Afro-Asia: FAIR syndicate to cover nuclear energy risk
Source: Asia Insurance Review | Apr 2015
FAIR Oil & Energy Insurance Syndicate (FOEIS) is expanding its reinsurance acceptance scope to include nuclear energy risks. The facility will cover all risks of physical loss or damage and business interruption including nuclear perils, radioactive contamination and machinery breakdown but excluding third-party liability for nuclear plants.
FOEIS said in a statement that the Nuclear Energy reinsurance facility is designed to cater for the region’s potential projects with the technical cooperation of the European Mutual Association for Nuclear Insurance (EMANI) in Belgium and the support of the Nuclear Industry Reinsurance Association (NIRA) in Luxembourg.
“With this move, the Syndicate is taking an early step in positioning itself as a reliable regional capacity for the anticipated upcoming nuclear energy production developments in the region and in particular, in the Afro-Asian markets,” said Mr Yassir Albaharna, Chairman of the Syndicate.
FOEIS, which started operations in 1999, currently has 32 members from among insurance and reinsurance companies in 21 Afro-Asian countries. It writes oil and energy business from members, non-members and brokers on a facultative basis. Trust Re has been managing the Syndicate since its inception.
Members of Federation of Afro-Asian Insurers and Reinsurers (FAIR) come from 54 Afro-Asian markets. The number of member companies in 2013 was 256. FAIR devotes special attention to the formation of Pools to enhance cooperation, to develop business relationships and to increase underwriting capacity and retention of members.