FAIR is a professional business association, dedicated to the encouragement of regional cooperation and the development of the Insurance Industry in the Afro-Asian countries. It has been able, over the years to adapt to changes, to review its priorities, to redefine its strategies, and in the meantime, to continue preserving its identity and principal goals.
FAIR members are now 260, representing 51 Afro-Asian countries; they are working together, confirming commitment and loyalty to the ideals of FAIR.
The leaders of 29 countries from Africa & Asia came together on 18 April 1955 in Bandung, Indonesia and unanimously approved and announced the Bandung Declaration. The declaration was subsequently translated into plans for action. Accordingly, a call was made in collaboration with the Egyptian Insurance Market, represented by Mr. Ahmed Choukry El-Hakeim, the first Chairman of the Egyptian General Insurance Organization to establish the Federation of the Afro-Asian Insurers & Reinsurers “FAIR”. The Founders’ Meeting was held in Cairo in September 1964.
Under its umbrella, the following entities were established to realize the FAIR associations’ objectives:
· FAIR Non-Life Reinsurance Pool
· FAIR Aviation Pool
· FAIR Oil & Energy Insurance Syndicate
· FAIR Natural Catastrophe Reinsurance Pool (FNCRIP)
· FAIR Brokers & Consultants Society “FBCS”