The idea of using Reinsurance Pooling system for the benefit of Afro-Asian Companies had been discussed in every FAIR General Meetings and it was unanimously decided to set up the FAIR Non-Life Reinsurance Pool with effect from 1.1.1974 after the 3rd Meeting of the FAIR General Assembly which was held in Istanbul on the 11th-14th September 1972. The General Assembly also unanimously entrusted the management of the Pool to Milli Reasürans T.A.Ş (Milli Re).
During the General Assembly meeting held on November 2023 at UAE, the Executive Board ratified that the pool will be managed by Misr Insurance Company, headquartered in Egypt, as from the 1st of January 2024.
The Pool is aimed to achieve the following objectives:
to promote cooperation among member companies.
to provide an additional underwriting capacity in Asia and Africa and to increase the same for the member companies.
to provide the same standard of reinsurance service as offered by international market.
to Accelerate the process of achieving increased self-reliance in the field of insurance and reinsurance through cooperation.