Historical Background

   

          
   

The Great visionary Leaders and Heads of States of twenty-nine Countries from Africa & Asia came together for the first time in the history of the human being, on the 18th to 24th April 1955, in Bandung, Indonesia.

President Sukarno, of Indonesia, Premier Zhou Enlai of China, Premier Jawaharlal Nehru of India and President Gamal Abdel Nasser of Egypt played leading role to unanimously approve and announce Bandung Declaration. The declaration inspired nationalism movements in the two continents, remapped the world politics and set up the foundation for the Afro-Asian cooperation.

The declaration was translated into action plans. Under the title of economic cooperation, the Afro-Asian Economic Organization was established. It held its first and second general meetings in 1958 & 1960 in Cairo. The third meeting was held in 1961 in New Delhi and the fourth was in Karachi in 1963. It was then decided to work on sector basis to enhance efficacy and to attain better achievements. Insurance sector took priority and was put on the top of the adopted economic cooperation action programme.

A call was accordingly made, in collaboration with the Egyptian Insurance federation, to establish the Federation of the Afro-Asian Insurers & Reinsurers FAIR. It was favourably received and the FAIR Founders’ Meeting was held in Cairo, in September 1964 with the presence of the representatives of twenty Afro-Asian Countries.

The aims of FAIR were defined in its statute. However FAIR, being a professional business association, dedicated to the cause of regional cooperation, and the development of the Insurance Industry in the Afro-Asian Countries, has been able all over the years, to adapt the changes, to review its priorities, to redefine its strategies, and in the mean time, to continue preserving its identity and principal goals. Many accomplishments have been realized, for which all of us feel proud.  

FAIR has succeeded to enlarge its domain in Africa and ASIA and to encourage more members to join. The number of Member Companies in 2013 reached 256 members representing 51 Afro-Asian Countries, in addition to the correspondent members from Europe. Nineteen Afro-Asian Brokerage Firms also, joined FAIR Brokers Society under the umbrella of FAIR. All Members are working together, confirming commitment and loyalty to the ideals of FAIR, and boosting cooperation with their partners worldwide signifying the international nature of Insurance in theory and practice.

FAIR devoted special attention to the formation of Pools to enhance cooperation, to develop business relationships and to increase underwriting capacity and retention of members.