workshops”:

      A highly acclaimed business simulation model by “Unicorn Training”, a world leader in designing and facilitating computer-based business
simulations applied to the insurance and reinsurance fields.
      A powerful training product developed in the UK, in association with the International Cooperative and Mutual Insurance Federation
(ICMIF), of which we are members.
       Has the purpose of developing management skills.
       Helps foster an understanding of how the various pieces of the insurance puzzle fit together and how their interrelationship impacts
      Uses an interactive team approach to problem solving. Participants are divided into teams and each team employs its own powerful
computer-planning model to help make decisions in terms of :
     •   Capital structure
     •   Board objectives and strategic direction
     •   Business planning, addressing issues such as capital requirements and business development.

For more information, please contact our regional offices:

      Algiers                                       Dakar                                     Tunis
      Tel : +213 21 603443                          Tel : +212 849 14 99                      Tel : +216 71 96 48 44
      Fax : +213 21 606760                          Fax : +212 849 14 95                      Fax : +216 71 96 47 11
      E-mail : general@bestre-dz. com               E-mail : best-re@sentoo . sn              E-mail : general@bestretn. com. tn

      Beirut                                        Istanbul                                  Labuan
      Tel : +961 1 328 590/1/2/3                    Tel : +90 212 3472964                     Tel : +603 2272 3007
      Fax : +961 1 328 594                          Fax : +90 212 3472970                     Fax : +603 2272 3008
      E-mail : best-re@              E-mail : general@bestre. com . tr         E-mail : general@bestre. com. my

             Atlas Magazine is published by Atlas Conseil International                                                      N°44 - October 2007


Cession: The investment fund Emerging Markets Partnership Africa ( EMP) has taken a consistent stake in the
capital of the company Générale Assurance Méditerranéenne (GAM). The deal is said to amount to
307 million DZD (4.5 million USD).
Association: The Association pour l’Assurance Franco-Algérienne (The Association for French-Algerian Insurance is
to be established soon.
Display of interest: following the amendment of the legislation allowing further extension of the insurance
sector’s liberalisation, many French companies are showing interest in the Algerian market among which
Groupama. This move seems to favour life insurance to the detriment of property. According to a business
official, the potential investors’ main reservation pertain to the stagnation of the banking system and to the
weakness of market premiums.
CIAR: The 2006 performance of the Compagnie Internationale d’Assurance et de Réassurance is on the rise.
The turnover has risen from 2 246 223 883 DA (33.2 million USD) in 2005 to 2 833 938 543 DA (41.8 million USD) in 2006,
that is, a 26.2% increase.
The 2006 net result amounts to 125 816 912 DA (1.9 million USD), that is a rise of 29.2% in comparison with 2005.


Takaful Insurance Company: Having finalised all paper work, Takaful Insurance Company (TIC) is now
operational. It is the market’s number one company having a cooperative character. Endowed with
10 000 000 LD (8.1 million USD), TIC is run by Mr. Basem A Tantush as Chief executive officer assisted by
Farej M Nashnoush, Chief Operation Officer.
Based in Tripoli, the company is intent on opening a branch in Benghazi and another one in Misurata in the course
of its first year.


                  Partnership: Within the framework of a convention signed in January 2007, the Fédération
                  Nationale des Assureurs de Mauritanie (FNAM) ( the National Federation of Mauritanian Insurers)
                  along with the Fédération Marocaine des Sociétes d’Assurance et de Réassurance (FMSAR) (the
                  Moroccan Federation of Insurance and Reinsurance Companies) have finalised bilateral
                  agreements dealing with border insurance policies. The concerned operators are the
                  Compagnie d’Assurance Transport (CAT), (the Transport Insurance Company) for Morocco and
                  the eight Mauritanian companies.


STAR: Upon receipt of the authorities’ agreement, the Société Tunisienne d’Assurance et de Reassurance (STAR)
has engaged in the process of its privatisation. The opening of the capital will be reserved to a unique partner who
will be holding 35% of the company’s shares. Among the candidates in wait, we note the French Groupama, AGF
and AXA as well as the Moroccan group Saham.
Motor insurance: in a move aimed at encouraging recourse of moped riders to insurance, the authorities have
announced a reduction of the insurance premium which would go down from 223 TND (180 USD) to 80 TND
(65 USD). According to the 2005 statistics, only 50 000 moped riders are insured out of a total 1 200 000 in

  Atlas Magazine is published by Atlas Conseil International                                      N°44 - October 2007

                                                           Middle East


                                     Bancassurance: HSBC bank and the insurer AIG Takaful-Enaya (AIG-TE) are
                                     collaborating for the marketing of new travel and health insurance products which
www . . my
                                     will be proposed to the clients of HSBC in Bahrain.
Contract: Gulf Aluminium Rolling Mills Company (GARMCO) has chosen Takaful International for its property
insurance cover. The deal was sealed for a three-year period.

Rating: The agency Standard & Poor’s has confirmed the rating “BBB+” with stable perspective, attributed to the
National Insurance Company BSC (BNI).

Market: Bahrain’s Central Bank has published the results of the insurance sector. The gross premium volume has
reached 118.16 million BHD (314 million USD) against 93.7 million BHD (249 million USD) in 2005, that is, a 26%
increase. The market has 27 operators, 18 of which are local companies and 9 are foreign companies’ subsidiaries.


Creation: The company Qatar General Insurance and Reinsurance Company has set up a new insurance
subsidiary named General Takaful. The company is endowed with a capital of 10 million QAR (2.7 million USD).

                                                           SAUDI ARABIA

License: The Saudi authorities have granted license to BUPA Middle East to operate in the medical class of
business. The company shall be named BUPA Arabia.
Creation: The Saudi company Ahad Insurance has concluded a deal with Solidarity for the creation of a joint
Islamic insurance company endowed with 107 million USD in capital.
Market: According to a SAMA report, the strong economic growth and the institution of a compulsory motor
insurance have boosted the insurance sector in the kingdom. The market has reported a growth rate of 35% in
2006. The amount of written premiums is of 6.9 billion SAR (1.8 billion USD) in 2006 against 5.2 billion SAR (1.4 billion
USD) in 2005.
42 companies are currently operating on the market which is going through a transitional stage. The authorities
have granted a grace period up to March 2008 for the companies that are bound to comply with the new
The insurance penetration rate which was of 0.44% in 2005 has reached 0.53% in 2006. Insurance density has risen
from 223 SAR (59.5 USD) in 2005 to 293 SAR (78 USD) in 2006, that is a 31% rise.
The insurance sector employs a total workforce of 3321 staff members, 43% of whom are Saudi.
Regulation: A recent decision handed down by the Saudi authorities allows nationals of
member states in the Gulf’s Cooperation Council to work in the Saudi insurance sector.

Saudi Re: The new reinsurance company based in Riyadh is awaiting the final approval of
the government to start its underwriting. Endowed with a capital of 1 billion SAR
(267 million USD), Saudi Re is hoping to be operational as of October 2007. Its target
markets are: Saudi Arabia, Gulf countries, Jordan, Lebanon, Iran, Turkey, Malaysia and In-

                                                    UNITED ARAB EMIRATES

Market: According to a report from the Ministry of Economy, the insurance sector has been in good shape in
2006. The premium volume amounted to 10.312 billion AED (2.8 billion USD). The local companies contribute to
23.7% of the amount while foreign ones with 76.3%. The market accounts for 48 operators scattered in two among
national and foreign companies. The sector employs 4850 staff members, 343 of whom are nationals, that is, a rate
of 7%.

   Atlas Magazine is published by Atlas Conseil International                                      N°44 - October 2007

                                                         THE CARABBEAN

Hurricane Dean:      Despite its category 5 ranking, Hurricane Dean which affected the Caribbean region and
Mexico has not caused major losses. The rating agency Fitch ratings International estimates that the impact of the
damage shall be reduced. According to first indications, the amount of losses should be comprised between
750 000 USD and 2 billion USD.

                                                       CENTRAL AMERICA

Hurricane Felix: The damage caused by hurricane Felix which lashed the coast of Nicaragua and several
regional countries has been mild on insurers with losses not exceeding 200 million USD while economic losses are
estimated at 5 billion dollars.


Partner Re: The Bermudan Partner Re Ltd. Has obtained agreement from the China Insurance Regulatory
Commission (CIRC) for the opening of a representation office in Beijing.

Zurich: Already present in China thanks to its branch and to a stake in the capital of the biggest life insurance
company, New China Life, the insurer Zurich is consolidating its distribution network. After the takeover of 24.51% in
the capital of Best Harmonious Insurance Brokers Company (Beijing), Zurich plans on getting new establishments
throughout the territory. This deployment is coupled with a training and recruitment policy.

Earthquake insurance: According to Swiss Re, China, which stands among the countries that are the most
vulnerable to earthquakes, is poorly covered against this type of natural catastrophe. 80% of the villages, 60% of
big cities and 70% of urban centres with more than a million inhabitants are located in seismic zones.

Market: In 2006, the premium volume of the Chinese insurance market amounted to 80 billion USD. With
46 USD premium per inhabitant, China is still lagging well behind the developed markets. In the United States, for
instance, the per-capita yearly insurance premium amounts to 3875 USD.


                            SCOR: The agency AM Best has confirmed its “A-” rating with stable perspective granted
                            to SCOR and its subsidiaries.

                            Sport’s insurance: Endowed with a budget worth 218 million EUR (287.8 million USD), the
                            2007 Rugby World Cup is the number three international sport’s event after of the Olympic
                            games and the Soccer World Cup.
                            As an official partner of the event, the insurer GMF has already disbursed 6 million EUR, that
                            is, half the budget it allocates to the event. It is the broker Gras Savoye that has been
                            selected as insurance counsel. The companies entrusted with the event’s coverage are
                            AXA, Tokyo Marine and Zurich.

Rating: Generali France has just obtained the rating “AA” from Standard & Poor’s for both of its life and non life
companies therefore, reaching the best rating of insurance companies operating on the French market.


Rating: The agency A.M. Best has confirmed the “A+” rating granted to the reinsurer Munich Re and raised its
perspective from negative to stable.

Retakaful: The German reinsurer Munich Re has on its turn invested in the segment of Islamic insurance. Its
subsidiary in Kuala Lumpur (Malaysia) will be marketing this sort of products locally before going large and
extending to the other regional countries.

  Atlas Magazine is published by Atlas Conseil International                                        N°44 - October 2007


Creation: The authorities have given the green light for the creation of a joint venture
between Generali and Pantaloon Retail India consisting of an insurance company
operating in the life and non-life business.


Nomination: Mohammed Javad Sahamian Mogaddam has been appointed Chairman of the state-owned
company founded in 1935: Iran Insurance Company.


Typhoon: Specialized in modelling natural catastrophes risks, EQECAT and AIR Worldwide have evaluated at
about 1 billion USD the damage caused by typhoon Fitow which hit Japan in September 2007.


Operations: Held at 51% by Qatari investors and at 49% by Pakistanis, the two insurance companies,
Pak-Qatar General Takaful Company and Pak-Qatar Family Takaful Company have started their operations in
Pakistan in September 2007.


Rating: The agency Standard & Poor’s has granted an “AA-“ rating           with stable perspective to the reinsurer
Swiss Re Europe S.A based in Luxemburg.

                                                        UNITED KINGDOM

Floods: The heavy rain that triggered the serious floods that washed Great Britain’s Northwest and East in June and
July 2007 have caused damage estimated at 4.4 billion EUR (6.2 billion USD).


AXA: Within the framework of a strategic partnership agreement brokered with Bao Minh Insurance Corporation,
the French insurer AXA is going to get 16.6% in the shares of Bao Minh’s capital for the sum of 54 million EUR
(76 million USD). Bao Minh is the Vietnamese property insurance market’s second player with 21% of the market

   Atlas Magazine is published by Atlas Conseil International                                  N°44 - October 2007
                                               The Saudi market in 2006
                            Gross written premiums by class of business in 2005 and 2006

                                                                                                          Figures in thousands USD

                                                                        Market share                           Market share
   Classes of business                                   2005               %
                                                                                             2006                  %

    Motor                                               423 301           30.8%            512 079               27.7%

    Property & Fire                                     171 609           12.5%            205 130               11.1%

     Marine                                             101 872            7.4%            115 046                6.2%

     Aviation                                            36 028            2.6%             33 628                1.8%

    Energy                                               32 428            2.4%             33 788                1.8%

    Engineering                                          79 044            5.8%            144 994                7.8%

   Third party liability & miscellaneous
                                                        113 072            8.2%             154 568               8.4%

    Total Non Life                                      957 355           69.7%           1 199 233              64.8%

    Total Life                                          365 432           26.6%            592 616               32.0%

    Total Protection & Savings                           51 523            3.7%             58 110                3.1%

    Grand total                                       1 374 309           100%            1 849 959              100%

 Exchange rate SAR/USD as at 31/12 : 2005 : 0.26668 2006 : 0.26668                                                   Source SAMA

                        Net written premiums by class of business and retention ratio

                                                                                                          Figures in thousands USD

          Branches                                      2005           Retention ratio*       2006            Retention ratio*

   Motor                                               396 526             93.7%             483 784              94.5%

   Property & Fire                                       18 454            10.8%              21 548              10.5%

   Marine                                                30 055            29.5%              33 175              28.8%

   Aviation                                               1 067             2.9%               1 147                3.4%

   Energy                                                      0              0%                      0               0%

   Engineering                                           15 201            19.2%              22 454              15.5%

   Third party liability and
                                                         48 722            43.1%              64 910                42%
   miscellaneous accident

   Total Non-Life                                      510 026            53.3%              627 018              52.3%

   Total Lfe                                           294 964            80.7%              491 358              82.9%

   Total Protection & Savings                            39 922           77.5%               40 855              70.3%

    Grand total                                        844 912            61.5%            1 159 231              62.6%

Exchange rate SAR/USD as at 31/12 : 2005 : 0.26668 2006 : 0.26668                                                Source SAMA
*Retention rate= net premiums /gross premiums in %

        Atlas Magazine is published by Atlas Conseil International                                         N°44 - October 2007

                             Madagascar                                                          Tunisia
    ● 13th African Reinsurance Forum                                      ∉ 22nd COMAR’s Marathon
    Organised      by    the   CEAM   (Comité    des                      Organised by the COMAR, on Sunday 28 October
    Entreprises d’Assurances à Madagascar) from 27 to                     2007, with the participation of the Fédération
    30     October       2007,    in Antananarivo                         Tunisienne d’Athlétisme and the support of the
    Theme : “Climatic change and the insurance/                           Municipality of Tunis, the Tunisian Agency of Tourism
    reinsurance sector”                                                   (ONTT) and Group El Amen.
    Website :                                                  Registration : Assurances COMAR
                                                                          Av Habib Bourguiba 1001 Tunis RP
                                Morocco                                   Tel : 71 340 899 - Fax : 71 344 778
                                                                          Email :
    ∉ 20th F.A.I.R. Conference                                            Website :
      (Federation of Afro-Asian Insurers and Reinsurers)
    Organised by the Société Centrale de Réassurance                      Deadline for registration : Friday 26th October 2007
    (S.C.R.) from 18 to 20 October 2007 at Palais des
    Congrès of Marrakech.                                                                        Bahrain
    Theme : Opportunities and threats in insurance and
    reinsurance in F.A.I.R. market countries                              ∉ 27th General Conference of G.A.I.F.
                                                                            (General Arab Insurance Federation)
    Contact :                                             From 26 to 28 February 2008 in Manama, Kingdom of
                                                                          Contact :

                                                                          Bahrain Insurance Association
                                                                          G.A.I.F. 27th General Conference
                                                                          P.O.Box : 2851 Manama - Kingdom of Bahrain
                                                                          Tel : 00 973 17 578 777
                                                                          Fax : 00 973 17 578 787
                                                                          Email :


    Africa Re: Mohamed Emam has been appointed underwriter. He is in charge of Egypt and Sudan portfolios at
    Egypt’s branch. Mr. Emam has been, for fifteen years, in charge of the facultative non marine business
    (Egypt’s market) at Egypt Re.

    Trust: Mr. Ahmed Ouerfalli has been appointment head of the reinsurance department of the newly created
    company Trust-Libya. Mr. Ouerfalli was in charge of the facultative business management within the
    reinsurance       department of United Insurance Co.

    United insurance : Taher Arebi, has taken over the facultative business with the reinsurance department in
    replacement of Mr. Ahmad Ouerfalli.
    SCR :
    ●    Mohamed Rouhli, in charge of facultative and treaty underwriting for the Middle East and Maghreb regions
         has been promoted to the position of Manager
    ●    Abdelatif Kaidi, fire underwriter, Moroccan business has been promoted from Assistant Manager to
    ●    Majdoubi rises from Manager to Executive Manager in charge of the financial department.
    ●    Hacène Krafess, officer in charge of Moroccan facultative underwriting for all classes of business , has been
         promoted from the position of Assistant Manager to that of Manager.
    ●    Mohamed Behamida former Assistant Manager in charge of the IT department has been promoted to the
         position of Retrocession Manager, in replacement of Mr. Ali Ousmouh who retired. Mr. Benhamida is assisted
         by Mrs. Rachida Mimi.

        Atlas Magazine is published by Atlas Conseil International                                              N°44 - October 2007

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