The Arab War Risks Insurance Syndicate (AWRIS) was established following several meetings of representatives of many companies operating in Arabian Gulf countries. A decisive meeting was eventually held in Kuwait on 1 July 1980 when the Syndicate agreement was signed. On 1 January 1981, the said agreement entered into force.
The idea of setting up the Syndicate dates back to 1979. It was brought forward to protect the interests of insurance companies and ultimately the interests of the Arabian Gulf region to ensure suitable technical insurance price rates towards the intensity of risks. An organization (in the form of a Syndicate) was eventually put in place to safeguard the interests of Member companies and provide protection against the risks they take. This organization would enable a Member to receive a commission and a profit commission higher than commissions it receives under their reinsurance agreements. It would also ensure fair and stable rates for War risk insurance cover relating to cargo and vessels travelling to and from the region.
As time went on, the Syndicate has witnessed geographic expansion and technical development and has now become an Arab Syndicate in the truest sense of the word, with 178 Arab insurance and reinsurance Member companies from 18 Arab countries as shown in the list here-below. The technical development, on the other hand, was achieved through diversified insurance covers in the area of its activity.
The Syndicate particularly provides its Members with a wide range of insurance protections supported by international bodies renowned for their highly technical expertise and financial solvency.