Exclusive Interview with Nabil Hajjar, Managing Director of FAIR Oil & Energy Insurance Syndicate.
FAIR Oil & Energy Insurance Syndicate is a reinsurance entity that makes oil and gas investments more secured, says Nabil Hajjar, Managing Director of the Bahrain-based Syndicate. “As for a presence in Lebanon, we would certainly consider having an office if needed,” he explains.
According to its corporate website, the Syndicate was established to serve members of the Federation of Afro-Asian Insurers & Reinsurers (FAIR), in the vital oil and gas field of business.
Its principal objective is “to be a reinsurer of oil and energy and related business and underwrite this business from FAIR Members and other sources, primarily dealing with the Afro-Asian markets for the account and benefit of the members.”
FAIR Oil & Energy Insurance Syndicate (Managed by Trust Re) is a leading sponsor of the 5th Lebanon International Oil and Gas Summit (5th LIOG-2019). The LIOG team discussed with the Syndicate’s managing director, Nabil Hajjar, his organization’s perception, future plans and commitment to Lebanon’s oil and gas industry.
How do you evaluate the potential of Lebanon’s petroleum sector?
The discovery and a well-oriented industrial strategy will re-shape the Lebanese economy. It will satisfy the demand locally and have the potential for export, which will lower financial burden resulting from energy imports, and create investment opportunities. It will also have spill over effects to other sectors in the economy, developing energy intensive industries, reducing production costs and improving productivity and competitiveness. In brief, it will boost the Lebanese Economy.
What role can your company play in developing the oil and gas sector in Lebanon?
The Syndicate is a reinsurance entity; it provides financial security for investors, making investment more secured.
The oil and gas sector is faced with several forms of risk at different stages in the busin\\\\\ess. With so much at stake in high risk and expensive ventures, our Syndicate’s role can be critical, from evaluating and advising on project viability from the outset, through to the provision of cover and essential and cost-containing loss control capabilities throughout the entirety of the project. We have deep understanding of the Oil & Gas industry, environment and operations, extensive and specialised expertise, innovative solutions, superior loss control capabilities, responsive claims handling, substantial insurance capacity and a truly global reach
What is the level of awareness for insurance and reinsurance business in Lebanon?
The Syndicate, being associated with the Federation of Afro-Asian Insurers and Reinsurers and by maintaining high presence, gained very high visibility not only in Lebanon’s financial sector but globally. Both the oil and gas industry and the financial industry in Lebanon will have to work closely together to maximise the benefits.
What are your expectations from your participation in the 5th LIOG 2019 Summit?
The main expectation is to highlight the importance of insurance as a risk mitigation tool and to spread the culture of maximising the benefit when the risk is shared locally.
Based on your experience, what are your recommendations to other industry leaders?
Our recommendation to the industry leaders would be to consider insurance as a top priority before making any investment decision in order to transfer their risks.
How do you describe the activities of your company in general? And are you establishing a branch in Lebanon?
The Syndicate’s principal objective is to be a reinsurer of oil and energy and related business and underwrite this business. As for a presence in Lebanon, we would certainly consider having an office if needed.