FAIR Natural Catastrophe Reinsurance Pool (FNCRIP)

The 21st General Meeting of the Federation of Afro-Asian Insurers and reinsurers (hereinafter referred to as ‘FAIR’), Kuala Lumpur, 20-21 October, 2009 unanimously adopted the recommendation of the FAIR Executive Board to establish a REINSURANCE POOL. The Pool underwrites Catastrophe Excess of Loss treaties in all classes but excluding Terrorism.


The General Assembly also unanimously entrusted the management of the Pool to General Insurance Corporation of India (GIC RE).


Objective:

The Pool shall accept reinsurance business from Africa and Asian Markets (including Cyprus), including incidental interest abroad:

To promote cooperation amongst the FAIR Member Companies. .

To increase the penetration of catastrophe insurance in Afro-Asian countries. 

To promote additional underwriting capacity and self-reliance in the region 

To effect savings of foreign exchange for Member Companies and Afro Asian Insurance Industry 

To provide similar standards of Reinsurance rates, terms and services in the Afro Asian region as offered in US/European markets 

Managed By :

Manager: Ms. Lata Srijit, Manager

Phone: +91 22 22867415

Email: fairnatcat@gicofindia.com

Address: General Insurance Corporation of India, “Suraksha”, 170, Jamshedji Tata Road, Churchgate, Mumbai - 400 020 India.

A/C Year 2016 2017 2018 2019 2020
Gross Premium (USD) 218,545 607,547 970,227 2,079,451 2,608,428
% Growth (wrt prev year) 37% 178% 60% 114% 25%
Claims Paid Nil Nil Nil Nil Nil