AfricaRisk Management

Corporates need global and innovative insurers

Businesses operating in Africa are exposed to a number of disruptive scenarios. During the past decade, growing links with global markets have supported the region’s expansion and economic diversification but have also increased its vulnerability to external shocks and perils.

To protect them from potentially big losses along their regional and global expansion African businesses need global insurers with strong capitalisation, proven capability, an international network and substantial capacity to protect them from increasingly complex risks. Allianz’s dedicated companies in corporate and specialty insurance, Allianz Global Corporate & Specialty (AGCS) Africa; trade credit insurance, Euler Hermes; and reinsurance, Allianz Re are providing comprehensive risk solutions to companies operating in Africa.

Africa is one of the fastest growing continents economically. The middle class is flourishing, the private sector is expanding into different countries in the continent, mining companies are shipping resources globally and governments and investors are investing into infrastructure and economic development. But these developments have increased local risks while exposing companies to global perils.

According to the 2015 Allianz Risk Barometer, risks facing businesses in Africa are in line with those facing businesses globally as BI and supply chain (46%), natural catastrophes (30%) and fire/explosion (27%) are the top three major business risks in 2015. On a regional level changes to legislation and regulation, cyber crime, market stagnation, loss or reputation or brand value, socio-political upheaval, intensified competition; theft, fraud and corruption were cited as additional risks.

The growing interdependency of many industries means African businesses are now more and more exposed to an increasing number of disruptive scenarios. Negative effects can quickly multiply. One risk can lead to several others. Natural catastrophes or cyber attacks can cause business interruption not only for one company, but to whole sectors.

So how do these companies protect corporates against these risks?

AGCS Africa has been operating in Africa since 2010 providing insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business, which include marine, aviation, energy, engineering, entertainment, financial lines, liability, mid-corporate and property insurance.

We have made significant progress in covering some of the leading companies in South Africa and Africa. We offer our clients significant capacity and underwriting expertise, both for standalone risks or as part of a global programme.

Our local and global experts have demonstrated their proven skills in underwriting and managing the most complex risks, based on years of industry-specific experience. Essentially, we exist to meet the insurance needs of our clients especially when they need us most.”

Euler Hermes is a worldwide leader in trade credit insurance.  “Euler Hermes plays a prominent role in helping leading South African, and in time broader African companies and exporters grow their businesses, which in turn can only benefit Africans.  Our proprietary intelligence network tracks and analyses daily changes in corporate solvency of over 40 million businesses globally. This means that we cover more than 200 countries representing over 92% of the global GDP,” said Greg Nosworthy Managing Director of Euler Hermes South Africa.

Allianz Re provides tailoring reinsurance solutions to the diverse business needs of customers worldwide. “Africa presents one of the biggest growth market for insurers and reinsurers and Allianz Re is determined to work together with AGCS Africa and Euler Hermes to develop and grow the market by offering risk solutions that companies need in the continent,” said Denis Pehar, Head of Client Management at Allianz Re.

Their main collaboration levers

Their main collaboration levers are anchored on shared distribution channels, integrated solutions, shared infrastructure and resources. We look at each risk individually and work together to provide an all-inclusive solution that covers corporate and specialty risk, trade credit and reinsurance solutions across different industries and sectors.

We cover clients across the entire continent through existing Allianz entities and selected network partners. Our foundation is based on deep understanding of the market, prudent risk and claims management, underwriting knowledge and expertise, as well as key relationships and partnerships

Delphine Maϊdou, CEO of AGCS Africa

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