Nasco France is a member of the Nasco Insurance Group and is one of the leading names among the reinsurance brokers in the MENA region, and ranks among the top three reinsurance brokers in France.
Nasco France benefits from its Group’s network of operations which cover the MENA region as well as most of Europe with offices in Cyprus, Egypt, France, Iraq, the Kingdom of Saudi Arabia, Lebanon, Nigeria, Qatar, the United Arab Emirates, Tunisia and Turkey.
With over 40 years of vast experience in the insurance industry, Nasco France measures its success through continuously delivering strategic value to its diversified Clientele across more than 50 countries.
The Nasco team of insurance specialists draws its strength from the well known and trusted Nasco trade name which traces its roots back to 1969, and from an in depth market knowledge accrued over decades-long presence in France as a reinsurance broker.
With a business strategy focusing on identifying clients’ needs and on proactively creating insurance solutions that foster longterm partnerships, the Nasco France’s direct insurance brokerage team offers highly dedicated and personalized services to individuals and corporations seeking tailor-made insurance covers, asset protection or worldwide assistance.
Gabriel Bejjani, is a Lebanese national leading the NASCO France operation. Bejjani is an insurance and reinsurance industry veteran who began his career in Lebanon before moving in 1979 to the Nasco France offices in Paris where he invested earnest efforts in growing the Company’s portfolio and moved gradually to become the President and CEO of Nasco France.
Gabriel’s strategy is in line with the Nasco Insurance Group’s vision and is about continuously expanding operations at a steady pace while focusing on Clients’ needs and developing innovative insurance solutions to answer their individual and business requirements. A strategy that has proved to ensure the success and continuity of the Company.
BL: What are the major changes that have taken place at Nasco France?
Gabriel Bejjani: On the 2nd of September 2014, Nasco Karaoglan France became Nasco France. The change of trade name came with a change in the structure of the Company. Which operates today as part of the Nasco Insurance Group.
The operations of the Group are distributed under four main pillars:
Underwriting, Insurance Brokerage, Reinsurance Brokerage and Services with a particular focus on third party administration of health care plans.
Our Group is forging ahead with a growth strategy focusing on expanding and growing our business in the region of our core operations; our Group’s network had recently expanded into Turkey and Nigeria, and we also eye further expansion across new markets such as Central Europe, Turkish speaking Asia and Africa.
In parallel, we are giving equal importance to the development of our human capital which consists today of more than 750 highly motivated people, and our aim is to further attract and groom a new generation of talents.
We have successfully maintained our financial strength, generating cash flow with profit growth. Currently, we have achieved a considerable increase in our turnover amounting to over a billion dollars.
We foresee steady growth on a yearly basis, especially with the Group’s expansion plans underway. We are diligently studying every new market venture and analysing the possibilities that allow us to offer better direct broking or reinsurance broking services tailored to the needs of Clients within their respective market.
We continue to address the challenges of economic uncertainty in many parts of the world and have among our priorities to maintain Nasco France’s financial strength, global competitiveness and predisposition to invest and benefit from rising opportunities. Our Company has a steadfast commitment to continuously work towards improving the quality of our services and to creating new solutions that prove to be beneficial for our Clients and answer their needs.
Nasco France is also planning to resume its activities in Tehran as soon as the international sanctions on the Iranian market are lifted. European firms are also planning to provide Reinsurance support in Iran after an interim agreement on Iran’s nuclear program is reached in Geneva. Nasco France CEO, Gabriel Bejjani voiced optimism about his company’s presence in the Iranian insurance market. Bejjani said that interactions between Iranian insurance companies and well-credited international companies will prepare the ground for the country’s re-entry into the global market.
BL: Where does the bulk of the business of NASCO France currently come from and where could new business come from?
Gabriel Bejjani: Nasco France will be celebrating its 40th anniversary in 2016. Our top priority remains our focus on the MENA region where a considerable portion of the business is coming from. We are maintaining our traditional presence in the Mediterranean part of Europe: Greece, Cyprus and Turkey. Our Group’s network had recently expanded into Turkey and Nigeria, and eyes further expansion across new markets in our core region of operations in addition to Central Europe, Turkish speaking Asia and Africa.
BL: How is the political risk in Africa and how does the general situation in this region affect your turnover?
Gabriel Bejjani: Well, Nasco France has always been attracted by challenging markets which are known to yield higher margins compared to mature and saturated markets in developed countries. The insurance sector is highly competitive and is influenced by the cycles of the economy therefore higher risk markets offer significant opportunities for growth and our Company is recognized to be the trusted reinsurer focused on providing thoughtful risk solutions to our Clients.
BL: Underinsurance in property is a global and growing challenge, according to the latest Swiss Re sigma study. It’s sector to be developed, what is your take on that?
Gabriel Bejjani: Property insurance varies from one country to another. Mature countries have the awareness required in that segment and Insurers have to monitor their exposures. It is essential for Insurers to calculate their aggregate exposure; insured properties have to be revaluated, increasing the accumulation risks per zone.
The global natural catastrophe property protection gap has been rising steadily over the last 10 years, and 70% of the economic losses, or USD 1.3 trillion, was uninsured. In the emerging markets, over 80% of the losses are uninsured. There is global total property underinsurance of USD 221 billion in expected losses. As it was mentioned in the Swiss Re report, dealing with property underinsurance requires coordinated efforts and innovative thinking by insurers, governments and other concerned parties.
BL: What are you comments on The Lloyd’s City Risk Index?
Gabriel Bejjani: The Lloyd’s City Risk Index presents an analysis of economic output at risk (GDP at risk) in 301 major cities from 18 manmade and natural threats over a ten-year period. However, it is not only Lloyds but mega reinsurers always have a system to define exposure depending on the level of earthquakes, floods and now also sand storms (these have happened a few days ago in the Gulf countries). Consequently, we are very well equipped with all these modelling tools to evaluate not only natural catastrophes but also the spread of political violence, which could happen in any city or area.
BL: What are the insurance needs of the Middle East and the Gulf region and what’s your advice?
Gabriel Bejjani: On the insurance side, there is a high growth potential for the life insurance segment. Penetration of life insurance is still very shy in developing or emerging markets compared to mature countries. Traditional insurance companies in these markets should encourage their customers to opt for covers for uncertainty especially on the political violence side, including covers for factories and homes. Here there is also a lack of awareness among people regarding insuring their home and property, leaving at high risk the loss of their investments. So we have an eminent need to create awareness about life insurance and property insurance products across our region.
BL: Is it true that during this unstable political situation in the entire Middle East and North Africa, insurers and reinsurers are generating more business?
Gabriel Bejjani: When you have uncertainty, you necessarily have more risk. And when you have more risk you need more insurance and reinsurance.
BL: A few reinsurers have rejected to settle their claims because some policies did not include a clause mentioning political riots and war. Should people be more aware of this?
Gabriel Bejjani: I can say we have a significant experience in this field. We regularly organize seminars for our cedants to promote this type of covers. We have had several claims as a result of Strike, Riot, Civil Commotion, Terrorism and Sabotage in different countries. Reinsurers always respond when you have a valid claim. So, if the client has a policy including the SRCC (Strikes, Riots, and Civil Commotion) then of course terrorism and sabotage or war is not covered. We always recommend to our clients to buy a global Political Violence Wording.
BL: What’s the growth rate that NASCO France has achieved?
Gabriel Bejjani: We have a reasonable growth ranging between 4% - 7%. We have certain classes that have larger growth than other classes but the average growth is about 5%.
In certain classes or territories, we have registered 15% growth; whilst other classes are stagnating as a result of the oil price reduction.
BL: What about professional indemnity in the MENA region?
Gabriel Bejjani: This class of business is one of our targets in view of extensive needs in the Mena Region. We have a centre of competence and a dedicated team to manage Professional Indemnity.
BL: How does NASCO France raise awareness in the countries that it targets especially in the lines of business that this region is still not aware of?
Gabriel Bejjani: Apart from maintaining a solid relationship with our clients and making sure all their needs are addressed, we continuously organize seminars for our Clients so they can meet and listen to International Insurance and Reinsurance speakers, to network and share know how and experience.
BL: Since we are in Monte Carlo, what do you think of the current conference and the reinsurance market?
Gabriel Bejjani: Every year Monte Carlo announces the flavour of the renewal season and gives a first hint of the upcoming market trends. We felt this year that the appetite is still increasing for Reinsurance business in general.
