Atlas Magazine by cuiliqing

VIEWS: 57 PAGES: 23

									                                                       N° 49
                                                     March 2008


                                  Atlas Conseil International

                        Atlas Magazine
                     Insurance news from Africa and the Middle East
Summary                                                            Editorial

                                                                   Good job, FANAF
  Page 1 : Editorial,
  Good job, FANAF
                                  FANAF’s general assembly, which was held in Bamako from February 25 to 29,
 Pages 2 - 5 : Atlas,            2008, has renewed its organisation’s leadership.
                                 The new President, Protais Ayangma, will be assisted by a six-member executive
        Jordan
                                 bureau.

                                  FANAF is running well. It holds an annual general assembly, organises periodic
                                 meetings, and moderates seminars. Elections and successions are taking place
                                 smoothly. Thus, the outgoing team, led by André Bayala, managed to put on a
                                 great performance with the most honorable assessment.
                                  The organisation rests on a permanent secretariat which stands as its king pin.
 Pages 6 - 9 : Portrait,
                                  FANAF provides services that other much more important professional
    The NSIA Group               organisations (AIO, GAIF) can hardly supply. It is the only continental organisation
    Pages 10 - 14 :              which annually publishes the statistical results of all its members and the markets it
                                 covers.
       Focus,
                                  For those who are daily scrambling around to gather information, take a bow!
 Marine Catastrophes

    Pages 15 - 21 :
       News,                                                                                 Atlas Conseil International

   Insurance News
      Pages 22 :
       Statistics,                                     BAHRAIN                                        News
      FANAF 2006
                                      GAIF : The GAIF conference, which takes             Kenya : Indemnification
       Page 23 :                      place every 2 years, was recently held in                           More page 15
                                      Bahrain, from 26 to 28 February 2008. It
  Agenda & Reshuffle                  gathered 1400 participants. The next edition
                                      will be hosted by Amman (Jordan).                   Algeria : Litigation
                                                                                                          More page 17


                                                                                          Jordan : Results
                                                                                                          More page 18
                                      FANAF
                              New executive bureau                                        United Arab Emirates :
                                                                                          Construction insurance
  Elected for a three-year renewable term, FANAF’s new bureau comprises the                               More page 19
  following members:
  President : Protais Ayamgma, (General Manager, The Citoyenne, Cameroon)
  Vice President : Mamadou Talata (General Manager UGAN, Niger)                            France : AGF
                                                                                                          More page 20
  Members : Mamadou Faye (General Manager Salama, Senegal)
               Amada N’Diaye (Deputy General Manager Aveni Re, Côte d’Ivoire)
               René Boucaioni (General Manager AGF, Côte d’Ivoire)                         United       Kingdom           :
               Alain Lath Houngue (General Manager NSIA, Benin)                            Lloyd’s
               Eugénie Dendé (General Manager Assinco, Gabon)                                             More page 21




ACI        5, rue Imam Sahnoun
           Le Belvédère, Tunis 1002
                                            Tel. : (216) 71 28 70 96
                                            Fax : (216) 71 28 76 24
                                                                                     Web: www.atlasconseil.com.tn
                                                                                     Mail : general@atlasconseil.com.tn
                                                             Atlas

                                                             Jordan




                     Country profile

   Area : 92 300 Km2
  Population (2006) : 5 400 000 inhabitants
  GDP (2006) : 14.101 billion USD
  GBP per capita (2006) : 2 519 USD




                                                                                                                       Atlas
  GDP growth rate (2006) : 6.3%
  Inflation rate (2006) : 6.3%

  Main economic sectors : textile industry , oil,
  tourism.

                                                                        Insurance market features
                         Main cities
                    (per number of inhabitants)                               Regulatory authority :
               Amman (capital) : 1 036 330                                    Insurance commission
                        Zarqa : 395 227
                                                                      Premiums (2006) : 367 406 250 USD
                         Irbid : 250 645
                                                                      Insurance density (2006) : 68.03 USD

                                                                         Penetration rate (2006) : 2.6%




                                       Insurance market structure in 2006
                              Life company                                1

                              Non life companies                          7

                              Composite companies                        18

                              Agents                                   365

                              Brokers                                    46




Atlas Magazine is published by Atlas Conseil International                                     N°49 - March 2008
                                                                                                                   2
                                                                      Atlas
                                                Turnover’s evolution : 2003 - 2006
                                                                                                                     Figures in millions USD

                                                                                                                        Growth rate
           Years                  2003                    2004                  2005                  2006              2006/2005

      Gross written        Life      Non Life      Life      Non Life    Life     Non Life     Life     Non Life
       premims                                                                                                              +18%
                           28             214       30           241      32           279      35           332
           Total                  242                     271                   311                   367

      Exchange rates JOD/USD as at 31/12 : 2003 : 1.413 ; 2004 : 1.420 ; 2005 : 1.421 ; 2006 : 1.420.




               Figures in millions USD


                        400                                                           311              367
                                                                271
                        300              242
                        200
                        100
                           0
                                         2003                 2004                 2005                 2006




                                                                                                                                               Atlas
                                     Premiums split by class of business : 2003 - 2006

                                                                                                                      Figures in USD


                  Classes of business                     2003              2004                  2005                  2006

           Motor                                    108 991 235          125 000 422          143 466 800           171 886 470

           Marine & Aviation                          17 297 419          24 842 816           30 090 335            31 922 365

           Fire & other Property
                                                      35 208 836          37 134 952           46 046 974            57 290 202
           Damage

           Credit                                          622 387              563 459           820 737             1 088 001

           Medical                                    44 025 929          44 951 845           50 940 183            60 914 503

           Other risks                                    8 329 728        8 764 638            7 666 801             8 586 398


           Total Non-life                           214 475 534          241 258 132          279 031 830           331 687 939


           Life                                       27 889 087          30 563 934           32 525 992            35 718 311


           Grand Total                             242 364 621          271 822 066          311 557 822           367 406 250


          Exchange rates JOD/USD as at 31/12 : 2003 : 1.413 ; 2004 : 1.420 ; 2005 : 1.421 ; 2006 : 1.420.




Atlas Magazine is published by Atlas Conseil International                                                             N°49 - March 2008       3
                                                              Atlas
                                            Underwritting Profit : 2003 - 2006



                                                                                                                  Figures in USD


           Classes of business                    2003                  2004                 2005                  2006

          Motor                                 1 795 159             7 267 454           8 944 489                 - 3 930 750

          Marine & Aviation                     3 644 598             4 555 944           5 607 886                  5 454 013

          Fire & other Property
                                                5 441 801             3 082 932           2 122 488                  2 657 530
          Damage

          Credit                                   51 559              145 868              191 807                    429 894

          Medical                               - 468 207             - 779 046           2 359 708                  1 300 338

          Other risks                           1 338 577             1 373 965             905 620                  1 942 319

          Life                                  3 778 609             4 605 326           8 356 074                  7 659 173




                                                                                                                                   Atlas
          Grand Total                          16 050 303         21 031 488             28 488 072                 19 443 267


         Exchange rates JOD/USD as at 31/12 : 2003 : 1.413 ; 2004 : 1.420 ; 2005 : 1.421 ; 2006 : 1.420.




                                      Premiums split by class of business in 2006




                                                                                                 Motor
                                   12,77%             1,80%   7,50%                              Marine & Aviation
                           0,22%
                                                                                                 Fire & other Property Damage
                   12,01%                                                                        Credit
                                                                                                 Medical
                                                                                                 Other risks

                   6,69%                                                                         Life




                                                               59,01%




Atlas Magazine is published by Atlas Conseil International                                                     N°49 - March 2008   4
                                                                        Atlas
                      Premiums split by company and by class of business in 2006
                                                                                                               Figures in thousands USD

                                                                         Fire & other
                                                       Marine &                                     Other
Companies                              Motor                               Property     Medical                 Life        TOTAL
                                                       Aviation                                     risks
                                                                          Damage

Middle East Insurance                     9 055           4 332             3 796        11 672     2 579         -         31 434

Jordan Insurance                          9 643           2 541            10 011         2 571       77        3 177       28 020

Jordan French Insurance                   6 722           5 521             7 411         2 861      483        1 814       24 812

United Insurance                         13 593           2 684             2 180         5 358       11          730       24 556

Arab Orient Insurance                      -                   -              -           3 412     2 797      17 826       24 035

Jordan International Ins.                 7 473                596          5 020         8 458      123        1 081       22 751

Arab Life & Accident Ins.                10 480           2 108             1 188         5 691      329          671       20 467

Jerusalem Insurance                      11 472           1 123             2 834         1 766      789        2 281       20 265

National Ahlia Insurance                  9 412           1 860             2 789         1 430      114          141       15 746

Arab Jordanian Ins.                      13 216                158            799         1 131      289          -         15 593

Arab German Insurance                     8 594           2 287             1 802         1 484       46          735       14 948




                                                                                                                                          Atlas
Arab Assurers                             3 949                597          1 584         3 709      276        3 600       13 715

General Arabia Insurance                  9 269                948          1 164          678       407          240       12 706

Gerasa Insurance                          5 332           1 109             1 077         2 405      274        1 242       11 439

Islamic Insurance                         5 766           1 024             3 609          520        23          317       11 259

Euro Arab Insurance Group                 5 220                412          2 188         2 847       -           427       11 094

Arab Union International Ins.             7 801           1 149               964          609       112          433       11 068

AL-Nisr Al-Arabi Insurance                3 110           1 304             2 440         2 290      758          965       10 867

Philadelphia Insurance                    6 364                146            364          411            7       -           7 292

Oasis Insurance                           3 055                694          1 811          860        15           26         6 461

Arab American Takaful Ins.                5 341                238            219              59     44          -           5 901

Holy Land Insurance                       2 137                477          2 041          690        86           10         5 441

Delta Insurance                           4 610                356            129          -          18          -           5 113

Al Yarmouk Insurance                      4 043                    44         537          -          -           -           4 624

American Life Ins. (Alico)                4 438                    95             55       -              4       -           4 592

Arabian Seas Insurance                    1 793                120          1 276          -          12          -           3 201

TOTAL                                   171 886          31 922            57 290        60 915     9 674     35 718       367 405

Exchange rate JOD/USD as at 31/12/2006 : 1.420.




  Atlas Magazine is published by Atlas Conseil International                                                  N°49 - March 2008           5
                                                             Portrait

                                               A company, a story
                          Nouvelle Société Interafricaine d’Assurance (NSIA)
                                                Jean Diagou, a creator of values

      The Nouvelle Société Interafricaine d’Assurance (NSIA) was founded in 1995 in Côte d’Ivoire by Jean
    Diagou. Former executive of the late UAP, where he had climbed all degrees of promotion, this self-made
    man has managed, thanks to an enormous entrepreneurial capacity, to build a genuine group at the
    regional level.
    Jean Diagou’s merit is not just to have set up 13 companies in ten years, but rather to have achieved that
    without the support of any foreign partners.
    This odyssey started out with the takeover of the two AGF subsidiaries in Côte d’Ivoire. It, then, went on with
    further establishments in Benin, Gabon, Senegal, Congo, Togo and Cameroon.
    Boosted by this momentum, the acquisition in 2006 of BIAO bank, a subsidiary company of Belgolese has
    consolidated NSIA’s position and paved the way for further development perspectives in bank insurance.
    The arrival, at the start of 2008, of Béné Lawson, a renowned figure of the insurance industry, is going to give
    the group a new dimension.
    For jean Diagou, the time of lonely ride is over. It is time to manage the situation.
    The group’s new General Manager, Béné Lawson, is entrusted with the task of coordinating and enhancing
    capital profitability.
    After the French-speaking zone, NSIA’s leadership tandem is aiming at conquering new market shares in




                                                                                                                                      Portrait
    English-speaking Africa, and why not the Maghreb, one day?


                                          Management

 Jean Kacou DIAGOU :                Group Chairman
 Béné Boèvi LAWSON :                Group General Manager
 Richard COULIBALY :                Adviser to the Chairman
 Alain Lath HOUNGUE :               General Manager of NSIA Benin and NSIA VIE Benin
 César EKOMIE-AFENE :               General Manager of NSIA Gabon and NSIA VIE Gabon
 Sidy FAYE :                        General Manager of NSIA Senegal
 Ramatoulaye NDIAYE            :    General Manager of NSIA VIE Senegal
 Angélique DIARRASSOUBA : General Manager of NSIA Congo and NSIA Vie Congo                                   Mr Jean Kacou DIAGOU
                                                                                                             Chairman of NSIA Group
 José KWASSI SYMENOUH :             General Manager of NSIA Togo and NSIA Vie Togo
 Esther TIAKO :                     General Manager of NSIA Camerooun
 Lassina OUATTARA :                 Deputy General Manager of NSIA Côte d’ivoire
 Martin DJEDJES :                   General Manager of BIAO Côte d’Ivoire




                                                                                    NSIA Group

                                                        Is in 2006 :

                                                             ●   An insurance turnover 91.5 million USD

                                                             ●   A net insurance income of 3.5 million USD

                                                             ●   13 insurance companies

                                                             ●   One bank

                                                             ●   A presence in 8 african countries
         Mr Béné Boèvi LAWSON
          General Manager of                                 ●   874 employees among whom 358 in the insurance sector
              NSIA Group



Atlas Magazine is published by Atlas Conseil International                                                   N°49 - March 2008         6
                                                             Portrait




                                                             History
      1998 - Creation of the Nouvelle Société d’Assurances du Bénin « NSAB ».
              - Creation of ACTIVA Assurances in Cameroon

      2000 - Creation of «Assurances Nouvelles du Gabon» after the take over of « Anciennes Mutuelles du Gabon »

      2001 - Creation of ACTIVA Vie in Cameroon

      2002 - Creation of NSIA-Senegal

      2004 - Creation of NSIA-Congo
              - ANG becomes NSIA Gabon




                                                                                                                   Portrait
      2005 - Creation of NSIA Togo, NSIA Vie Benin, NSIA Vie Senegal, NSIA Vie Gabon and NSIA Vie Congo

      2006     - Creation de NSIA Vie Togo
               - NSAB becomes NSIA Bénin
               - Creation of the holding NSIA Participations
               - Purchase of BIAO Côte d’Ivoire

      2007     - Creation of NSIA Guinea-Bissau, General Agent of NSIA Senegal
               - Withdrawal of ACTIVA and ACTIVA Vie from the NSIA Group
               - Creation de NSIA Cameroon




                                                              Contact

                                           Head Office of NSIA Group: Immeuble MANZI,
                                           rue A 43 PLateau 01 BP 1393 Abidjan 01,
                                           Côte d’ Ivoire.
                                           Tel : (225) 20 31 75 80
                                           Fax : (225) 20 31 75 81
                                           Email : nsia@groupensia.com
                                           Website : www.groupensia.com




Atlas Magazine is published by Atlas Conseil International                                 N°49 - March 2008       7
                                                              Portrait
                                                          The NSIA Group
                                                                                                                                 Figures in USD

                                        Date of                            Turnover        Loss history     Shareholders’
           Companies                                      Capital                                                              Employees
                                        creation                             2006             2006             equity

NSIA Côte d'Ivoire (no life)              1995           4 272 000         21 446 700          26%           11 921 310             107

NSIA VIE Côte d'Ivoire                    1998           2 010 000         16 264 920          33%              1 033 140             40

NSIA Benin (non life)                     1998           2 010 000         10 120 350          55%              4 082 310             44
NSIA Gabon (non life)                     2000           2 412 000         22 692 900          41%              4 438 080             56

NSIA Senegal (non life)                   2002           1 407 000          8 506 320          45,5%            2 176 830             30

NSIA Congo                                2004           1 708 500          5 360 670          33%                 918 570            28
NSIA Togo (non life)                      2005           1 206 000          6 365 670          48%              1 210 020             22
NSIA VIE Benin                            2005           1 005 000           810 030           58%                                    6

NSIA VIE Gabon (1)                        2005           1 005 000                                                                    6

NSIA VIE Senegal (1)                      2005           1 005 000                                                                    4

NSIA VIE Congo (1)                        2005           1 005 000                                                                    4




                                                                                                                                                  Portrait
NSIA VIE Togo (1)                         2006           1 206 000                                                                    6

NSIA Cameroon (1)                         2007           2 010 000                                                                    5

BIAO (commercial bank)                    1980         20 100 000          41 721 570                        21 109 020             486
Exchange rates CFA XOF/USD as at 31/12/2006 : 0.00201
(1) No underwriting operations in 2006


                               Turnover split by class of business : 2002 - 2006
                                                                                                                              Figures in USD

    Gross written premiums                  2002                 2003                   2004                2005               2006


 Motor                                    9 936 000           17 543 350          18 869 760           18 988 710            25 052 640

 Property & Miscellaneous
                                         13 011 200           22 438 680          29 725 280           30 172 700            45 188 260
 Accident

 Marine                                   2 257 600            3 850 560              3 068 000           2 952 110           4 249 140

 Life                                     4 894 400            6 398 500          12 140 960           14 364 160            17 076 960

             TOTAL                       30 099 200           50 229 180          63 801 920           66 475 870            91 567 000

Exchange rates CFA XOF/USD as at 31/12 : 2002 : 0.0016 ; 2003 : 0.00191 ; 2004 : 0.00208 ; 2005 : 0.00181 ; 2006 : 0.00201

                                           Premium split by class of business: 2006

                                                 Marine 5%
                                                                                         Life 19%




                                   Property &
                                Miscellaneous
                                 Accident 49%                                                       Motor 27%


 Atlas Magazine is published by Atlas Conseil International                                                         N°49 - March 2008             8
                                                                     Portrait

                                               Main financial highlights : 2002 - 2006
                                                                                                                                   Figures in USD

                                                    2002                    2003           2004                   2005              2006

       Gross written premiums                     30 099 200              50 229 180     63 801 920           66 475 870         91 521 330

       Written premiums net of
                                                  25 819 200              43 059 040    55 063 840            53 845 690         75 346 860
       reinsurance

       Gross earned premiums                      29 894 400              50 036 270     61 337 120           65 605 260         87 808 860

       Gross incurred losses (1)                  16 262 400              27 603 320    31 796 960            34 062 390         40 877 370

       Incurred losses net of
                                                  15 465 600              25 261 660     29 552 640           29 562 730         45 202 890
       reinsurance

       Loss ratio                                  54 %                       55 %         52 %                    52 %             47 %

       Expenses (2)                               10 721 600              19 075 170     22 632 480           19 957 060         34 754 910




                                                                                                                                                     Portrait
       Technical result                             - 395 200             -1 186 110      1 441 440               506 800          3 137 610


       Net financial income                        1 276 800               1 919 550      2 342 080            2 834 460           2 524 560


       Net income after taxes                      1 412 800               1 749 560      2 832 960            2 414 540           3 545 640

       Exchange rates CFA XOF/USD as at 31/12 : 2002 : 0.0016 ; 2003 : 0.00191 ; 2004 : 0.00208 ; 2005 : 0.00181 ; 2006 : 0.00201
       (1)   Paid claims + variation of outstanding losses reserve
       (2)   Overheads + acquisition costs




                 Turnover’s evolution: 2002 to 2006                                       Loss ratio’s evolution: 2002 to 2006

100                                                                91.5         100%
                                      63.8         66.5
                          50.2                                                                          55%         52%          52%
                                                                                          54%                                                  47%
50          30                                                                   50%


 0                                              Figures in millions USD
                                                                                   0%
           2002        2003         2004         2005         2006                      2002         2003          2004         2005          2006




                                                  Net income evolution: 2002 to 2006

                                           4                                                           3.5
                                                                                2.8
                                           3                                              2.4
                                                                    1.7
                                           2       1
                                           1
                                                                                        Figures in millions USD
                                           0
                                                  2002          2003          2004      2005          2006


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

      Atlas Magazine is published by Atlas Conseil International                                                          N°49 - March 2008          9
                                                                Focus


                                                Marine catastrophes




  Marine transport-related risks are numerous and often unpredictable. The activity is, by nature, dangerous.
Accidents and shipwrecks occur quite frequently with their heavy tolls in victims and material losses. Due to their
spectacular aspect, some events did mark collective memory such as the wrecking of the Titanic in 1912, which
with its 1513 victims, is regarded as one of the most dramatic accident in the contemporary history of navigation or
the oil slicks of recent decades.

                                                                 The risks

In marine transport, risks are of several natures.
      ▪ They may be associated to the sea and its hazards. Risks may be predictable (storm, frost) or unpredictable
        (tsunami, collision with a submarine or a piece of wreckage, a contact with a mine).
      ▪ Risks are also related to the state of the ship and to the competency of the crew members (human error has
        often been the cause of accidents), to the dangerousness of the products shipped, and locally to wars or
        acts of piracy or terrorism.




                                                                                                                         Focus
      ▪ The growing density of ferries and other fast passenger carriers and boats having an increasingly higher
        tonnage are also an additional risk factor.
      ▪ Risks get bigger in straits, some channels (Panama, Suez) and the “sea highways”, these very much used
        passages where numerous wrecks end up in shallow waters, which in their turn become potential accident
        risks for other ships.
      ▪ New risks are emerging with the transport of hazardous chemical products, nuclear wastes, ballast water and
        the use of nuclear-propelled ships and submarines, and sometimes armed with nuclear devices.


                                                             The consequences

The consequences of marine disasters are multiple. They affect particularly :
     The safety of persons and the security of goods : Seagoing personnel are the most exposed of all labour force
     to the risks of accidents. The passengers’ shipwrecks may be very deadly.
     The environment : Accidental pollution and illicit dumping of hydrocarbons have always upset the ecosystem.
     Oil slicks have triggered big destruction to coastal fauna and flora, to sea bottom and to the habitat of
     numerous species.
     Health : marine transport is a carrier of microbes and contagious diseases. In past history, it had caused the
     spread of serious epidemics, hence the practice of ship quarantine.
     The economy: The loss of a ship and its cargo is indeed a valuable loss. In the specific case of hydrocarbon
     transport, the claim generates a chain economic consequence, such as the devaluation of the shores, the
     high costs incurred in beach cleanup operations, the deteriorating image of the tourism sites and the
     operational losses that ensue, the contamination of fisheries, the technical unemployment of fishing flotilla and
     related jobs on shore.


                                     Marine transport : an ever-growing strategic sector

Marine transport is an essential activity for the countries’ economies. Indeed, alone, it accounts for 90% of the
overall foreign exchange of the European Union and 35% of the domestic trade between member countries.
In 50 years time, the world fleet’s tonnage has increased six fold while transported hydrocarbons tonnage grew ten
times bigger.
The development of marine transport is closely linked to the increase of distances and to the boost of continental
commercial exchanges. For the energy sector, the ever-growing demand and the concentration of production in
Middle East countries has intensified the recourse to big-tonnage oil ships, tankers.




Atlas Magazine is published by Atlas Conseil International                                      N°49 - March 2008        10
                                                                 Focus
Three main marine routes connect this region to the world’s biggest oil consumers (United States, Europe, China and
Japan).
In 2000, 62% of the world’s production in crude oil was carried by tankers. Short-distance maritime transport is of
strategic importance in the Mediterranean region. The traffic is poised to pick up momentum with the
establishment, in 2010, of a Euro Mediterranean free trade zone.




                                       Example of a sea highway : the Ouessant rail (France)
                                                             Annual traffic volume

                                   -   110 million tons of hydrocarbons (300,000 tons a day)
                                   -   1800 tankers (5 a day)
                                   -   8 million tons of gas (22,000 tons a day)
                                   -   1900 gas ships (3 a day)
                                   -   20 million tons of hazardous products (55,000 tons a day)
                                   -   Over 15,000 ships carrying hazardous products), that is, (41 a day)




                                                 Regulation of marine navigation




                                                                                                                            Focus
With the development of marine transport business, the international community has been endowed with a
sector-governing apparatus. Due to their gravity, some disasters have pushed the states to adopt specific
legislations so as to meet new requirements.

Set up in 1948 by the United Nations organisation, the International Maritime Organisation (IMO) was the first body
to devise a legal framework governing sea safety. IMO has adopted about forty conventions and protocols and
more than 800 collections of rules, codes and recommendations pertaining to maritime safety, pollution prevention
and other related issues.

Among these measures, two conventions setting the rules of hydrocarbons marine transport :

  - The MARPOL convention (1973) that particularly regulates degasification operations.
  - The SOLAS convention (1974) that defines safety standards and related responsibilities.

Following the oil slick triggered by the wreck of Amoco-Cadiz, France set up, in 1979, the Centre de Documentation
de Recherche et d’expérimentations sur les Pollutions Accidentelles des Eaux (CEDRE) (the Documentation centre
for research and Experiments on Accidental Pollution of Water), an entity that conducts expertise, risks audit,
training, and which takes part in the fight against pollution and in the elaboration of international intervention plans.

A group of particularly-exposed European countries put in place an Information System Related to Monitored Ships
(SIRENAC), a data base which keeps track of ships’ inspections of the 19 states signatory of the Paris Memorandum
(December 1980).

                           Oil slicks, major sea disasters

A real trauma for the affected regions, sea catastrophes have a global
impact, economically, ecologically and health wise. The big oil slicks are
tragic events that have marked the history of hydrocarbon marine
transport.
Sea disasters are often associated with the circulation of
flag-of-convenience ships. These ships, often old and in poor conditions,
are registered under a nationality other than that of the owner. Such
practice allows tax exoneration and non-compliance with standards in
terms of security and welfare coverage of crew members.
The most contentious flags belong to Honduras, Liberia, Malta, Lebanon and Cyprus. Malta, with 1340 ships and 330
tankers, is the world’s fourth fleet.




Atlas Magazine is published by Atlas Conseil International                                              N°49 - March 2008   11
                                                             Focus
                                             The black series of the recent 30 years


TORREY CANYON (United Kingdom, 1967)
METULA (Chile, 1974)
ARGO MERCHANT (USA, 1976)
AMOCO CADIZ (France, 1978)
TANIO (France, 1980)
CASTILLO DE BELVER (South Africa, 1983)
EXXON VALDEZ (USA, 1989)
BRAER (United Kingdom, 1993)
SEA EMPRESS (United Kingdom, 1996)
ERIKA (France, 1999)
BALTIC CARRIER (Denmark, 2001)
PRESTIGE (Spain, 2002)
TASMAN SPIRIT (Pakistan, 2003)


In China, according to a report by the National Office of Oceanography, the sea catastrophes that occurred in
2003 have affected 20 million inhabitants and caused direct economic damages amounting to 981 million USD.



                                                         The Erika shipwreck

        In 1999, the tanker, Erika, with a Maltese flag, chartered by the company TOTAL, broke in two in the




                                                                                                                      Focus
        shore of Brittany, France and dumped 20 000 tons of heavy fuel in the sea.
        The total damage caused by this loss was estimated at more than 1 068 million USD
        Tourism-related losses were evaluated at 533 million USD
        Ecological damages amount to 466 million USD
        The costs pertaining to wreck pumping works amount to 233 million USD

        FIPOL, (International Fund for the Indemnification of damages caused by hydrocarbon pollution) has
        lodged lawsuits against actors of the accident : owner (Giuseppe Savarese), insurer (Streamship
        Mutual), charterer (Total-Fina-Elf), and classification company (Italian company RINA).

        On January 28, 2008, the oil group Total has announced its decision to appeal the verdict handed
        down on January 16 which sentenced it to the payment of a 552 000 USD-fine and 282 million USD in
        damages in solidarity with the owner, the manager and the classification company. Total has
        expressed its willingness to disburse indemnifications “immediately and irrevocably to the pollution
        victims”, provided that the prosecution drops charges in appeal.




                                                     Indemnification schemes

          ▪ The FIPOL

Faced with the Torrey Canyon wreck in 1969, IMO set up the International Fund for the Indemnification of damages
caused by Hydrocarbons, (FIPOL), which provides for a fixed-ceiling plan of ship owner’s liability. The load of
indemnification rests on the main hydrocarbon importers.
In 1992, IMO adopted new protocols tripling the maximum amount of indemnification which rose to about 245
million USD.
In 2000, member states decided to raise by 50% the indemnification upper limit provided for in initial conventions.
This way, the total amount available for the indemnifications has been elevated to about 370 million USD per claim.
This measure has been in force as of November 2003.
In 2003, Europe consolidated the plan by creating the European Agency of Maritime Safety whereas the IMO
adopted a new protocol for the institution of an additional indemnification fund, (FIPOL II), allowing the
mobilisation of a total 1300 million USD designed to indemnify loss victims.
The financial burden of indemnifications is provided by the contribution of the companies which import in each
member state more than 150 000 tons per year of hydrocarbons via seaways.




Atlas Magazine is published by Atlas Conseil International                                    N°49 - March 2008       12
                                                             Focus




        ▪ The Oil Pollution Act (OPA)

The United States, on their part, took more severe measures. They promulgated, in 1990, the oil Pollution Act (OPA)
which provides for a third party liability whose amount was calculated according to the ship’s tonnage.
OPA requires new oil tankers to be outfitted with a double hull and denies single-hull ships access to American
waters. This ban came into effect in 2000 and applies to 23 to 25-year-old, 30 000-ton single-hulled ships.
In 2012, the ban shall apply to all ships with more than 5000 tons and devoid of double bottom or double wall.


                                                         Oversight measures

The black series of sea disasters has pushed the states to impose stiffer legislations on the transport of oil and




                                                                                                                              Focus
hazardous material. Measures provide for tighter control, ship monitoring, position notification and most
importantly, the requirement of a double hull for oil tankers.
Following the Erika wreck, the European Commission adopted in 1999 a series of measures, the so-called Erika
“paquets” (packages).
  - Erika I: aims at controlling the ships’ conditions. It also provides for the ban of single-hulled ships by latest 2015.
  - Erika II: Apart from the maritime safety agency in charge of assessing control procedures for ships, the measure
    provides for the creation of a damage-indemnification fund.
  - Erika III: The measure was debated in 2006 and will undoubtedly be considered in the second semester of 2008.


                                                        Preventive measures

Prevention goes through a long-term prospective work entrusted to the competent authorities in terms of land use
and ports management. Marine security is keen on adopting air traffic control methods, yet, it does not have the
required resources for the time being. One of the hardships is the proper management of hazardous material
transport (HMT).

Risk prediction is carried out through various means :
          - the radar and satellite monitoring of navigation
          - material progress associated to meteorological forecast and the good training of staff members
          - the withdrawal of ships which are no longer in a state of navigation
          - a better coordination of surveillance means, sea and rescue police
          - the prevention of pollution risks goes also through the knowledge of risks and of the vulnerability of marine
            and shore ecosystems




Atlas Magazine is published by Atlas Conseil International                                             N°49 - March 2008      13
                                                                          Focus


                                                                   Deterrent measures


    States are strengthening sanctions and control tools against those they characterizes as “sea
    thugs” :
               - heavy fines for hydrocarbon wastes or maintenance and safety failures,
               - a stricter control of classification companies,
               - the double-hull requirement,
               - assistance systems for radar, anti-explosion checking,
               - expulsion from all ports of all ships over 15 years of age and which have been
                 immobilized more than twice in the recent two years,
               - setting up a data base on ships safety


                                            Passengers transport : The deadliest disasters

    Estonia, the ferry ensuring connection between Tallinn and Stockholm, sank on September 28, 1994, the toll : 852
    victims
    The Joola which plied between Dakar and Casamance sank on September 26, 2002, the toll : 1 863 victims
    Al- Salam Boccaccio 98, in the night between February 2 and 3, 2006, the Egyptian ferry connecting Saudia Arabia
    and Egypt claimed more than 1 000 casualties.




                                                                                                                                               Focus
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    Atlas Magazine is published by Atlas Conseil International                                                             N°49 - March 2008   14
                                                               News

                                                              Africa
                                                               KENYA

                         Indemnification : The company Pan Africa Life insurance which is preparing to open up
                         nine new agencies throughout the country has expressed its willingness to indemnify the
                         losses incurred by its customers, victims of the recent turmoil into which the country has
                         convulsed recently.
                         After Corporative Insurance Company (CIC), Pan African is the second insurer which
pledges to indemnify damages caused by political violence, a decision that distances itself from the stance taken
by Kenya’s insurance association in this regard.
On the other hand, in line with its strategy of portfolio development, Pan Africa Life Insurance is preparing a group
insurance policy designed for the members of armed forces. The product is inspired from the one that its main
shareholder, the South African, African Life had proposed before to the army of Botswana.


                                                             MADAGASCAR

Cyclone : Following a series of six cyclones in 2007, Madagascar has once again been exposed to climatic
disturbances. In January 2008, the cyclone Fame has caused the death of twelve people and left almost
5000 homeless.
In February, it is the cyclone Ivan, accompanied by wind gusts of over 200 km/h speed, which lashed
Madagascar coasts, claiming 22 lives.




                                                                                                                           News
                                                                MALI

FANAF : The general assembly, held in Bamako from 26 to 29 February 2008, gathered 406 participants. The next
edition will take place in 2009 in Côte d’Ivoire.


                                                               NIGERIA

Regulation : the parliament is examining two projects for insurance amendments. The first one pertains to motor
insurance liability while the second regards the institution of compulsory fire insurance for the constructions built in
urban areas.

Liquidation : The National Insurance Commission (NAICOM) has revealed the names of the companies which will
be put into receivership unless they successfully achieve the recapitalisation process. The seven companies
mentioned are: Metropolitan General Insurance Company, Sun Insurance Nig., Mutual Insurance, Presidential
insurance, Trust World Insurance, Lion of Africa insurance Co. and Energy & Special Risks Insurance Co.
At the end of the sector’s restructuring process achieved in February 2007, the Nigerian market comprises
71 licensed operators, 69 of which are insurance companies and 2 of which are reinsurance ones.
Capital Express : The life insurance company has invested 10 million USD to go international. The company has
acquired Benefits Life Insurance Company in Ghana, Republic Insurance Company in Liberia.

Motor insurance : The generalized practice of fraud in terms of motor third party liability insurance has pushed
the supervising authority, NAICOM, to enact a new regulation designed to combat this scourge. Nevertheless,
professionals believe that a new body, independent of NAICOM, should be entrusted with the management of
this class of business.




Atlas Magazine is published by Atlas Conseil International                                        N°49 - March 2008        15
                                                                      News

                                                                   SOUTH AFRICA


      Low-cost insurance : The authorities have agreed to market a range of life products designed for low-income
      populations. Indicated with the “Zimele” label, these products are characterized by their low cost. The offer
      consists of life, credit, funerals and bodily injuries insurance policies.
      Householders’ insurance : While awaiting the World Soccer Cup that South Africa is preparing to host in 2010,
      insurance companies are drawing the attention of owners who are intent to rent their houses on
      hooliganism-related risks. Companies are stressing that traditional householders’ insurance policies are short of
      covering the degradation risks related to occasional visitors’ rentals, or to outbursts due to crowds and
      supporters’ movements.

      Life insurance : An independent survey, ordered by Life Offices Association, (LOA), has revealed the gravity of life
      insurance deficit in South Africa. This situation was behind the decision of LOA to launch the “Zimele” insurance
      plan, designed for low-income populations who account for 17,5 million people.


                                                                      TOGO

      Colina Re : Group Colina’s captive subsidiary is organizing. Set up officially in 2005, with a capital of
      250 000 000 CFA (561 000 USD), Colina Re is fleshing out its structures. Théophile Moulong, former technical
      Manager of the Citoyenne Cameroun, has been appointed operations Manager. He will be assisted by a team of
      three persons, one of whom is a risk auditor engineer.
      Colina Re is in charge of the group’s cessions. The company’s President is Raymond Farhat.




                                                                                                                              News
                                                              CICA - RE
                    Compagnie Commune de Réassurance des Etats Membres de la CICA
                                   Website : www.cica-re.com


●   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 : cica-re@cica-re.com                                                   Email : cicaredouala@cica-re.com


      Atlas Magazine is published by Atlas Conseil International                                       N°49 - March 2008     16
                                                             News

                                                             Maghreb

                                                              ALGERIA

                             AIO : In view of the preparation of the 35th conference of the African Insurance
                             Organisation, scheduled from May, 25 to 28, 2008 in Algiers, Prisca Soares, the
                             organisation’ s Secretary General has made a business trip to the Algerian capital.

Litigation : The final settlement of the Franco-Algerian dispute over the issue of the French insurances nationalised
after Algeria’s independence has been officialized in early March 2008 with the signing of a convention by both
countries.
Risks map : The authorities are consulting on the updating and enrichment of the national map of industrial and
natural risks. An international symposium will be dedicated to the maintenance and to the control of those risks on
May 6 and 7, 2008 in Oran.


                                                             MOROCCO

Africa Re : After twelve months of duty, Mr. Lazhar Charfeddine has quit the position of Regional Manager of
Africa Re’s office in Casablanca. It is Mohamed Kannou who is entrusted with the office interim.




                                                                                                                             News
                                                              TUNISIA

STAR : The nomination of the future strategic partner of the Société Tunisienne d’Assurance et de Réassurance
(STAR) has been delayed pending the company’s 2007 results.

Mapfre : The Spanish group has proceeded to the overhaul of its organisation into five zones: South America, North
America, Europe, Asia and Middle East-Africa. Within the framework of this reorganisation, the group’s Tunisian
subsidiary has changed its name: Henceforth, it will be named Mapfre Assitencia. Available in 32 African countries,
Mapfre Assitencia is developing a reinsurance activity for assistance products.




                                                         Middle East
                                                              BAHRAIN

Al Ahlia : In 2007, the company Al Ahlia reported a net profit of 3.3 million BHD (8.9 million USD), against 2.55 BHD
(6.9 million USD) in 2006, that is, a 29% growth and a gross premium volume of 9.86 million BHD (26.8 million USD),
against 9.03 million BHD (24.6 million USD). Al Ahlia plans to open new insurance agencies.

ARIG : The 2007 turnover amounted to 249 968 000 USD, that is a 50% increase compared to 2006. The
company’s net profit reached 23 655 000 USD while the ROE is of 7.92%.

BKIC : Bahrain Kuwait Insurance Company (BKIC) has reported a net profit of 4.02 million BHD (10.89 million USD) in
2007 against 3.49 million BHD (9.27 million USD) in 2006, that is, a 15% increase. The premium volume amounts to
27.8 million BHD (75.3 million USD) in 2007 against 26.9 million BHD (71.4 million USD) in 2006, that is, a 3.3% increase.
Moreover, the company’s Board of Directors has approved a three-year strategic development plan.

Solidarity : In an effort to extend its operations in North Africa and in Europe, the company plans on raising its capi-
tal from 220 million USD to 275 million USD. Already present in Bahrain, Saudi Arabia, Qatar, Oman, Jordan, Malaysia
and Luxemburg, Solidarity is on the verge of launching its activities in UAE and Egypt.
Solidarity is called upon to become a holding made of of two distinct subsidiaries.

New product : Ahli United Bank B.S.C. (AUB) and Bahrain National Insurance Company (BNI) have concluded an
agreement for the issuance of a joint credit card in the Emirate. The credit card enables its holder to benefit from a
10% discount on motor, credit and householder’s insurance premiums as well as a 5% reduction on life insurance
premiums. In addition, the payment of insurance premiums may be carried out by automatically debiting the
credit card.
Atlas Magazine is published by Atlas Conseil International                                         N°49 - March 2008         17
                                                             News

                                                             JORDAN

Results : According to the Jordanian insurance commission, the market’s gross
premium volume has amounted to 406.,6 million USD in 2007 against 364.9 million USD
in 2006, that is, an 11.4% increase.
The non life class of business accounts for 90% of the total premiums.
The insurance sector employs 558 people.

                                                             KUWAIT

Acquisition : Dubai Group, the financial subsidiary company of Dubai Holding got control of 51% of Al Fajer
Retakaful Insurance company’s stakes (KSCC). Endowed with a capital of 178.5 million USD, Al Fajer Re is the first
takaful reinsurance company established in Kuwait and the third in the Gulf region.

Motor insurance : In light of the growing losses reported by the motor class of business, the insurance companies
are asking for the revaluation of the tariffs from 15 KWD (52 USD) to 50 KWD (174 USD). The objective is to align these
tariffs with those practiced in the other Gulf countries. Despite the country’s economic and social development,
the tariffs, unchanged since 1990, remain the lowest in the region.
WARBA : Warba Insurance Company’s Board of Directors has published the company’s 2007 results. Profits amount
to 8.335 million KWD (30.4 million USD) against 8.253 million KWD (28.6 million USD) in 2006.


                                                             LEBANON




                                                                                                                          News
Capital increase : Victoire Assurance has proceeded to the increase of its capital which goes up from
3.450 billion LBP (2.33 million USD) to 5.1 billion LBP (3.385 million USD).
AROPE : Gathered on February 11, 2008, the shareholders’ extraordinary general assembly of Arope Insurance has
confirmed the increase of the company’s capital from 21.6 billion LBP (14.6 million USD) to 43.2 billion LBP
(29.2 million USD).

                                                              OMAN

New products : Leader of the market, Oman United Insurance Company (OUIC) has launched two new
insurance products. The first pertains to domestic staff while the second one regards householders’ risks.
Claim : The GONU cyclone, which lashed the Sultanate in July 2007, has been estimated at 800 million USD.


                                                             QATAR

Results : Al Khaleej Insurance and Reinsurance company has doubled its 2007 profits at 83.42 million QAR
(22.97 million USD). The premiums volume net of reinsurance has amounted to 99.71 million QAR (27.46 million USD),
that is, a 37%-increase in comparison with 2006.




Atlas Magazine is published by Atlas Conseil International                                       N°49 - March 2008        18
                                                               News
                                                             SAUDI ARABIA

Health insurance : The General Organisation of Social Insurance (GOSI) announced that it would not provide
health and accident cover to the private sector’s staff members whose age is over sixty.

Pilgrimage insurance : The company Tawuniya is preparing an insurance plan designed to foreigners
accomplishing their Haj pilgrimage and Umrah. Tawuniya has signed agreements with Bahrain Kuwait Insurance
Company (Bahrain) and Al-Ain Ahlia Insurance Company (UAE) for the marketing of a product called “Manasik”.
Both partners will be operating as Tawuniya’s agents. The number of pilgrims amounts every year to 1.5 million for
Haj and about 5 million for Umrah. The premium sum amounts to 100 SAR (26 USD) and that of the cover to
25 000 SAR (6680 USD). The policy remains valid for a period of one month. Tawuniya is intent on engaging
discussions with the insurance companies of the other Muslim countries in order to market the policy.
Training : In partnership with the company JWZ Insurance Solutions, the Chartered Insurance Institute, named
CII Saudi Arabia has been set up. The institution is a subsidiary of London’s Chartered Insurance Institute (CII).

License : The Lebanese company Al Mashrek has just applied for a license to SAMA for the creation of a new
entity: Arabian Mashrek.

                                                     UNITED ARAB EMIRATES

                             Training : Gulf Insurance Institute (GII), the centre in charge of training, developing and
                             promoting human resources, has been set up. The centre is equally entrusted with the task
                             of providing assistance to the sector of financial services. GII, whose headquarter is located
                             on the island of Amwaj, has just designated its first General Manager, Mr. Wendy Maddison.
                             GII’s presidency is entrusted to Qassim Fakhroo.




                                                                                                                               News
                             Professional third party liability insurance : After doctors, engineers, architects, stock
                             and insurance brokers, it is now the lawyers and legal counsels’ turn to abide by the
                             authorities’ decision to impose a compulsory professional third party liability insurance. No
                             representative of the mentioned professions is allowed to exercise duty unless such an
                             insurance policy is underwritten.
Salama : In its plan to go international, the holding Islamic Arab Insurance Company (Salama) is intent on
investing 150 million to 200 million USD for the acquisition of Takaful companies, especially in Malaysia, Indonesia
and turkey. The company is currently holding talks for the takeover of companies in Malaysia. Salama is already
present in Saudi Arabia, Tunisia, Senegal, Algeria and Egypt.
Pubic underwriting : The introduction of 55% of Mithaq Liability Insurance Company’s capital in the stock market
has been crowned with success. The general subscription has been covered by twenty times.

Construction insurance : The authorities are preparing a bill which is going to impose a compulsory decennial
liability insurance. The new legislation also provides for measures regarding repair and maintenance of buildings.
An owners’ association called Home Owners’ Association (HOA) is being established.



                                                              World

                                                                CHINA

Bad weather : Chinese insurers have disbursed 165 million USD to compensate for the damage caused by the
storms that have affected the country at the end of January, 2008. Apart from material and immaterial damage,
snow storms have claimed the lives of 107 persons and kept millions of travellers stranded in train stations and
airports. The total sums of economic losses amount to 15.5 billion USD. The supervising authority, China Insurance
Regulatory Commission recommends that companies should speed up indemnification procedures.




Atlas Magazine is published by Atlas Conseil International                                           N°49 - March 2008        19
                                                               News
                                                               FRANCE

AXA : The French group has reached an agreement with the Dutch bankinsurer ING on the takeover of its
Mexican subsidiary ING Seguros for the sum of about 1.5 billion USD. Ranking third on the Mexican market,
ING Seguros has reported a turnover of 1.9 billion USD in 2007.

Groupama : A partnership agreement has been sealed between the Hungarian bank OTP and Groupama over
the distribution of life, non-life insurance and bancassurance products in Central Europe. According to the
agreement, Groupama is poised to acquire all of the capital of the Hungarian insurer OTP Garancia as well as its
subsidiaries in Bulgaria, Romania and Slovenia.
AGF : The French insurer is preparing a triennial plan for the reorganisation of its management operations. The
project which provides for the establishment of larger-scale management platforms will pertain to nearly 2000
employees who will be directed toward new duties. Departments restructuring will also lead to the closure of four
sites deemed too small.

Assistance insurance : The two mutual French groups, MACIF and MAIF have announced their decision to put
on the market, in May 2008, a new system designed to enhance geo-safety of vehicles. Having the shape of an
on-board case, the device will combine emergency calls, phone assistance and GPS localisation.
The outfit, costing 100 EUR (147 USD) for installation and 20 EUR (29 USD) for subscription, will enable motorists to
alert rescue teams in case of accidents, disquiet or aggression.

                                                              GERMANY

Munich Re : Revising downwards its 2007 forecasted results of 3.85 billion EUR (5.67 billion USD), the world’s second
reinsurer is expecting a net profit comprised between 3 billion and 3.4 billion EUR (4.4 and 5 billion USD).

                                                               JAPAN




                                                                                                                            News
Lloyd’s : In order to develop its portfolio on the Japanese archipelago, Lloyd’s has announced its decision to
restructure its operations in Japan. Currently, Lloyd’s is operating on the market via a subsidiary company which
reported a reinsurance premium volume of 400 million USD in 2006.

                                                                SPAIN

Mapfre : Boosted by its new acquisitions and its partnership with Spanish banks, the group has reported a
premium volume of 12.31 billion EUR (18.13 billion USD) in 2007 and a net result of 731.1 million EUR (1.07 billion USD),
that is, a 19.8% increase in comparison with 2006.
AXA : The French group has set up entities targeting, especially, foreign customers residing in Spain and who
account for 4.5 million people. These international agencies are used as training centres for the group’s agents
hired among immigrant populations.

                                                             SWITZERLAND

Works of art robbery : A spectacular robbery of impressionist works of art took place in Zurich on February 10,
2008. A group of three armed and masked men broke into the premise housing the Bührle collection and stole four
master paintings: “Garçon au gilet rouge” (1880) of Paul Cézanne, “Ludovic Lepic et ses filles” (1871) of edgar
Degas, “Champs de coquelicots près de Vétheuil” (1880) of Claude Monet and “Marronniers en fleur” (1890)
attributed to Vincent Van Gogh. The estimated value of the stolen works amounts to 115 million EUR
(169 million USD). A 60 000 EUR (88 000 USD) reward has been offered to anyone able to provide a lead for the
retrieval of the paintings.
Experts believe that due to the difficulty of selling indexed works, the main purpose of the perpetrators of such acts
is to blackmail insurance companies or “art napping” which is used as bargaining counters for the restitution of the
paintings.
The robbery of works of art is a common and lucrative practice. Interpol data base has reported that
30 000 stolen items while the trafficking is estimated to be worth 4.1 billion EUR (6.02 billion USD).
One week after the robbery, two of the four stolen paintings have been retrieved: Monet’s and
Van Gogh’s paintings, of a total value of 44 million EUR (64 million USD).




Atlas Magazine is published by Atlas Conseil International                                         N°49 - March 2008        20
                                                                                       News


                                                                                UNITED KINGDOM


                                                  Lloyd’s : According to its President Lord Peter Levene, China stands as a great
                                                  potential of development for Lloyd’s activities. Nonetheless, the United States and
                                                  United Kingdom remain Lloyd’s main markets.




                                                                                   UNITED STATES



             Natural catastrophes : Three of the country’s southern states: Tennessee, Arkansas and Alabama have been the
             hardest-hit by a series of tornadoes which claimed the lives of 50 persons, injured so many more and left a trail of
             destruction. The event that took place on February 6, 2008, is regarded as unseasonable.




                                                                                                                                                                                               News
            ‘‘Africa Re has established a leadership position as a regional
            reinsurer committed to Africa, and now opened to selective
            markets in the Middle East and Asia’’

                                  African Reinsurance Corporation

                                   THE AFRICAN REINSURER:
                                             African Focus, International Standards
                                                                     ALSO MANAGES THE :
                                  • African Oil & Energy Pool • African Aviation Pool
                                                                        AFRICA RE HOUSE
                                        Plot 1679, Karimu Kotun Street, Victoria Island P.M.B. 12765 Lagos, Nigeria
                                                         Tel: (2341)2663323/2626660-2/4618828
                                                              Fax: (234 1) 2663282/2626664
                                                                          e-mail: info@africa-re.com
                                                                             www .africa-re .com
                                                               Bureaux Regionaux                                                                                      Filiale

    33, Boulvard Moulay                Africa Re Centre                    Rue Viviane              1 Cathedrale square             38C Mansour Street           African Reinsurance Corporation
            Youssef                     Hospital Road              A24-Cocody Ambassade               Mezzanine Level                      Cairo, Egypt                (South Africa) Limited
                                                                                                                                                                 3rd Floor, North Wing Oakhurst
          Casablanca                       Upper Hill                        20BP 1623             Cnr Pope Hesseny Str &           Tel: (20-2) 7924020                        Building
            Morocco               P O Box 62328 00200                  Abidjan                      Georges Guibert                       41804190                    11-13, St. Andrew's Rd
     Tel: (212) 22437700                 Nairobi                    20      Cote                    Str, Port-Louis                 Fax (20-2) 7924030                     Parktown 2193
            2306154                         Kenya                     d'Ivoire                                Mauritius.           e-mail: cairo@africa-re.com             Houghton 2041
          Telex: 28079M                     Tel: (254-20)            Tel: (225) 22404480/1             Tel: (230) 2100795                                                   Johannesburg
       Fax: (212) 22437729                 2730660/1/2/3            Telex 22345 AFRICACI                   (230) 2131667                                                      South Africa
email: casablanca@africa-re.com             Fax: (254-20)             Fax (225) 22404482                   (230) 2131689                                                Tel: (27-11)4843764
                                       2724896/2730608             e-mail: abidjan@africa-re.com       Fax: (230) 2102496                                              Fax: (27-11)4841001
                                   e-mail: nairobi@africa-re.com                                   e-mail: p.louis@africa-re.com                                  e-mail: africare@africa-re.co.za



             Atlas Magazine is published by Atlas Conseil International                                                                                 N°49 - March 2008                   21
                                                                    Statistics

                                                                FANAF 2006
                                                              (direct premiums)


                                                                                                                       Figures in USD


                                   Non life               Life            Total         Non life          Life         Total
Rank        Countries
                                  premiums             premiums         premiums        claims (1)     claims (1)    claims (1)



 1      Côte d'Ivoire            165 113 460          111 331 890       276 445 350      61 827 600   83 135 610     144 963 210


 2      Cameroon                 153 399 180            36 863 400      190 262 580      54 054 930   29 020 380      83 075 310


 3      Senegal                  104 781 300            24 224 520      129 005 820      43 884 330   17 951 310      61 835 640


 4      Gabon                      96 640 800           15 481 020      112 121 820      28 192 260   10 918 320      39 110 580


 5      Benin




                                                                                                                                        Statistics
                                   35 046 360            9 455 040       44 501 400      12 861 990     5 973 720     18 835 710

        Congo
 6                                 43 695 390              142 710       43 838 100       7 547 550        32 160      7 579 710
        Brazzaville

 7      Burkina Faso               30 043 470           10 064 070       40 107 540      10 098 240     6 687 270     16 785 510


 8      Togo                       25 955 130            6 886 260       32 841 390      10 773 600     5 469 210     16 242 810


 9      Mali                       29 018 370            3 541 620       32 559 990      10 954 500     2 052 210     13 006 710


 10     Madagascar                 26 678 730            3 949 650       30 628 380       6 427 980     3 497 400      9 925 380


 11     Niger                      21 537 150            2 275 320       23 812 470       8 044 020     1 459 260      9 503 280


 12     Ruwanda                    12 150 450            6 920 430       19 070 880       7 173 690     3 312 480     10 486 170


 13     Chad                       10 170 600              462 300       10 632 900       2 834 100       876 360      3 710 460


 14     Burundi                     8 667 120            1 817 040       10 484 160         -              -               -


 15     Guinea                      8 277 180              735 660        9 012 840       3 035 100       546 720      3 581 820


 16     Central Africa              3 706 440                98 490       3 804 930       1 748 700        66 330      1 815 030


          TOTAL                 774 881 130          234 249 420       1 009 130 550   269 458 590    170 998 740   440 457 330


Exchange rate XOF/USD as at 31/12/2006 : 0,00201.
(1) Including paid and outsanding claims




       Atlas Magazine is published by Atlas Conseil International                                          N°49 - March 2008        22
                                                             Agenda

                                                             Agenda

                    United Arab Emirates                                                Algeria
  ●   The World Insurance Forum 2008                               ● 35th Conference and General Assembly of the
  From 17 to 20 March 2008 at Dubai International                    African Insurance Organisation.
  Financial Centre, UAE.                                           Organised       by   the    African  Insurance
                                                                   Organisation     and   (AIO)    and the   Union
  Contact : www.worldinsuranceforum.com                            Algérienne des Sociétés d’Assurance et de
                                                                   Réassurance (UAR), from 25 to 28 May 2008 in
                               Kuwait                              Algiers.
                                                                   Theme : « Environment risks: the contribution of
  ●   Insurance Forum
                                                                   prevention and insurance »
   From 14 to 15 May 2008 at Radisson SAS hotel , Kuwait
  Contact :                                                                             Jordan
  Website : www.kuwaitinsuranceforum.com
                                                                   ● The International Conference on Insurance and
                           Kazakhstan                                Marine Transportation
                                                                   Organised by the Jordan Insurance Federation
  ● The Fourth International Conference on Risk                    (JOIF) in cooperation with the Shipping Agents
    Management                                                     Association, from 12 to 14 May 2008, at the
  Organised by Eurasia Insurance Company, from 17 to               Intercontinental Hotel of Aqaba, Jordan.




                                                                                                                        Agenda
  18 April 2008 at the Intercontinental Almaty hotel,              Contact : PO Box : 1990, Amman 11118, Jordan
  Almaty, Kazakhstan                                               Tel : + 962 6 5689266
  Contact :                                                        Fax : + 962 6 5689510
  Email : IRMC@theeurasia.kz                                       Email : secretarygeneral@joif.org
           eurasia@nursat.kz                                       Website : www.joif.org
  Website : www.theeurasia.net




                                                             Reshuffle

                                                               BAHRAIN

   Takaful International : Within the framework of restructuring its services, Takaful International has proceeded to
   the nomination of new executive staff. Younis Jamal Al Sayed has been appointed Chief Executive,
   Essam Al Ansari General Manager and Abdulaziz Al Othman Deputy General Manager.

                                                             CAMEROON

   Citoyenne : Bertrand Tihati took over Théophilen Moulong as Technical Manager in charge of reinsurance.

                                                             MADAGASCAR

   ARO : Recently appointed Malagasy Ambassador to Japan, Jimmy RAMIANDRISON has quit his position as
   General Manager of ARO

                                                              MOROCCO

   SCR : Rachida Mimi takes over Mohamed Benhamida who quit his position as Retrocession Manager.
   Mrs. Mimi has been assisting Mr. Ali Ousmouh for so many years.
   SCR : Reshuffle in the marketing “pole” of SCR. It is now Aicha Abdelali who assists Mohamed Benhadi in the
   African zone. The FANAF, recently held in Bamako (25-29 February 2008), was a good opportunity for Aicha
   Abdelali to get acquainted with her new markets.



Atlas Magazine is published by Atlas Conseil International                                         N°49 - March 2008
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