Venue: PakistanDate: 2018
Reinsurance Companies serve as a major mean to growth of national underwriting capacities and thereby promoting trade growth. The idea of engagement in the reinsurance industry, as the organisation, was first adopted when Regional Cooperation for Development (RCD),was first set up in 1964 by Iran, Pakistan and Turkey. The reinsurance institutions of these countries came together and decided to establish Reinsurance Pools of various categories of non-life business resulting in the following setup:
- Bimeh Markazi Iran, constituted the RCD “Accident and Engineering Reinsurance Pools” (in 1966 and 1968 respectively);
- Pakistan Insurance Corporation (PIC), constituted the RCD” Marine and Aviation Reinsurance Pools” (in 1966 and 1968 respectively);
- Milli Reasurans T.A.S (Milli Re) of Turkey constituted the RCD ‘Fire Reinsurance Pools” (in 1966).
The ‘Articles of Agreement of ECO Reinsurance Company’ was signed by three Member States on 10 February 2010. After ratification by three founding members, the ERC came into force on 3rd December 2017. The authorized capital of the Company is thirty million US$, divided into three thousand shares with par value of ten thousand US$ each.
It is expected that the ECO Reinsurance Company would become another milestone for ECO, as it would facilitate regional trade, increase commercial activities, improve contacts with international institutions and strengthen the insurance sectors particularly, through capacity building/technical assistance of the insurance organizations.
The First Meeting of the General Assembly and the Second Meeting of the Board of Directors of the ECO Reinsurance Company (ERC) will be held soon.
