Published on: 18/11/2019
The General Arab Insurance Federation (GAIF) is working on improving technical standards among its members, according to Mr Chakib Abouzaid, the secretary general of the organisation.
The work will be achieved through GAIF's technical department and committees, as well as associations, he told the newspaper Hapi.
He said that GAIF has accomplished a lot of work in the past, especially in increasing interaction among Arab insurance companies. He said that an important example of its work is the Orange Card Interconnection Project whose implementation was started two years ago. This international motor insurance system provides third party liability cover for private cars passing through Arab countries. The compensation under this coverage is in accordance with the law of the country where the motor accident occurs.
Mr Abouzaid said that another area of work in GAIF is restructuring the way the federation communicates with its members and the public. Modes of communications include weekly bulletins, a periodical magazine and use of social media.
He said that the Arab markets generate total premiums of more than $46bn, but more important, Arab countries are experiencing a demographic boom and the expansion of the middle class, which increases the demand for insurance.
Source: me insurance review
Tags: Arab countries, Arab insurance companies, General Arab Insurance Federation, motor insurance, Orange Card