AWRIS - Overview
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.
AWRIS Mission & Vision
Vision:To provide its Member Companies with timely and requisite protection / coverage in respect of their insurance requirements for war and related risks.
Mission:To play a primary role in benchmarking and setting pricing and rating for war risks and other political coverage in the region, through a variety of covers and protections afforded to Member Companies.
AWRIS Roles & Responsibilities
Streamlining pricing in the region by regularly reviewing and issuing a schedule of related rates, thus reducing and minimizing rate competition.
Increasing retained capacity in the region by ceding 100% of member company war risks to AWRIS.
Facilitating and structuring adequate coverage and protection for Member Companies, where they would not be able to obtain the same on individual basis.
Building solid financial reserves for Member Companies, which accumulate year after year to the members benefit.
Sharing and distributing annual profits achieved by AWRIS, since inception.