Bahrain
Arab war risks insurance
Service category:
Insurance
Payment:
Description
The concept of a pan-Arab war risks insurance syndicate originated in 1979 as a consequence of the London Insurance Market taking a hard stance towards the Gulf region by increasing insurance rates for cargo and vessels heading to the region.
It was formally established in 1981 with an initial membership of 27 insurance companies from 7 Arab countries, with the key objective of protecting Member Companies interests and ultimately those national and economic interests of Arab Countries.
AWRIS succeeded in securing and managing a sophisticated and well-designed ret - cession structure obtained and led by highly rated & prime Reinsurers, among which are Lloyds of London and other main European industry players.
Since its inception, AWRIS complements the International War Market and contributes to the stability of war rates in the region.
Over the past 35 years, AWRIS provided living proof of the success & realization of such a pioneering pan-Arab venture, witnessed by its resounding progress and evolution.
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