Read Full NASCO Re GAIF Special Supplement Here. Since 1976, Nasco France is committed to providing the highest level of Reinsurance services to its clients. NASCO Re, is the leading reinsurance broker in the MENA region with over 45 years of industry experience and amongst the top three largest reinsurance brokers in France.
Nasco Group operations cover Reinsurance Broking, Direct Broking, Underwriting & TPA.
Joe Azar, CEO Nasco Re (the reinsurance broking arm of Nasco Insurance Group) is based in France and has over 41 years’ experience in the industry. He started his career with SNA Allianz in 1977 where he spent 13 years as Head of the International department. In 1990 he moved to Arab Insurance Group as Treaty Underwriter, before taking responsibility for the Business development Division. He joined Nasco in 1992 as Director for Treaty and became Chief operating officer in 2013 and member of the Nasco Group Board.
Joe looks after all the Nasco Reinsurance broking offices.
Joe Azar is outspoken on many insurance and reinsurance issues. His dynamism and vibrant personality made him one of the key figures of the industry and a leading force in the NASCO Insurance Group.
Nasco Insurance Group was Founded in Lebanon in 1969. NASCO currently operates in Lebanon, the UAE, Saudi Arabia, Qatar, Turkey, Iraq, Tunisia, Nigeria, Egypt and France.
NASCO France is the leading reinsurance broker of the MENA region and is one of the Top 3 reinsurance Brokers in France. The company was founded in 1976 in France. NASCO Re manages a large reinsurance book with a turnover of $1 billion in transacted premiums and serves clients in more than 60 countries. The company enjoys a strong reputation and image with recognized skills and abilities.
Nasco France also operates as a direct insurance broker, offering highly dedicated and personalized consultative services.
NASCO RE actively participates in supporting the conference that was held in Oran, encouraging at the same time the sharing of insurance and reinsurance knowledge and skills. Oran is the second largest city in Algeria and one of the most important cities in the Maghreb, located in northwest Algeria, 430 km from the capital. It is bounded on the north by an open bay and on the west by Mount “Marjago” (which rises 580 m).
The city cluster is located on the banks of “Wadi Al-Rahi”, which extends from one side and from the other side we find a trench that is currently covered.
Networking and « B to B » meetings are important to exchange views.
Innovation is an essential driver of economic progress that benefits consumers, businesses and the economy as a whole. How does it play that role, how does it contribute to economic growth and what can be done to promote it?
In economic terms, innovation describes the development and application of ideas and technologies that improve goods and services or make their production more efficient.
BUSINESS LIFE reporter approached Joe Azar during Nasco Re Private Cocktail Party that was held during GAIF 33rd at Santa Cruz Fort, Oran-Algeria at and conducted an exclusive interview.
Joe Azar talked with BUSINESS LIFE’S reporter on how Nasco Re continues to approach its valued customers on a dedicated manner. He adds that GAIF 33rd conference tackled the new situation and its impact on the insurance industry. In addition to the challenges and opportunities for the Arab insurance market ? Joe Azar gives his own opinion on the reinsurance industry. He doesn’t foresee major changes in the current reinsurance markets unless the circumstances change.
The 33rd General Arab Insurance Federation Conference (GAIF 33rd) is a global insurers and reinsurers gathering.
This year, there have been a lot of different topics that have been discussed among the industry’s experts. What is on everybody’s tongue is the health crisis and its effects on the global insurance market, the challenges of regulation in light of digital transformations, the impacts of IFRS 17 on the insurance industry and the emerging risks and insurance products.
BL: Nasco Re is renowned for its magnificent events, on the occasion of the 33rd General Conference for the GAIF that was held in Oran, Algeria, you have organized a private cocktail party which all attendants enjoyed and will always remember. How such events impact your business?
Joe Azar: We, at Nasco Re, believe that our business is our passion. We live it all days and at all hours servicing our clients. We do not organize those event to impact our business but rather to spend some enjoyable moments with our clients with whom we are in direct contact all year long. It is a bit of off time spent with clients who are all longtime friends to Nasco team and to have a bit of catch up on a more personal level.
BL: Why it is important to establish Arab insurance database? How would it help Nasco Re and all the insurance companies?
Joe Azar: The world, including the Arab world, is already way into in the digital era. We cannot imagine an industry striving and advancing further without adequate data. Data gathering and crunching is a basic need to come up with algorithms that would help the new generation of the insurance offerings. Having an Insurance Database would help the insurance companies as well as Nasco re to provide more adequate solutions targeting the right client profile. This would create more efficiency and allow the industry to compete with the other financial industries in providing targeted solutions.
BL: What are your plans for the end of 2022?
Joe Azar: Nasco Re is geared towards more automation and providing turnkey products to our clients. By End 2022, we plan to have had launched many of our products supported by electronic platforms and A rated reinsurers that can assist our clients in opening new markets and increase market share.
BL: How do you see the global reinsurance trends?
Joe Azar: I do not see drastic changes in the appetite of the reinsurers as opposed to last year’s trends. The Russian Ukraine war will definitely put some pressure on the reinsurance industry especially when tackling inflation and some special lines such as PV and Marine. But generally, I don’t foresee major changes in the current reinsurance markets unless the circumstances change.
BL: What are your views on the current situation and its impact on the insurance industry and specifically on your company?
Joe Azar: Currently, with the world emerging from COVID19 and having to deal with the Russian Ukraine war repercussions, the market is back under pressure to provide more competitive terms. The inflation is eating away from insureds margins and insurance premiums are among the first to be hit with the reduced purchase power.
BL: What are the challenges and opportunities for the Arab insurance market?
Joe Azar: May be one of the main challenges is as well an opportunity for the Arab markets. I believe finding new markets (products, client base) has been a challenge for many insurers. Being capable of increasing the size of the cake instead of increasing one’s size of the same cake has been the main challenge. The opportunity really is by finding an industry image that appeals to the new generation of buyers. The image would include among others adequate products, adequate distribution channels, social media presence, new payment methods, ease of purchasing policies, less hassle in proposal forms, etc… We need to talk to the new generation buying insurance in their language which is way different than how our industry operated in the last decades
BL: What are the recent technical changes in the insurance industry in your company?
Joe Azar: If we consider automation as a technical change, I believe that this is probably today the most important change in the way Nasco re perceives the insurance industry.
BL: What are the emerging risks and the important insurance products in your company?
Joe Azar: There are many emerging risks but the most important ones are probably more of a cyber-nature. Of course, the industry still has to deal with risks (such as war) but Cyber risks are becoming more visible. This risk is as well touching new segments of clients. Previously, this was a risk mainly considered by Financial institutions, oil and Gaz and infrastructure companies. Then attacks were directed towards SMEs and recently we had many experiences with attacks on individuals. Cyber risks has become an issue for all insurance lines whether industrial, commercial or personal. The industry has to provide the right platforms and capacities to cater for these risks. We at Nassco Re are currently providing different products of Cyber protections including a product for individuals.
