Arab insurance federation head urges companies to tap local reinsurers

Abdul Khaliq Rauf Khalil, secretary general of Egypt-based General Arab Insurance Federation, has called on Arab companies, especially oil and gas firms, to tap into the financial capabilities of local reinsurers, Middle East Insurance Review reported citing Algeria Press Service. Mr. Khalil said that the Arab energy sector obtains reinsurance from foreign reinsurers although rates offered by local reinsurers are less expensive. Insurance premiums in the Arab region are estimated at $30 billion, of which $300 million are reinsured, with 90% of the amount reinsured abroad, he added.
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