Page 52 - 33 edition GAIF Post-Conference July 2022

P. 52

Jino Azar

(Team Leader – Treaty GCC – Nasco France):
Nasco targeting a stronger presence

outside the MENA region

stablishing effective communication and ensuring that transparency and professionalism
Egovern all its operations have been a main focus and commitment of Nasco France since its
establishment. Jino Azar, Team Leader – Treaty GCC at Nasco France has been among the
prominent people who participated at the 33rd GAIF General Conference held in Oran, Algeria.
On the sidelines of the event, Al Bayan Magazine met Mr Azar and conducted an interview in
which he talked about the main challenges facing the insurance sector post Covid-19 and the
promising opportunities. He further shed light on climate change and cyber security and gave
us an idea about the future plans of Nasco Re. Following is the Q & A.
• What are the main challenges and opportunities facing the cyber exposure together with the limited reinsurance capacity repre-
insurance sector post Covid-19? sent serious difficulties for the purpose of developing this specialty
- Covid-19 was a very challenging issue for the insurance and rein- line in our part of the world.
surance industry during the recent years. Considering the remedial Nasco is joining forces with a couple of top global players to design
measures to stop the pandemic spread we hope this is now coming the adequate solutions and enhance awareness and cyber distribu-
to an end. The key challenges today are climate change and cyber tion.
criminality: the global warming is a serious threat that requires sophis-
ticated cat modelling to assess likely exposures in case of catastro- • In your opinion, what can be done to develop the insurance
phe. industry more?
Cyber losses have witnessed a sharp increase in frequency and - Growing talents and sharing experiences is crucial for the purpose
severity particularly for ransomware demands. This has led to higher of developing the Arab insurance industry. Conferences like GAIF rep-
demand and consequently increase in prices. resent a great opportunity for everyone to get exposed to lessons
Looking at opportunities post Covid, the efforts to push digital trans- learnt in other markets.
formation and promote online insurance distribution will continue and The experience regarding Nat Cat in Turkey, Algeria and Morocco
should permit targeting new products and market segments, and could be of great value to other Markets such as Oman and Palestine.
enhancing insurance penetration.
Another example would be crops insurance in India and/or Morocco
which could guide the development of such complex lines in other
• Do you think climate change and cyber security are advantages
Markets.
or disadvantages for the industry?
- Climate change translates into more Cat losses which paves the The digital transformation is also the way to develop online insurance
way to higher demand for Cat protection. distribution and enhance penetration thanks to better customer satis-
The governments all over the world since COP21 are focusing on mit- faction and reduced premium levels.
igating and reducing gas emissions with the view of containing the
increase in average global temperature. • What are the future plans of Nasco Re?
The role of the insurance industry is to adopt the right ESG (environ- - Nasco Re is growing and expanding operations to many new mar-
mental social governmental) initiatives and implement every measure kets in Africa and Asia. We are also consolidating our presence in the
whenever possible to bridge the insurance gap. This represents a GCC thanks to our UAE and KSA affiliates. The plan on the long run
huge opportunity for the industry and leads to higher resilience of the is to secure a better diversification of Nasco book outside the MENA
society. region. There is no doubt Nasco is keen on maintaining the lead posi-
Regarding Cyber, everyone recognizes the potential for this new line tion in the Arab markets, but we are definitely aiming at establishing a
or business is tremendous. However the expertise required to model stronger presence in Africa and Asia.

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