Page 29 - 33rd Edition GAIF Pre-Conference May 2022 Issue 606

Joe Azar (CEO – Nasco Re)

The pandemic experience has given individuals and organizations a strong
ability to adapt to fundamental shifts in the way we live and work

Enduring as “reliable partners” to both cedants and reinsurers, in-line
with a proven record of stable, long-term relationships and bring
economic and social perspectives into harmony by ensuring team motiva-

tion and commitment to business relations have always been the main
aspirations of Nasco Re since its inception. It has established throughout
the years a professional multinational team, dedicated to securing clients’
needs and protecting their interests. Nasco Re is the place where quality,
reputation and experience come together. Al Bayan Magazine conducted
an interview with Joe Azar, CEO of Nasco Re, in which he talked about
the post Covid challenges & opportunities, shedding light on cyber risk
and climate change. He further gave us an idea about Nasco’s progress
throughout the years and expressed his point of view concerning forums

especially GAIF. Below is the Q & A.

NASCO’S achievement is driven by the trust and the confidence of our client base

* The theme of the conference is “The new situation and its repercus- Business interruption is usually covered only following material damage to
sions on the insurance industry after the outbreak of the Corona virus”. insured property, and respective demand restricted to a modest proportion of
What are the challenges faced by the sector? Are there opportunities for the commercial property book.
the Arab insurance market? The need to provide adequate protection to such insurance gap, when facing
- The pandemic experience has given, individuals and organizations, a strong pandemic scenarios, will need to be addressed in the same way we always
ability to adapt to fundamental shifts in the way we live and work. With this explore options for other catastrophic events.
resilience, Companies are now more focused on the safety and well-being of Whilst frequency of pandemics is difficult to predict , severity observed in the
the workforce and definitely better prepared for a solid and quick response, case of Covid 19 is no doubt of high magnitude , which implies substantial and
when confronted to a future crisis. rather prohibitive insurance cost.
The post pandemic world continues to carry lot of uncertainty on several fronts in A parametric solution dedicated to SMEs with fixed indemnity linked to an
our industry, the trend of on-line insurance purchase is here to stay and develop. established trigger such as government decision or action may prove to be the
Insurers are pushing digital transformation and privileging flexible offerings and adequate approach. This may represent an interesting opportunity for the Arab
personalized products to enhance customer engagement and satisfaction. Insurers to pool their strength and examine the option of implementing a solu-
Optimizing efficiency and cutting cost remain at the heart of every insurer’s strat- tion with the cooperation between the private insurers and the Public authori-
egy to secure successful growth. In achieving these goals, the attraction and ties.
development of talent continues to be one of the top priorities. In the same context, the struggle of supply chains to return to normality and
Measures conducted to stop pandemic spread have impacted economic activity and the disruption of the flow of goods, caused by the pandemic and/or Political
caused substantial losses on the business interruption front with no insurance cover Risks, may represent another opportunity worth exploring for the Insurance
available, except in very few cases almost exclusive to hospitality risks. Industry.

29 AL BAYAN ECONOMIC MAG - ISSUE 607 - JUNE 2022