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ECO Pool Print
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Article Index
ECO Pool
History of ECO Pool
Field of Operations and Goals
Reciprocity by of Retrocession
Management of ECO Pool

BACKGROUND

The Economic Cooperation Organization (ECO) originally named Regional Cooperation for Development-(RCD) was set up by Iran, Pakistan and Turkey at a conference held in Istanbul in July 1964 with the aim of bringing the economies of these three countries closer together and thus enhances their chances of development.

HISTORY OF ECO POOL

The Insurance Industry was one of the domains where concerted action came early. The Reinsurance Organizations of the three countries came together and decided to establish of Reinsurance Pools of various classes of non-life business resulting in the following setup:

  • Bimeh Iran (later replaced by Bimeh Markazi Iran) constituted the RCD Accident and Engineering Reinsurance Pools (1966 and 1968 respectively).
  • The Pakistan Insurance Corporation constituted the RCD Marine and Aviation Reinsurance Pools (1966 and 1968 respectively).
  • Milli Reassurance T. A. S. of Turkey constituted the RCD Fire Reinsurance Pool (1966).

The goal of these various RCD Pools was to increase the volume of business transactions both within and outside the RCD region (Iran, Pakistan and Turkey) and the retention capacities of their members.

With the aim of rationalizing the administration procedures the Management Board of RCD Reinsurance Pools decided to merge these into a single integrated Reinsurance Pool encompassing all classes of non-business.