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AIB Promises to Involve African Brokers on Mega Risks

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The African Insurance Brokers Association (AIB),  the umbrella body of insurance brokers in the African continent,  has  said that its members were not being sidelined in the process of  placing mega risks in the  continent and   international insurance market.

The immediate past President of the association, Prince Feyisayo Soyewo made this clarification in a chat with newsmen   during  the just concluded African Insurance Organisation (AIO) Conference and General Assembly in Khartoum, Sudan recently.

According to him, most insurance brokers in the continent do not have the necessary skills to single-handedly handle the placement of mega risks in the global insurance market, adding that  there was the  need to work with those foreign operators who are grounded in these areas of business to get the job done efficiently.

This, according to him, does not necessarily mean the operators were being sidelined by customers,    insurance and reinsurance companies when such risks are placed in the global insurance market.

“It is not that they are denying us, the thing has been that we don’t have the capacity, the skill. This international risk accounts are not placed locally, for example, you want to go to Lloyds market, none of us has direct access into that market, so we need to go through international reinsurance brokers to be able to access such international market. That is the challenge and not that anybody is denying us,” Soyewo said.

“We are now putting ourselves together, equipping ourselves, showcasing our skills and show that we have all that it takes to be able to compete with them and then, we can have the share of the market,” he added.

Soyewo said AIBA parent body, AIO is supporting the association’s course,  saying, “we get 100 per cent support from AIO, and if the underwriters and the reinsurance are members of AIO, then there should be no difficulties, since it is baby of AIO, so we don’t envisage any problem whatsoever.”

The former president of AIBA also identified some of the challenges facing continental insurance brokers in their day to day business, saying it has to do more with how to retain more risks within the continent.

“Brokers have little or no challenge in their local domains,  but in the reinsurance, with international reinsurance brokers dominate the business.  So we are trying to compete with them so that we can have a share of the huge amount that is carted away every year from Africa. We want to get it retained in the Africa market. ,” he stressed.

Article credit: Thisday Newspaper

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Updated 7 Years ago

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